This is a question many homeowners face at least once in their lifetime. Once a beautiful sight, a dream come true, you gradually lose affection for your old home. It could be for genuine reasons. Perhaps the foundation has become weak after surviving several storms and even your foundation expert feels something needs to be done soon. Or, it could be that after serving you for so long (maybe 30+ years), the home just doesn’t fit your lifestyle anymore.

What do you do? Do you renovate the existing structure or build a new home? Which would be the smarter decision?

It Depends

There’s really no right or wrong answer here. Rather, it’s up to you to assess the situation and make the best decision. Among other things, you need to evaluate how much the current home means to you. If you’re very attached to the home, then home renovation might be the better option. You also need to consider your budget. Building a new custom home requires a significant investment, but a major home renovation does too. If you aren’t sure of the cost differential between the two, it’s worth having a conversation with your general contractor. Finally, it helps to keep in mind property taxes, the condition of the home, and how much moving to a new location would affect you and your family.

Here’s a summary of the pros and cons of each option to help you make the best decision depending on your circumstances;

Home Renovation Pros

Home Renovation Cons

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Pros of Building New

Cons of Building New

Get Professional Help

Hopefully the pros and cons above are enough to help you make an informed decision. However, this decision is a personal one. There are other things to consider based on your unique needs and lifestyle plans. Alair Homes is here to help. To start a personalized discussion about your needs and goals, contact us today.