The decision to renovate or build something new from the ground up can be difficult for home and business owners who have outgrown their spaces or have changing needs. Renovations and ground-up construction each come with a set of benefits and challenges, and deciding which best meets your needs takes careful evaluation.
Renovation sometimes makes sense from a cost-effective perspective because it adds value, reconfigures existing spaces to better meet needs, and is often more eco-friendly.
Building from the ground up allows for an entirely new space designed to any specification, and, for many, this may seem like the best way to get exactly what you want.
Renovations Can Save Time
Because you’re starting with an existing structure, renovations can usually be completed more quickly. When you build from the ground up, it can double or triple the construction timeframe.
Ground-Up Construction Eliminates the Vintage Quality
Renovating older buildings may come with electrical, fire, or other code issues that need to be brought up to current regulations. However, it preserves history, and the unique styles and quality of construction and materials often can’t be replicated in new construction.
Code updates will add to renovation costs, but these regulations would also be required in a new building. Renovations are a solid choice for some buildings. But, there are some older buildings that have too many structural and code issues that would not be worth the time or money.
Ground-Up Construction Has an Ecological Impact
The environmental impact of renovations is much lower than for new construction, which requires new materials to be manufactured. Renovations repurpose old materials, keeping them out of landfills and reducing costs. Renovating older buildings is a major project, but it is good for communities because it eliminates many construction issues and focuses on making an existing property better. Renovations can also pose less of a tax burden than brand-new properties.
All of this being said, there are many times when new construction is a better idea. You can often reduce insurance premiums, and utility bills, by using new building techniques that will save you significant sums of money over the life of the building. In the end, it’s best to take a project-by-project approach to making this decision.
If you have any questions about whether you should look for renovating or building new, contact us. We’re more than happy to give you an assessment.
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