Which is Better for Your Project? Renovating or New Construction?
When deciding on a building project, there are three main choices: build new; renovate your current space or acquire and refurbish an old landmark structure. The choice you make will have an impact both financially as well as schedule-wise with regards to what kind of facility is created in the end.
How do you know if it’s time to build a new building or renovate an old one? These general rules will help you determine when it might be better to build new versus when it is best to renovate.
First, we’ll look at how the option to renovate or build new impacts the three major factors of your project: the cost, the duration, and the design. Then, we’ll sum things up with a quick look at the pros and cons of these choices.
THE MOST COST-EFFECTIVE
When it comes to construction projects, cost is often one of the most influential factors. We want our investment money spent wisely and we find ourselves choosing whether new or renovation makes more sense financially depending on what will provide us with better returns at any given time in life.
THE PRICE OF BUILDING NEW
When starting a new construction project, it may seem intuitive that you would need to spend more on clearing and preparing land before building than if you were going through an existing structure. In exchange for leaving everything untouched from the ground up (including any surface soil), all of your current landscaping needs will be met along with utilities being laid in by professionals who know what they’re doing – no matter how big or small those tasks might seem like.
There are a few instances where renovations can become more expensive. For example, if you have to tear down part of your building and rebuild it from scratch then that will cost significantly more than just renovating what’s already there.
THE PRICE OF RENOVATIONS
With a repurposing project, you’ll be responsible for updating the space to meet modern ADA standards. You can keep some of your old features if they are not too extensive renovations-this helps cut down on cost compared with new builds.
There are many factors to consider when renovating an old building. For example, the cost of renovations will vary depending on how much work needs done and what materials you choose for your project- from paint colors all way down through carpets or flooring options! The more complex these projects become with their structural updates comes additional fees because things could go wrong during construction– unexpected surprises arise which add time onto any timeline established earlier in design stages.
Developers are always looking for ways to make their projects more profitable, and one way they can do that is by taking advantage of abandoned properties. There may be grants or assistance available that will help lower the cost refurbishing an underused site which in turn helps with revitalizing neighborhoods as well.
If you’re looking for a way to spruce up and revitalize your current space, especially if it was constructed or updated in the past few decades then renovations might be more affordable.
As a rule of thumb, renovations are often less expensive than building new. However, if you’re renovating a particularly old building that’s seen better days, this may not be the case.
WHICH HAS A QUICKER PROJECT DURATION?
Projects have different durations depending on the scope, condition and operations of your building.
THE DURATION OF A NEW CONSTRUCTION PROJECT
New construction can take much longer than renovation. Not only are you responsible for carving out the site and laying utilities but building entire structure from scratch with finishes is also part of it.
THE DURATION OF A RENOVATION
One of the great things about renovating an old building rather than starting from scratch is that you don’t have to spend time and money on many key elements. Since most buildings already contain necessary components such as plumbing or wiring, your construction team can work with what they’ve got.
However, this is not always the case. In particular with older and historical buildings it can take longer than what would have been required for a new construction project because of materials that need mitigation (e.g., hazardous substances).
One important factor to consider when choosing whether to renovate or build from scratch is the impact it would have on your operations. If you’re renovating the facility you’re currently operating out of, you may have to adjust your operations to safely work alongside your construction team. At JeBailey & Co., we’ve completed several renovation projects that utilized a multi-phased schedule developed to prioritize your ongoing operations. We’ll work with you to create a project plan that allows your organization to continue operating while still getting our job done efficiently and safely.
In most cases, it will be faster to renovate an existing building over building a new one. However, this may not be the case if the building that’s being renovated is particularly old or in need of remediation work.
WHICH OPTION RESULTS IN A MORE ATTRACTIVE AND FUNCTIONAL DESIGN?
When you invest in a construction project, it’s important to be happy with the end result both aesthetically and function-wise. In terms of looks: modern minimalism can communicate efficiency; plush finishes send an inviting message about comfort (especially when paired up nicely); sleek styles scream professionalism.
One thing we should mention here before moving onto our next point–the layout is also crucial because different layouts will suit various purposes better than others.
DESIGNING A NEW BUILDING
In most cases, building new gives you the most control over how the result will look and how the building will function. With a new building, you can design the project exactly to your needs – from size and layout to energy efficiency and parking.
RE-DESIGNING A RENOVATED BUILDING
When renovating, you are confined by the constraints of what’s already there. You can certainly make use of existing structures and add on but not build from scratch according to your vision – at least for now.
The charm of an older building is often more appealing than that found in new construction. This can be especially true for buildings with unique character and history, like 19th-century factories turned into apartments or old houses which retain their original charm but now serve as offices.
However, beauty is in the eye of the beholder, and functionality is dependent on your organization’s unique needs for the new space.
In most cases, new construction allows for the most control over the design. With a renovation, you’re somewhat confined by the existing structure, but historical buildings can offer a uniquely attractive aesthetic.
PROS AND CONS: NEW CONSTRUCTION VS RENOVATIONS
In general, building new will give you more control over the project. Perhaps this is what you’re looking for if your goal has always been to make sure that every detail of your home’s design and construction are exactly how you want them.
That being said though, renovating an older building may not be as costly or time-consuming compared with starting from scratch.
When renovating a facility, you are still bound to the existing structure unlike new construction which gives an unfettered option. However, if just looking for some updates and improvements on your current space then this will likely be less costly than starting from scratch with all fresh materials.
Deciding between renovating an existing building or starting with new construction is a difficult decision, but it’s an important one. It will guide nearly every other decision you make throughout the building project and will impact both budget and schedule.
At JeBailey & Co., we’ve helped many clients make this decision throughout our 20+ years in the industry. We’d love to talk about your project and help you determine the path that’s right for you.
