Making a decision between constructing a new building versus renovating it can be very challenging. Luckily, there are some key things that can assist you to make the right decision. Here is a comprehensive overview of the things you need to consider when choosing between ground up construction and renovation.
Consider the Costs
You need to weigh up the costs. The cost of renovation is generally lower than that of a new construction. However, if you are planning to make a major renovation that involves a lot of structural changes, then it is cheaper to begin construction from scratch. A new single-story building will cost you around $250,000. A two story one will cost around $300,000. The cost of renovation also tends to blow out due to unforeseen problems that might arise. One of the benefits of building from scratch is that you can request the builder for a fixed price contract.
Age of the Building
Another important thing you need to consider is the age of the building. Most buildings stay for 30 years before any major repairs, so you might consider renovations during this period. If your building is older than 50 years, then a renovation will not prolong its life considerably. In this case, you might want to construct a new house.
The location of the building will determine whether you need to construct a new building or do major renovations. If you live in a place where land is scarce or highly sought after, it may be wise to knock down the building and construct a new one. However, before you begin the construction process, talk to builders like group up construction for some advice. Also, check with your local council to see if there are any regulations and local planning laws.
Structural Integrity of the Existing Building
Determine the current structural status of the building. Check the maintenance logs to see if it is the first time it is being updated. If it has been renovated, then check the lifespan of the original structure. Make sure you get all the records of the building, including past upgrades. Knowing its history will help you check how long it will be able to serve should it be renovated. You will also know how much money you will spend should you choose to strike it down and build a new one.
Unlike what many people think, renovations are not necessarily done to give the building a new look. Some renovations are done to ensure complete transformation of the building both in the outside and inside. It is vital you conduct comprehensive research to know the intended use of the building before making drastic changes on the building. You also need to determine how the intended purpose will change the requirements of the renovation project.
Even though there is not simple way to choose between renovating a building or constructing a new one, you need to thoroughly examine your needs and compare the costs of each option. You also need to consider the location and look into the history of the building before you make the final decision.