To renovate or build new? That is the thousand dollar question on the lips of Vancouver homeowners who want to increase their floor space or redesign the interior. When deciding whether to renovate a home or build a home, there are three phases of the process to consider:
- Determining what you want and researching the feasibility of the project;
- Understanding the zoning restrictions and obtaining the necessary permits;
- Knowing the interior design specifications of the project.
At this stage of the process, you begin to understand how feasible the concept plan is or if there are factors that add unexpected costs, such as tree removal, lifting the roof or moving pipes. It also gives you the opportunity to reconsider design elements such as choosing a tile or wood flooring.
To Sell Or Not To Sell?
The process of selling and buying a home is a key consideration when deciding whether to renovate or build new. The upheaval of finding a new home, packing, moving and settling into a new neighbourhood is a lengthy and disruptive process. Key factors to consider here include answering questions like the following:
- Do you love the house and the location?
- Does the house have good bones and is it in good shape?
- Does the roof need to be repaired and/or the bathrooms replaced?
- Do you have a stellar view or mature trees in the garden?
While a new build brings the benefits of new fixtures and fittings, there are some things that just can’t be bought, like great neighbours, the shade of a mature oak tree or those original art deco features.
On the other hand, the advantages of a new build include knowing that you won’t have to repair the roof, plumbing or electrical. You can install an energy-efficient heating and cooling system, and you can design the floor plan that you want.
Budget For Quality
Whether you decide to build new or renovate, the quality of workmanship and materials used should be of a high standard; this may mean choosing a more expensive contractor. There are considerable costs involved with both, but the end goal should be a more comfortable and valuable home.
Adding an extra room or a mortgage helper raises the value of your home far more than buying top-of-the-line appliances or installing a rainforest shower. The design may be the fun part of the process, but the quality of work is the most important aspect of your budget.
If you need more information before you make a decision, contact us. We’ll be happy to help you decide what’s right for your family and your budget.
LINKS:
https://www2.gov.bc.ca/gov/content/housing-tenancy/building-or-renovating
https://vancouver.ca/home-property-development/building-permit.aspx