In short, whether or not it will be cheaper for you to build a new house or remodel an old one will depend on the nature of your project. Generally, it is cheaper to remodel and renovate rather than build a new structure. This is simply because building requires more time, materials, permits and labour. Usually, less construction is involved in remodelling, which is why renovations are a cheaper solution (just to lay the foundation of a new home can cost as much as an entire renovation). However, a renovation project might end up costing you much more than expected if you have not prepared yourself and found the right design experts to plan and prepare drawings for your project before even starting to look for a contractor.
Furthermore, everything that does not involve altering more than 50% of your home is considered a renovation, so if the thought of having extra space or having a second bathroom occupies your mind, you can achieve that for much less money than you would by building a new home.
On the other hand, building from scratch allows you to customize your future home just the way you want it. Renovating or building an addition exactly the way you’ve imagined might not be possible at all times, mainly because of existing structures and the layout of your home. In order to make your project a success, you need to make sure you find a design consultant that knows how to lead your project without overspending.That means that your consultant must know all the municipal regulations that apply to your project, provide you with drawings that will help you get quick permit approval and ultimately lead construction and act in your best interest rather than the contractors’.