If your family has grown but your house hasn’t, you might face questions about your housing arrangements. Buying an existing home is one option, but G I Adams Construction, serving Western PEI, offers other viable solutions.
A home renovation by G I Adams Construction can increase the size of your house, enhance functionality, and, depending on the scope, be quite affordable. Alternatively, building a new home from scratch with G I Adams Construction, PEI, could provide you with your dream home and potentially lower some long-term costs. Here are some factors to consider while making your decision.
Q: How much does it cost to build a new house?
A: The average cost to build a house is around $300,000 for 2,000 square feet of living space or about $150 per square foot. Additionally, if you don’t already own land, that will be a significant additional cost that varies steeply by location. The timeline from design to move-in day can range from six months to over a year.
Q: Is it cheaper to renovate your house, buy a used one, or build a new one?
A: It is almost always less expensive to renovate an existing house with G I Adams Construction than to buy a used home or build a new one. On average, home renovation costs around $100 per square foot to complete, with minimal or no moving costs. Buying a used house averages around $120 per square foot, while building a new home with G I Adams Construction, PEI, costs about $150 per square foot.
Q: What’s the most expensive part of renovating a house?
A: Materials and labour are the major cost drivers behind renovating a house. Both account for nearly half of the entire remodelling budget. Labour costs for renovations can be higher than those for new home construction, where labour costs can be as low as 30% of the total. The most expensive room to remodel is typically the kitchen, which includes plumbing, HVAC, extra electrical work, cabinetry, appliances, and additional planning. Bathrooms are also costly but are second to kitchens.
Q: What house renovations boost home value?
A: One significant benefit of remodelling with G I Adams Construction, serving Western PEI, rather than building new, is the potential to increase your home’s selling value significantly. Even less expensive remodel projects can boost home values. Here are a few large-scale projects that can provide a healthy return on investment (ROI): Large or minor kitchen remodels, Small bathroom remodelling, Deck or patio additions, Basement finishing, and Attic remodels.
Q: What are the benefits of building a new house?
A: One of the most significant benefits of building a new house with G I Adams Construction, PEI, is that, if your budget allows, you can create the perfect home for you and your family in the ideal location. Although the upfront costs are higher than remodelling or buying a used home, long-term costs can be lower in a new home due to reduced maintenance, increased energy efficiency, and no need for future renovations, making the overall price comparable to other options in the long run.
Q: Is it better to renovate or build a new house?
A: There is no universal answer to this question, but considering the following can help you make a more informed decision: Do I have equity in my current home to consider? What’s the state of the current real estate market? What are the financing costs of both options? Is moving an option? Do I have time to wait for a new house to be built? Is short-term or long-term money savings more critical to my family? Is my family going to grow larger?
Contact G I Adams Construction, serving SuWestern PEI, for personalized advice and expert assistance.