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To Buy New or to Renovate? That is the Question.

When your home isn’t quite meeting your needs or when the market simply isn’t offering what you’re looking for, homeowners are often left with this question. It can be hard to decide whether buying a brand new lot, bulldozing and starting from scratch or renovating an older property is better. I understand that it can be stressful to try and make the best decision, so here are a couple ideas that may make deciding easier.

Why are you considering bulldozing and rebuilding anyways? Do you love the home’s location? This is a good reason to pick one lot or home over another. If your friends and family are nearby, if you enjoy the amenities and shopping, if you love the way the neighborhood looks and feels, then it might make a lot of sense to buy or stay in that location. Be sure to confirm with your realtor that the location is likely to see an increase in value, and from there it’s just a matter of balancing the books. How much will building the home you want cost? How much will renovating be? The costs are surprisingly similar most times, and if you’re planning many structural changes, starting fresh may just be the cheapest option.

Why are you considering renovating? Is the house older with choice features that you just can’t find anymore? Are the mouldings, old timber floor, or the design of the roof things you aren’t willing to sacrifice? Then it makes a lot of sense to renovate around the features you love. However, if you’re thinking of doing a full home redesign and think you’ll save money by not having to rebuild, you may want to run the numbers again. Renovations sometimes go wrong, and their costs can blow way higher than initially estimated. New homes also come with warranties and less maintenance. If you are planning for large changes and don’t have features full of character and charm to work around, building a new home is often less stressful and more affordable. However, for some handy and industrious people, renovating may be an excellent challenge and way to save on labour costs.

Whether you choose to renovate or rebuild is going to be determined by your lifestyle, skills, and needs. Try and decide why you’re leaning one way or the other before making any fast decisions. If you have questions about your options, specific neighborhoods, or anything else pertaining to Calgary real estate give me a call at (403) 660-5319.