Renovating versus Building New: Which is Better?

Should I renovate an existing space or build something new? If you are thinking about building an office, storefront, restaurant, or home, it’s important to consider the pros and cons of renovating an existing building versus constructing from the ground up.

The Value of Renovating

For commercial development, it may be more wise to consider renovating existing buildings rather than opting for new construction. The current market conditions often favor purchasing existing structures, offering a better overall value. The same principle holds for housing projects. Renovations also tend to have a shorter construction schedule than new-build projects. Assess the local real estate market and explore the potential benefits of a renovation project for commercial and residential developments.

Perks of New Construction

If you’d like a space to meet your specific vision and goals, building new could be ideal because you have more control over the project. If you find a piece of property in your ideal location, building from the ground up may also be right for you! While upfront costs will likely be more expensive than a renovation project,  you could save in long-term maintenance, energy, and renovation costs because you built a space according to your exact specifications.

Nexgeneral Construction’s president, Philip Kliewer, discusses a few important considerations for those deciding between a renovation and new-build construction project in this short video below:

Still not sure which option is best?

A general contractor can help you think about which option is best for your budget, timeline, and long-term vision. Launching a construction project in 2024 demands careful consideration of changing industry trends. It’s important to stay ahead of rising subcontractor prices, navigate permitting challenges with foresight, explore the advantages of renovating existing structures, and embrace the efficiency of the design-build process.

Reach out to Nexgeneral Construction through the button below and we will help you determine if a renovation or new build is best for you!