Building a Custom Home vs Renovating an Existing Home

Deciding whether to build a new home or renovate an existing one is quite an assignment. Both options are exciting and will bring a desired change while allowing homeowners to show decisiveness, character, communication skills and perseverance. Always remember, that choosing a right contractor in the area will set you up for success.

Moving, staying at a temporary place or living in a home that is being renovated are all rather challenging tasks that most of us will face at least once in our lifetime.

Building a custom home vs renovating an existing home will allow you to create a dream home with no reservations for your family. This process comes with hiring a designer, an architect and a contractor who will join their efforts and implement the task. Don’t forget about the cost of buying land that will be added to your budget as well.

Renovating an existing home comes with its own set of challenges and advantages. If you are sentimental, if you have almost paid off your home, if moving is not an option and your family is not going to grow larger, then staying is a better decision.

This post aims to provide a comprehensive analysis of both: building a new home or renovate an existing one, helping you make an informed decision that suits your family.

What’s Your Budget?

When considering building a new home vs renovating, budget is often the first factor to evaluate. The costs associated with each option will vary greatly.

New Build: Building a custom home involves significant upfront costs, including purchasing land, construction, permits, architectural and design fees. However, with a clear budget and a solid financial plan, a new build will be an investment in your future, offering a space tailored to your preferences.

Renovation: Renovating an existing structure is almost always less expensive than building from scratch, but costs can quickly add up depending on the extent of your remodel. Hidden issues like electrical, plumbing, or structural repairs can increase the budget. However, financing for renovations can be more flexible, with various options like home equity loans or personal loans available.

How Much Time Do You Have?

Construction Timeline

New Build: On average, building a new home takes longer than a renovation. For instance, at Meg & Co, homes ranging from 3,000 to 4,000 square feet take about ten months to complete, while larger homes over 6,000 square feet might take up to eighteen months, depending on complexity.

Renovation: While renovations can be completed more quickly, the timeline often depends on the scope of work. A bathroom remodel might take a few weeks, whereas a whole-home renovation could extend several months. However, renovations allow for a phased approach, enabling you to tackle projects incrementally.

Control vs. Flexibility

Customization and Constraints

New Build: Building a custom home offers unparalleled control over the design, layout, and features. You have the flexibility to choose everything from the floor plan to the finishes, ensuring every detail aligns with your vision. The location is also customizable, allowing you to select a site that suits your lifestyle preferences.

Renovation: Renovating an old home requires working within the constraints of the existing structure. While this can limit layout and design options, it also encourages creativity in making the most of what you have. Renovations are ideal for those who love the charm of an older home and wish to preserve its character while simply updating certain aspects.

Advantages of Building a Custom Home

Building a new home presents numerous compelling advantages over renovating an existing one. Picture creating a space that is entirely yours, with every architectural detail mirroring your taste. New homes serve as a blank canvas for your creativity and are equipped with modern, energy-efficient technologies and materials. This not only leads to significant savings in a long run, but also reduces your environmental footprint. Additionally, with everything brand new, maintenance concerns are minimal, allowing for a hassle-free living experience for a while. For homeowners seeking a personalized, efficient, and low-maintenance lifestyle, constructing a new home is a wise and appealing choice.

Advantages of Renovating an Existing Home

Renovations can be a cost-effective solution, particularly when prioritizing essential upgrades, as highlighted in our 5 Impactful Upgrades for Your Home Remodel. Older homes often possess unique architectural elements and charm that are tough to replicate in new builds. Additionally, renovating allows homeowners to stay in favorite neighborhoods close to amenities and schools.

Our recent design project, the Smalley Remodel, located in Twin Falls, Idaho, showcases the transformative power of custom home renovations. We started this project at the beginning of 2023 and completed it by spring of the same year, turning a quirky layout into a bathroom oasis. While the main bathroom was the highlight, we also designed the other two bathrooms and the laundry room, creating a cohesive look for the homeowners to enjoy for years.

Our clients had a passion for black throughout the process and were excited about creating a wet room. They sought the right custom home builders to bring their bathroom remodeling dreams to life. After seeing the finished product of a friend’s home we worked on and following our social media for some time, they chose us for the design job!

If you are considering a renovation, be prepared that numbers will vary from project to project, but it’s safe to say that a home owner will spend around $20k on a bathroom remodel and around $30k on a laundry room. Keep in mind that custom cabinets, sinks & countertops will influence your cost.

Whether you choose to build a new home or renovate an old one, each path offers unique advantages and challenges. Ultimately, the decision should align with your budget, timeline, and personal preferences. At Meg & Co, we’re here to guide you through every step of your home-building or renovation journey. If you’re considering building a custom home in Twin Falls, Idaho, or looking to transform your current space, reach out to us for expert advice and support.