When your current home no longer suits your growing family’s needs, you might consider upsizing or upgrading. Many families opt to either build a new home or renovate the existing one for custom design features tailored to their needs. Deciding whether to build from scratch or renovate can be overwhelming. It’s important to weigh the pros and cons of each option before making a decision. Let’s dive deep into the pros and cons of the former and the latter.

Renovation

Pros

• Selective Upgrades: Renovating allows you to retain features you love while updating others. For example, older homes might have unique characteristics like high ceilings, and wooden floors that you can preserve & blend with modern bespoke designs.
• Increased Property Value: Upgrading your property, especially in a desirable location, can enhance its value. Consulting a local REIWA real estate agent can provide insight into the potential increase in value.
• Familiar Location: Renovating lets you stay in a neighborhood you love, avoiding the need to relocate, especially if land availability is limited in preferred areas.

Cons

• High Costs: Depending on the scope, renovations can sometimes be more expensive than building a new one. Evaluate & estimate if the changes will meet your needs and provide good resale value.
• Construction Disruption: Renovations can be disruptive, turning parts of your home into a construction site. Some opt to live elsewhere temporarily, while others might find the process rewarding.
• Structural Limitations: Renovations must comply with existing structural constraints and local council regulations, which can limit what you can do with your property. If the land isn’t flat, building on a new block might be more economical. Consult with an expert builder in Ontario to navigate these issues.

Custom Home Building

Pros

• Custom Design: Starting from scratch lets you design your ideal home, tailored specifically to your family’s needs and vision, without the constraints of an existing structure. Everything from layout to finishes can be personalized.
• Longevity and Modern Features: New builds use the latest materials and tech, ensuring structural integrity, energy efficiency, and lower maintenance. Modern homes are also less prone to issues like termites and often come with construction warranties.
• Government Grants: Recent government grants have made building a new home financially attractive. These incentives have significantly increased land sales, allowing many to afford their dream homes.

Cons

• Managing Your Current Property: If you build on a new block, you’ll need to decide what to do with your existing home—rent it out, sell it, or demolish and rebuild it.
• Additional Costs: Building on new land involves paying stamp duty, legal fees, and moving costs. Renovating or rebuilding your current property avoids these extra expenses.
• Time-Consuming Process: Finding the right land, builder, and design can be stressful and time-consuming. The high demand for land can make it challenging to secure a block in your desired location within your timeframe.

Choosing between remodelling and building a custom home involves many considerations, and the right choice depends on the unique situation. 

Saldan Homes are here to help you evaluate these options, offering expert advice on the benefits and drawbacks of each based on your specific needs. 

For personalized guidance and more information, contact us at 647-454-2000