The biggest factor to consider when you’re deciding whether to renovate your current home or build a custom home is the cost. The cost of a renovation can vary greatly because you decide how intensive you would like the renovation to be. You could choose to do minor renovations in a few rooms, or decide to completely remodel your entire house. The nice thing about renovations is you can also renovate a portion of your home now and do the rest later on when you have the budget. The cost of building a custom home varies as well, but on average it costs about 20% more than doing extensive renovations to your entire home, but again, it all depends on the specifics of your project.
One of the main reasons people choose to renovate or build a custom home rather than move is because they have built a life and established relationships in their community, but it’s an important factor to consider when deciding between those two options as well. If you choose to build a custom home you will either have to find a new lot, or go through the process and expense of tearing down your current home, which means you’ll also have to find somewhere to live in the interim. Many homeowners choose renovations because they can continue to live in their homes during the process, and it means they can stay in the community they have built a life in. You should also consider how long you plan to stay in your home. If you’re only planning on staying for a short period, under 10 years, it’s usually more cost-effective and lucrative to go the renovation route.
Renovation vs. Building a Custom Home
Ultimately, the only one who can say whether you should renovate or build a custom home is you. It depends on your budget, your needs, and whether you like your current location or not. You will also want to look at what the final cost of your renovation will be, and if it’s greater than the market value of your home, it might be better to go the custom home route. Regardless of what you choose, it’s important to hire an experienced team of contractors to complete the job on time and on budget, like our team here at Mirodan Contracting.
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Mirodan’s full-service team is here to help!
Why We Are a Trusted Full-Service Contractor
1) We do projects for clients from start to finish! Our team handles everything from the initial drawings and permits, to the design and construction of your build, making the process straightforward and manageable!
2) We have completed custom residential, commercial, and industrial projects all across Canada.
3) We are proud to offer a 100% guarantee on all of our work. We always work hand in hand with our clients to ensure they get exactly what they want out of their project.
4) We strive to always be on budget and on time! We believe in full transparency with our clients through careful scheduling, planning, and communicating about the process and their needs!
5) We take control of project management from the start! If you have a complex job, but are without drawings and need a quote, we have you covered!
Mirodan Contracting has been servicing the construction needs of the Greater Toronto Area and beyond for 20 years. Our expert team has the skills and experience to complete any project in any industry.
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