Should I stay or should I go?

Entire TV programmes have been dedicated to showcasing the homeowner’s dilemna of choosing between adapting the home they have to suit their needs, or building entirely from scratch to create the perfect abode. There are good reasons for both, so we’ve weighed up the arguments to help you make the decision: should I stay or go?

Build new: the cost comparison

When you build new you know what you’re getting into, cost-wise. “When you renovate you’re opening up a can of worms and you’re not sure when the [finances] are going to run out,” says Design Builder CEO Andrew Price. Starting from scratch and pricing up something that you know is within your budget is a good reason to build new

Renovate: you can't replicate character

There’s so many details in character homes that are very difficult and expensive to replicate. From fretwork to pressed tin ceilings and native timber floorboards, it’s a huge challenge (and cost!) to create this kind of authentic character in a new build.

Build new: bespoke build

Getting exactly what you want instead of making what you want fit within an existing framework and architectural style is a good reason to start from scratch. Building new means you can tailor your home to your exact needs and aesthetic and the way you want to live.

Renovate: stay where you are

Renovating an existing home means you can stay in your location. Many of the greenfields development sites are far away from central business districts and amenities, so renovating your existing home to take advantage of a central location is a good reason to stay put. Plus as Kanda Homes managing Director Rich Abbott puts it, staying put means “avoiding the stresses, time, costs of selling, buying then relocating and everything involved with that.”

Instead, you could put that money into the renovation of your existing home, stay in your area and still get the house that suits your lifestyle.

Build new: knock it down

However, there is always the option to knock down a home on a central site and re-build from scratch. You can also sell the original building to help contribute to build costs.

Renovate: do it once and relax

Every house needs to be upgraded eventually - even when you build new. Older homes often need re-roofing, re-piling, re-wiring, re-plumbing, insulating and redecorating, but once these aspects are taken care of, you should be good for more than 20 years. If your home has only a few of these things to tick off the list, it could be a far more cost-effective proposition than building completely from scratch. Plus, as Rich points out, the advantage of renovating a home you already own means you can “use equity in the house to help fund the renovation.”

Build New: orientate to the light

New builds are without exception built to take advantage of natural light and that’s something that wasn’t a consideration even 30 years ago. “New methods and designing to take advantage of the natural light is really important and you get the opportunity to do that with a blank slate,” says Andrew, plus this has the obvious added advantage of passive heating and lowered power bills.

Renovate: memories

If you’ve raised a family (or pets!) in a home, or passed any of life’s milestones there, you really can’t get past the sentimental value of the four walls that house those memories. Plus, transforming a home becomes part of the story of the place, and creating a sentimental link to the places where we live is a very human thing to do—that’s why people are so obsessed with feathering their nests.

Build new: futureproof

“Building new you get the advantage of all of the modern design and building materials and construction techniques,” says Andrew. It’s far easier and more cost-effective to design a home for future technologies, rather than retrofit an existing home.

The decision to build new versus renovate entirely depends on your personal situation and preferences. Do you want to live in a certain location? Do you like modern spaces or a character aesthetic? Are you tech-obsessed? And what’s your budget? All of these things play a huge part in weighing up the decision of whether to stay or go.

Banner image at the top of page is a contemporary new build home by Design Builders that's specifically designed to make the most of its setting and spectacular views over Lake Taupo.