Are you considering building a custom house versus buying a pre-built house? Before you start searching for “new or old home renovation contractors near me”, consider the pros and cons of each option. Investing in a home is a huge undertaking regardless of the end result. There are many factors to weigh, such as the location, size, and lifestyle of the family.
Pros and Cons of Buying a New House
With the purchase of a built home, the age and construction of the home needs to be carefully examined. There are advantages and disadvantages of investing your family’s future into a ready-made, built home.
Pros of Buying a New House
No Wait Time: Purchasing a house takes very little time compared to a full-blown renovation. These homes are usually in a move-in condition, allowing sellers and buyers to both have a smooth transition, in most cases.
No Hassle to Develop Landscaping: Buying a home includes the developed land it sits on. The previous owners will typically have the landscaping well-maintained in hopes of attracting buyers.
You Can Pick Your Neighbourhood: When buying a new home, you can choose to buy a home in a favourable neighbourhood. Most families want to be close to amenities and schools. There are few vacant lots to build on near these locations.
Cons of Buying a New House
Older and Less Energy Efficient Home: While buying a home in a desired neighbourhood is tempting, your choices may be slim. This can result in buying a low-efficient running house.
You Have to Accept the Existing Floor Plan: Choosing an existing home means accepting the existing floor plan. This can present an issue with an older home as many were designed with cut-up floor plans that offer their own disadvantages.
It Comes with Maintenance Work: With an older home, the maintenance can be more costly and be required sooner rather than later. This includes the plumbing, electrical, and appliances.
Higher Expenses: Buying a new home will likely cost you more money than renovating your own existing home (even if it’s a full tear-down), especially in today’s market. Plus, you’ll also have to account for moving expenses and disruptions to your daily life.
Also Read: Add a Home Office for the Perfect Work-Life Balance
Pros and Cons of Building a Custom House
If you have your heart set on hiring custom home builders in Toronto to renovate your existing house, there are a few pros and cons to be aware of before beginning the build process.
Pros of Building a New Home
You Have Control Over Every Detail: The biggest advantages of building new is the fact you have control over the design and creation of your home, for the most part. Aside from the limitations that may be put due to extenuating circumstances, you are in the driver’s seat.
You Can Build An Energy-Efficient Home: Building a new home means you can have the most advanced energy-efficient home on the market. Using eco-friendly building materials and appliances can help save money in the long run.
Customization Is Possible: By hiring the right building contractor in Scarborough, you can have a customized home built to suit your dreams and lifestyle. A completely new home means you have final say in the number of rooms, as well as designing the perfect floor plan.
A Better Investment: Investing in a new home can see a higher return if and when it comes time to sell. This situation also offers less renovations and maintenance for preparing for the resale.
No Relocation Necessary: On the flip side, renovating your existing home from the ground up means that you can have your dream home…without needing to move to a new neighbourhood. This is a huge advantage if you love your community and property size, but just want to upgrade your living space.
Newer Homes Are Safer: A new home translates to updated and new technology for your electrical, plumbing, and building needs. Plus, there are fewer maintenance issues for a newly built home. New homes are built with various guarantees and warranties that are covered by the builder and/or material manufacturer. Less maintenance equals less costs!
Also Read: Infill Vs. Renovation: What Is the Best Choice for You?
Cons of Building a New House
Takes Time: Time is money in the construction world, so having a new home built may require a longer time frame than initially anticipated. This could influence your budget. This added time may also add extra stress and worry, especially if unseen delays are experienced.
You Need Permits Before Start of Work: Any time you renovate an existing home, regardless of how big or small the reno is, you need to acquire the necessary building and construction permits from your local municipality. Your contractor can help you apply for these permits, but it could take time. On the other hand, your application could also be denied.
Landscaping Will Have to Be Done: A newly constructed home requires the development of the landscape. While this allows you to landscape your property in any way you’d like, it also adds to the cost of building a home.
Also Read: 3 Types of Home Renovations That Add Value to Your Home
Why Custom Building Your House Is the Right Choice
Now that we have discussed the various pros and cons of custom building a house versus buying a built house, the obvious choice is to invest in building new. By this avenue, you and your family will be able to enjoy years in a home designed specifically to your needs and lifestyle. A new home also provides the opportunity to have a safe eco-friendly environment complete with additional luxury features…all without needing to leave your current neighbourhood!
Contact Elite Construction and Renovations for Hassle-Free New Home Construction
For the most comprehensive construction of your new home, rely on the expertise and knowledge of the team at Elite Construction and Renovations. As a leading general contractor in Toronto, our professional team works directly with you from the preliminary design stage until the last inspection by you and your project manager. Contact us today and let’s get started on building your new home!
ABOUT THE AUTHOR
Jay McDonald, general contractor and owner of Elite Construction & Renovations, has over 20 years of construction experience. He has completed various Ontario Building Code and Business Management courses from George Brown College and has managed over $50 million-dollars-worth of construction in his career.