Building vs. Renovating: Which is best in 2023?

With the new year comes new opportunities to build, renovate or remodel to create a home that ticks all your boxes. The decision to build or renovate ultimately depends on your living situation, needs and budget. We’ve weighed up the pros and cons of building vs. renovating in 2023 to help you decide:

1. Cost

Regardless of inflation and interest rate hikes, renovating is most often cheaper than building a custom home. Aesthetic preferences, labor, materials and location can influence the cost of a renovation and build. If you decide to renovate, include a contingency plan in the budget for unforeseen expenses such as addressing hidden structural issues. Keep in mind that renovation costs may increase with the age of the home.

2. Duration

Consider your desired timeframe. Building a home from the ground up can take anywhere from six months to over a year. The duration of a renovation will depend on the size of the project, timeline to obtain building permits and the time of year. Depending on the scale of the project, you may need to make alternate living arrangements while building or renovating.

3. Design Possibilities 

Building a new home allows you to customize every aspect, including size, layout, materials and finishes. Alternatively, you can improve your existing home over time and incorporate design trends to enhance its value. If you have an older home, start replacing old windows and upgrading your siding, or consider a kitchen or bathroom remodel in 2023.

Whether you build or renovate in the new year, ensure you plan ahead, visualize your project and hire a reliable team so you can enjoy the process.