Is It Cheaper To Renovate Or Build A New?

Tips & Tricks

December 12, 2022

A home will rarely check all the boxes on the must-haves and non-negotiables indefinitely, which leads most homeowners to consider either building a new home or renovating their current one. Cost is one of the most significant factors in determining the best fit. St. Louis Park industry expert, Executive Remodeling, explains what makes renovation a cost-efficient option.

Which is Cheaper, Building or Renovating in MN?

As a local home renovation company, one of the most frequently asked questions is whether it is cheaper to build or remodel. Almost always, it is far more cost-effective to renovate than build anew.

The cost to build a home in Minnesota does not include the price of the land nor does it have the costs related to getting the land ready for construction, such as land surveys, obtaining permits, and running utilities. However, it is important to consider that a home renovation adds value to the existing home. Home renovations improve the quality and functionality of living space while increasing the home’s value.

Pros and Cons of Building a New Home

Here are the top pros and cons of building a new home in MN.

PROS

More control over every element of design, aesthetics, and scope of the project
Fewer unforeseen building conditions
Build for future needs

CONS

More expensive
It likely takes much longer to complete
Includes more labor hours and materials
Responsible for all the site work all site work and installation of utilities

Pros and Cons of Renovating a Home

Here are the top pros and cons of renovating an existing home in MN.

PROS

It is less expensive
It can be completed more quickly
Increased home value
Renovate for future needs

CONS

May uncover more unexpected building conditions
Some limitations

3 Tips for Controlling Home Renovation Costs

The first consideration in controlling costs is finding a reputable home renovation company. An experienced general contractor is critical to managing the project, communicating, problem-solving, and maintaining timelines, all of which are important to controlling costs. Here are the tips for controlling the costs of a home renovation project.

Consider Logistics

Before beginning a home renovation project, it is crucial to consider the project’s logistics. It is often inconvenient and unsafe to stay home during a renovation. This may require staying with family, getting a short-term rental, moving into an RV for a short time, or making other living arrangements. This also may include increased costs for eating out while navigating a kitchen renovation.

Set a Budget

Another important factor in controlling the costs of a home remodel is setting a detailed budget. Talk to the home renovation company and general contractor about the budget and recommendations for how it should be allocated. It is always important to set money aside for any unforeseen building conditions.

Talk to a General Contractor About Minimizing Costs

Talk to a general contractor about design choices that will help minimize costs. For example, working with the existing kitchen or bathroom layout helps avoid the costs of moving load-bearing walls or rerouting plumbing, which can significantly add to costs.

Minneapolis-St. Paul Bathroom Remodeling Services

A cost-efficient home remodeling project starts with an expert home renovation company. Trusted by clients for over 20 years, Executive Remodeling is a full-service St. Louis Park home renovation company dedicated to industry expertise, superior work, and client satisfaction. Connect with the team by calling (612) 333-5577 to schedule a free consultation.

Executive Remodeling

5810 W 36TH ST. UNIT B

ST. LOUIS PARK, MN 55416-5108

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William F.

Excellent. Prompt and great workmanship. Very little disruption to our routine, and they cleaned up professionally. Handled the dealings with the insurance company as repair was caused by hail damage. This made the whole process easy. They also brought all the samples to our house for selection which was very efficient for us. Highly recommend Executive Remodeling.

Reviews

Samantha M.

We used Executive Remodeling to finish our basement. As first time homeowners with no construction experience, we could not have asked for an easier process. Workmanship was incredible, everything ran on time, communication was excellent, and we couldn’t be happier with the end product. We would recommend them to anyone, and already have! We will definitely use them for any future projects that come up. Thanks so much to Ryan, Reed, and Katie!

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Karen A.

Our experience with Executive Remodeling was excellent from Day One! We had our entire basement done, and they were great at helping put together our ideas with what was doable, staying within budget, and turning out a beautiful finished product. All of the trades that came were professional, courteous, cleaned up well after themselves, and did a beautiful job. We couldn't be more pleased and heartily recommend them!

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Carlotta P.

1. This was our first big renovation. We weren't prepared for some of the decisions we needed to make before the project started. 2. Guidelines for what was expected of us before the project began wasn't clear, such as selection of: backsplash, lighting , tiles etc. 3. Once the project began, Executive Remodeling gave us a clear timeline with weekly updates. 4. Executive Remodeling staff was very courteous and respectful as were their contractors. 5. They informed us of what they were going to do with construction details i.e. - poly barriers, dust, etc. 6. They also had an excellent cleaning crew who did more than we expected. 7. We are extremely satisfied with the kitchen renovation and we will definitely have them involved in our other renovations.

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Catherine R.

We emptied out the basement for drain tile then re-installed what was taken out to preserve the investment in our nearly 100-year-old house. Executive’s team was supportive every step of the way. Their optimism and 'can do' attitude were helpful as we discovered complications. They got the right craftsmen for every step. We even added a new garden window to the kitchen upstairs, knowing we could trust them to do a great install. We sleep well knowing our wiring is up to code, and we enjoy a great deal of natural light in the basement because of their work.

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Laura S.

'I can't recommend Executive Remodeling highly enough! From start to finish, they were responsive, communicative, and very easy to work with. They built a bathroom addition for us and stayed on budget and timeline throughout the entire project. All the people they brought in to work on the project were also kind, competent, and efficient. The team at Executive Remodeling went out of their way to ensure that everything went smoothly and the project turned out great!'

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Mark L.

'We recently needed some work done on our home and used Executive Remodeling. The communication and suggestions concerning our project were clear and very helpful. The workmen respected our home, were professional, left the worksite clean, and, when on-site, accommodated our need to be in and out of our home. The project was completed on time, and the costs were exactly as quoted.'

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John S.

After meeting with several Twin Cities contractors to find the right fit for our dream home addition, we chose Executive Remodeling because we valued their honesty, experience, and straightforward approach to planning and project execution. The team was easy to work with and responsive. We were treated with honesty and integrity and got an incredible amount of value for our investment. We couldn't be happier with the results.

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