Benefits of New Home Construction: What You Need to Know
When considering construction projects for your home, it’s essential to weigh the benefits and considerations carefully. BVM Contracting specializes in substantial renovations, custom home additions/extensions, and new home construction projects. In this guide, we’ll explore the advantages of building a completely new home versus renovating an existing one.
Key Subjects Covered in This Guide:
- Difference Between New Home Construction and Home Renovation/Addition
- Benefits and Considerations of Building a New Home
- BVM Contracting’s Recommendation
Difference Between New Home Construction and Home Renovation/Addition
The primary distinction between new home construction and home renovation/addition lies in the extent of the project. New home construction involves removing the entire existing home, including the foundation, to build a completely new structure. On the other hand, renovation/addition involves working with the existing structure, potentially expanding or modifying it.
Benefits and Considerations of Building a New Home
Benefits:
- Completely New Home: Building a new home means starting fresh without any pre-existing issues, reducing long-term maintenance costs.
- Control Over Footprint and Finishes: With new home construction, you have full control over the home’s footprint and finishes, allowing you to create your dream home from the ground up.
- Avoided Headaches: New home construction avoids the potential headaches and extra costs associated with renovating an existing home.
- Rebate for New Construction: New home construction is eligible for the Ontario HST rebate, providing financial benefits.
Considerations:
- Increased Pre-Design, Design, and Permit Costs: New home construction entails additional costs such as surveys, grading plans, development charges, and surveying fees.
- Possibility of Increased Utility Construction Fees: New construction projects may incur additional fees for replacing water supply lines and natural gas disconnects.
- Increased Cost to Construct: While the cost of new construction may be comparable to renovations, the contingency needed for new construction is often less due to fewer unknowns.
BVM Contracting’s Recommendation
Based on our experience, BVM Contracting recommends new home construction for clients seeking a streamlined and worry-free construction process. With fewer variables and a clear budget outlined in the contract, new home construction offers peace of mind and a painless residential construction experience.
When deciding between renovating an existing home or building new, consider the benefits of new home construction for a hassle-free and predictable outcome.
