The Canadian property market is a pretty volatile place right now. There was a 25.7% drop in the number of homes sold in April 2022 compared with a year earlier. With prices at a sky-high average of $741,517, it can be tough to find the home you want at a reasonable price.
You'll often need home renovators to knock the place into shape. But there is another way to get the home you want without the house-buying process. We're talking about building a home from scratch.
Intrigued? Let's look at the pros and cons of a home renovation versus building a home from scratch.
Home Remodelling: Pros and Cons
The major benefit of home renovations is that you transform your existing space. You don't have the stress and expense of selling your home and buying another. This is a great way to go if you love the area but the house doesn't work for you.
You will need to wait for permits, but home renovations generally take less time than new builds. The existing structure is already there, so there's no need to organize groundwork and utilities.
Home renovation loans are also relatively easy to obtain. You can often talk to your mortgage lender about refinancing or investigating a Home Equity Line of Credit (HELOC). This is usually cheaper than unsecured loans or new build financing.
The main cons of home remodelling are that you will always be limited by what's already there. You can't change the size of your lot, and how much you can extend will be governed by local planning codes. The home renovator also has to consider structural walls and existing features.
Also, you may have to live in the house while the work is going on, which can be inconvenient. However, home renovation contractors will do their best to keep the rest of the house as dust-free as possible.
New Built Home: Pros and Cons
The advantage of a newly built home is that you are involved in every decision from the design stage onwards. You can achieve your dream home with very few compromises. You can have it if it's within budget and local planning codes!
The disadvantage is that it takes time. Applying for permits, arranging finance, and unforeseen delays can cause projects to run for months or more than a year. Also, new build financing may be more expensive than home renovation loans.
Choose Coastline Development Group Ltd as Your Home Renovator
Building your own home from scratch takes time and dedication, but you'll get a truly bespoke home in the end. If you have the circumstances, it's a great way to create the ideal forever home.
But if you love where you live, home renovators can transform your home into a place that truly works for you.
At Coastline Development Group Ltd, we offer design services, project management, and licensed, insured contractors. Whether you're building a home from scratch or are looking for home renovation contractors, we've got the right pros to help you.
Call our office today at 604-986-6222 or contact us online to request a free quote for your project.