Your home is the most important property that you have for your memories. You spend time with your grand kids, your neighbors are more like family to you. There is always a confusion between build versus renovation. If you are stuck between build vs. renovate the following pros and cons will help you to decide whether you should build a new house or renovate the old one.

Pros

Emotional Connections

Your home has many memories that your new home won’t come with. Your home is a connection between you and your community. It is the place you have spent years of your life and gone through good and bad days of your life like births and deaths of your loved ones. It’s very hard to leave these memories behind and go for the new home. Right? Then it’s better to renovate your home and live with your memories forever.

More Room, Less Cost

If you think to renovate your home, a Bank rate may ask you don’t you want more room or rooms? And it’s the point that you got stuck what to do. If you really want more room or rooms and renovating costs more than the value then you should build.

But if you actually need more rooms like you want a room for guest, you can do this in many ways, like if you have a big room you can split it into two small rooms. Or you can use your attic or basement as a bedroom. The cost of these alternations cost a lot less, and you don’t need to move anywhere else.

Location

it costs a lot to live in a posh and trendy area, but if you are already living in a desirable area then it’s better to renovate the old home rather then moving to the new area.

Cons

Cost Concerns

All home projects cost a different amount, as a research it takes $200k to build a single story home. If you are thinking to renovate your home then make a list of all the expenses that will take and if this figure is high then you can think to build a new one. To sell the house, you need to do some renovation and you can take help of local real estate agent and ask some question to get the idea.

Do you Have Time for a Renovation?

Regarding renovation, finance is not the only concern, you also need a proper time budget. Some renovation takes months and you need to ask yourself if you can afford time budget.

Summary

Renovate vs. build is a tough question to answer. Both have some pros and cons. To make a better decision it’s recommended to make a list of pros and cons for both and make your decision by analyzing both sides.
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