‘To buy the worst house on the best street’ is a saying often used in the real estate sector. Whether you’ve come across a similar scenario yourself, or are looking for a parcel of land that ticks your boxes, whether to renovate or rebuild is a question that often pops up for a lot of home buyers and investors.
While both pathways can be very tempting, renovating a fixer upper or entering into a traditional construction process may also be quite taxing from a financial and personal standpoint. Anyone who has renovated a home or waited for one to be built can attest to some semblance of this. However, there is a way to bypass the quandary of renovate vs rebuild and step outside a paradigm that we are perhaps outgrowing as a community.
Many people are using kit homes to create a functional and stylish home on a property in a far simpler and more controlled manner than what is offered by a typical renovation project or the standard construction process. We look at this in some more detail as follows.
Naturally, there are plus points to successful renovations and also some pitfalls to be aware of when following this method of boosting property ownership and/or investment in order to create a more livable and lucrative dwelling. It is possible – and, of course, the goal – to improve functionality and increase property value through renovation.
However, it can be incredibly stressful (time, effort, and skill intensive) and is subject to a number of hidden costs (including those unavoidable yet largely unforeseen costs that often arise when the project is already underway). It is important here to distinguish between a full or partial renovation. An entire or complete home renovation will present more risks and unknown factors than a renovation of only certain rooms or elements of a home.
When speaking of what the real estate industry generally terms as ‘fixer uppers’, ie. rundown and/or dated houses that are in good or even dire need of a major overhaul, you’re certainly looking at a classic case of risk vs reward. Renovating these is certainly not for the faint of heart and it’s important to consider that these types of structures also may have flaws that even the best and most expensive renovation might not remedy.
This is why it is not only refreshing but extremely practical to know that there are options in steel kit homes that can easily provide a simpler and just as desirable alternative to traditional forms of renovating. This can take the headache out of the home ownership equation for you. We explore this a bit more below.
As opposed to renovating an existing structure, the construction of a new dwelling provides the beauty of an entirely blank canvas. You can design your home to your exact specifications – from the floor plan to the fixtures and fittings. Keep in mind, floor plans in newer homes are frequently more practical and liveable than those in older homes.
In fact, whatever you imagine can theoretically become a reality if you are able and willing to pay for it, as well as generally wait a long time for the process to complete. This is where the disadvantages of standard new house construction lie, with standard construction costs only seeming to rise over time. Also, because costs are not capped, it can be difficult to know exactly how much the entire build will cost you – especially at the outset.
Aside from the materials, you must also consider the labour costs, which can quickly add up, especially if any hiccups occur along the way. Indeed, the time it takes to build a conventional new home is a common complaint, with the original ballpark time frame often stretched out even further if there are any disruptions, errors, or conflicting schedules with various tradespeople. But, what if there was a way to build a quality new home yourself or with limited/controlled labour costs? It’s time to take a closer look at kit homes.
So far, we’ve made a bit of an assessment of the advantages and disadvantages of both renovating and rebuilding (in the conventional sense). It’s easy to understand that either path may can make people nervous, especially considering economic climates that are easily swayed by many internal and even external factors, eg. a global pandemic. Does that sound a bit ‘too close to home’?
When compared to buying a home on the real estate market, or even building a new dwelling from scratch the traditional way, it’s easy to notice that kit homes are typically much less expensive. Buying a kit home also provides several other advantages that mean you can potentially sidestep some of the pitfalls associated with the process of buying or building conventional real estate.
Kit homes are designed to be simple to assemble, so if you are an owner builder, you can even do it all yourself. If you decide to hire tradespeople, the main components are included and prebuilt – giving you much more control over the build and generally less labour cost blowout. Especially when they are made with steel framing, kit homes are known for their strength, resilience and climate readiness. For more on this, you may like to read ‘Why Choose A Kit Home’.
It’s empowering to know that there are alternatives in home ownership and investment that can free you up to realise your dreams in a far more practical and less stressful fashion. Learn more about getting your own quality steel kit home. Fill out our simple online form and we’ll get back to you soon.
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