Is It Cheaper To Renovate Or Build Anew?

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.

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

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