Is it better to build or to renovate?

Building New: Pros & Cons

Advantages

Design Freedom: You can design exactly what you want — layout, materials, energy efficiency, etc.

Lower Maintenance: Everything is new, so repairs are minimal for many years.

Energy Efficiency: You can include modern insulation, solar systems, and sustainable materials.

Higher Long-Term Value: New builds often appreciate better due to modern features and lower upkeep costs.

Disadvantages

Higher Upfront Cost: Building from scratch usually costs more per square meter than renovating.

Time-Consuming: From design and approvals to construction, it can take a year or more.

Land Costs: You must own suitable land, which can be expensive in urban areas.

Regulatory Approvals: Council plans, zoning, and environmental rules can slow things down.

Renovating an Existing Home: Pros & Cons

Advantages

Usually Cheaper (at first): Especially if the structure is sound and only cosmetic updates are needed.

Faster: Renovations can be done in phases without full demolition.

Character Preservation: Older homes often have charm, history, or architectural details worth keeping.

Established Location: You stay in a familiar neighbourhood with existing services.

Disadvantages

Hidden Costs: Once walls come down, surprises like wiring, plumbing, or damp can inflate costs.

Design Limitations: You’re constrained by the existing structure and layout.

May Not Add Long-Term Value: If the renovation doesn’t modernize the home enough, resale potential may be limited.

Disruption: Living through renovations can be messy, noisy, and stressful.

When to Build vs Renovate