This is a question that a lot of property owners, particularly here in the Western Cape where the property market is so buoyant, may be asking themselves as we move towards the new year. Maybe you have made up your mind that you just want to live differently and have that dream home (or ideal offices) that you’ve always wanted, or circumstances dictate that you need to make some major changes.
You are now working from home, an elderly parent needs a place to stay, or the kids are growing and need their own entertainment area, or as a commercial property owner, perhaps you need to expand to accommodate new staff or stock…etc. So that question arises, ‘should you stay and renovate or sell and build new in 2022?’
It can be a difficult thing to decide on as there are pros and cons to both options. As Seasoned experts in the construction industry who handle both, here are a few tips that may help you to decide.
To Renovate – The pros and cons
- Happily rooted – If you are happy with the home or offices you are in and want to expand then it could be better to stay, but remember if you are staying because you have a classic older home (like many of those found in the Cape) they might not hold up to extensive renovations and it could wind up being costly. This brings us to…
- Cost – It generally is cheaper to renovate, but again it can depend on the existing structure that you want to expand on.
- Time – Generally speaking renovations can be done sooner than if you sell and build, so if you’re in a big hurry this can be an important factor. Just remember though if the goal is to have exactly what you want it may be worth taking the extra time to get it by building.
To build – The pros and cons
- Living the dream – As just stated, if you want to get that dream home or perfect offices the only way is to build. Work with a great Architect or Designer and create exactly what you want, where you want, as presumably you will build in the area of your choice too.
- Cost – Usually building from scratch is a little more expensive, but carefully done, not exorbitantly so. Given that you can incorporate all the great new ideas, beautiful and sustainable fittings and fixtures too, you are probably looking at a far better resale when the time comes too.
- Time – Generally speaking it will take longer to go this route because you need to sell first, but remember that as you are doing so you can be getting all the initial aspects of the building project underway. These include drawing up and having plans passed, and appointing your construction company and other service providers etc. so your project is ready to go as soon as your bond is approved.
Consult the experts
The best advice that we, at Davel and Lottering Construction can give you is to urge you to speak to us and let us weigh up your specific circumstances and requirements to assist you to make the right decision.
So many factors are at play, so as an experienced renovations and construction company we can give you an honest, no-obligation, expert opinion on whether you should stay and renovate or sell and build new in 2022.
Keep safe and keep striving to live the dream!
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