When it’s time to create your dream home, you’ll find yourself facing a few decisions and weighing out various options. Should you buy an existing home and renovate it to suit your needs, or just go for it and build a brand new customized home?

When you’re deciding, you should take the time to weigh the costs, consider how old the home that you may renovate is and where it is located. In addition, take into account your current lifestyle and the lifestyle you want to lead and whether you can budget the expenses, whether you’re building or renovating.

Pros of Building

It is certainly more cost effective to opt for building a new home rather than renovating an old one. You’re starting with a fresh canvas rather than going through the painstaking act of remodeling old features and construction. When you build new, you can create a project plan so that your time will be spent more efficiently. If you’re renovating, there are far more unforeseen costs, both monetary and fiscal. There will always be surprises when renovating, most of them having to do with existing home problems. In addition, when renovating, tradesmen will be restricted by existing enclosed spaces and walls, and they’ll find it difficult to not step on top of each other.

If there are new plots of land available in a desirable neighborhood, you may find it more beneficial to build rather than be limited to where the current house is located. Alternatively you can knock down your house and build new. In addition, you’ll be able to build it exactly to your specifications and not be limited by existing designs. You will also likely have it built with energy efficient features, designs and appliances, making it up to 30 percent more energy efficient in the long run.

Pros of Renovating

While there are many advantages to building a new home over renovating an old one, there is still something to be said for going for a remodeling project. Many people may choose to renovate if they have fallen in love with the bones of a house but understand that it needs some serious work to remain up to date, both construction-wise and technologically. Or perhaps you just would rather live in an established neighborhood than a new plot of land that is just starting to develop.

Another reason to consider renovating is if you love where you live, but just need a change of house. You may adore your neighborhood, or perhaps your house has been in the family for generations and you don’t want to leave it but have the funds to make the changes you want.

Another benefit of renovating is that you can increase the value of your current home as the property values in your neighborhood are increasing. You can be sure that the cost of remodeling your home should outplace its resale value.

If you’re planning on buying or building your new home around Melbourne, consider Rawdon Hill. We are reliable contemporary housing developers who are dedicated to creating beautiful and modern customized homes.