Is Renovating a House Cheaper Than A New Build?

Is renovating a house cheaper than a new build?
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The choice between renovating an existing structure or building a new one, often depends on many different variables. Both options have their advantages and both have challenges, meaning the best and right choice is the one that will serve the bigger picture.

The choice between renovating an existing building or simply starting from scratch often depends on various different parameters. Both options have their advantages and both have a wide range of challenges, meaning the best choice is the one that will serve the bigger picture.

By comparing the requirements, costs and intended use, the decision becomes easier for the property owner.

Whilst renovation might look like the ideal opportunity at first glance, further investigation may prove otherwise. Knowing when to walk away from a residential renovation project is crucial if you are to avoid buying a money pit.

Are you renovating or remodeling?

Unfortunately, the terms ‘renovate’ and ‘remodel’ are often used interchangeably but obviously they do have quite different meanings.

When it comes to buildings, renovation is more similar to restoration than remodelling — that is to say, bringing something back to its original state, to reinvigorate and refresh.

Remodelling, on the other hand, essentially refers to changing a building, perhaps through altering its layout, arrangement or extending.

In order to retain the original character of your renovation project, there are certain features which you should pay particular attention to, including:

  • Windows
  • Floors
  • Doors
  • Fireplaces
  • Original mouldings
  • Roofs

However, what most owners of old residential properties end up doing is a combination of renovation and remodel — returning original features and the bare bones of the property to their former beauty whilst playing around with the layout and characteristics in order to make the property more modern, comfortable and environmentally sustainable.

Construction ad renovation projects in Crete
Renovation or new Builds? Discover the Answers by Chania Engineers and Architects Specialists - ARENCOS
Residential Renovation Project or New Builds. Discover the answers by Chania Engineering Experts.

What usually costs more – building or renovating?

While renovating can seem like an easier and cheaper option in the long run this can actually cost far more, and you may find there are a lot of hidden extra costs you did not know about.

One of the realities of an extension or renovation project is that there are likely to be a few surprises along the way, and unfortunately, these generally aren’t nice ones and costly . Unlike a new home where there is little scope for surprises to catch you out, a renovation may have any number of surprises that do not reveal themselves until work has commenced.

Upgrading electrical infrastructure, structural modifications and waterproofing issues are common problems.

Knock-down-rebuilds can yield a better sale price – if this is your end goal as not only is it sparkly new on the inside, the structure and integrity of the home is too.

As you can see there are benefits to both building new and renovating which is why it’s often hard to choose between the two. If you’re stuck, it may be worth getting quotes for both to help you decide and get started on planning your dream home.

ARENCOS can provide upfront pricing for a brand new home while your builder should be able to give you an accurate quote when provided with a detailed plan of the renovations you want.

Renovation Projects in Chania, Crete by ARENCOS, Chania Engineers and Architects
Renovation Projects in Crete, Image Source: Unsplash

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