Many homeowners are faced with a tough decision of whether they should renovate their home or build onto it to create additional space. Whether it’s because of a growing family, for an office space, or just for more space in general, both options take time, money, and hard work. So how does home renovation compare to a home extension? According to Kst Building Services Ltd, a company of builders in London, renovating is cheaper and easier, while a home extension gives you more flexibility and options for the design. Both have their perks and disadvantages, which we will go over in this article.
Renovating/remodeling your home has several advantages over a home extension that could make you decide that it is the best option for you depending on your needs.
For one, it is cheaper! Renovating a home just means you are remodeling your existing space to create the result you have in mind, whether that be an extra bedroom, another bathroom, a laundry room, or even to make a room larger. This means you are only paying for this alteration and not for the construction of a whole new structure, which lowers the overall price tremendously.
With a renovation you get to keep all your outdoor space. Some people only have a limited amount of space to work with outdoors and would rather keep every bit of it. When you renovate your home, you get the best of both worlds, the interior of your dreams plus all your outdoor space.
Also, a home renovation is less work. Still a whole lot of work, but you already have an existing structure, so you don’t have to build from the ground up. Less material, less time and less of a headache.
Advantages of Home Extensions
Just like renovating your home, extending your home also has it perks. First off, you have more options. When you renovate your home, you are limited to the space you already have. Adding an extension to your home, on the other hand, allows you the freedom to create a larger space.
In addition, home extensions increase the value of your home because it adds extra space and another room or whatever you decide to add on. Depending on what you decide to add, that alone could increase the market value of your home, not to mention that it adds square feet to your home.
Cost of Home Renovations and Extensions
For a home renovation, depending on the size and extent of it, the price could be between $18,000 (for a 1,000 square foot home) up to $36,000 (for a 3,000 to 4,000 square foot home), according to HomeAdvisor.
Home extensions are typically more expensive. According to Angie’s List, homeowners spend anywhere between $41,994 (on average) up to $108,000 for larger, more intricate additions.
Again, both price ranges will vary based on the extent of your plans.
Disadvantages of Renovations and Extensions
As mentioned above, there are disadvantages to both options that you should take into consideration.
Disadvantages of a home extension:
- When you expand your home outward, you may have to acquire a zoning license, first which takes time, planning, patience and more money.
- You must compromise your outdoor space around your home when you extend your home. Depending on how your yard is set up and how much land you’ve got to work with, this may or may not be a problem.
Disadvantages of home renovation:
- You are limited to the square footage of your existing home. If your plans are extensive and you can’t utilize your existing space and get your desired results, this may not be the route to go.
- It’s time consuming. Most people choose to do most of their home renovations on their own instead of hiring someone to do the job. If you want to go the way, be sure you have the time to devote to getting the job done.
Tips for a Successful Project
No matter what you decide, here are a few things you can do to help you with the process.
- Set a reasonable budget to keep your spending under control, and keep all your receipts to keep you on track.
- Come up with a strict design and plan you want to follow. This helps maintain order during the process.
- Set a realistic time frame. This will motivate you to work toward your goal every chance you get. Depending on whether you choose to renovate or expand, it could take longer than expected to complete.
- Hire a licensed contractor. If you decide to add on to your home, you may want to hire a contractor if you aren’t the DIY type or don’t know much about building.
If you are looking for a cheaper, more convenient way to upgrade your home, renovating it is the way to go. Take out rooms you don’t use and transform them into something much more useful to you and/or your family.
If it is necessary to add on to your home because, for instance, you need more space than you can create using your existing space, a home extension is probably the best option.
Weigh all your pros and cons for each options before making a decision so you can make the best decision for you!