Remodel or New Construction? What to Consider
A plan is everything when it comes to creating a home, office or investment property.
Start at the Beginning.
Initial discussion with everyone involved will save both time and money. Topics ought to include the purpose of the building to be purchased; the budget, possible issues among your team; the amount of time you want to spend and the time between purchase and move-in.
It’s important to also table any absolute musts along with compromises your team may be willing to make during the course of the project.
Once the team has these specifics hashed out, options can be weighed one against the other to determine your appetite for the project.
Is Renovation the Right Fit?
Renovation can be deceiving. At first renovation can seem more cost effective and sustainable up front. However, it may not prove the best choice in the long run.
A prior to purchase professional inspection will help you learn about structural integrity; Asbestos and lead paint issues that may exist; the need for system upgrades; and potential issues that may exist to bring a building up to current building codes.
Two other major considerations are the location of a building and the original intended use of the building. Will the intended end-use fit with the short-term and long-term neighborhood outlook? For instance, completely renovating a single-family residence is surrounded by mid-rise medical office buildings may not make a lot of sense in the long-term.
Another potential shortfall may happen if a factory is rehabilitated to become residential lofts. The plumbing and sewage systems, HVAC and many other parts of the building may need complete transformations to complete the project.
New Construction?
Architects and builders can work with the client to build something completely from scratch to custom fit the specific needs (and whims) of a client. Layouts of interior and exteriors can be more efficient and purposeful.
New construction can be costly. However, it could also mean less maintenance. Warranties will likely mean smaller out of pocket expenses when things break or go wrong upon or after move-in.
No right or wrong answers.
Ultimately, each individual project when researched and properly vetted will depend heavily on the investor or the investment team.