Are you trying to decide whether to renovate your home or tear it down and build new? Comparing sale prices of homes in East Central Oak Bay, 2015, we found that properties with new/er homes sold for as much as 35% more than properties with older homes. That is 35% on the whole property.
In terms of cost, we estimate that if you are adding more than 40% space, plus adding upgrading windows, kitchen, bathroom, siding, drains and water supply, then these improvements will be getting close to the same cost as building new.
In terms of time, a whole-house renovation takes about 20+ weeks. A new build will take about the same. Both will require you too move out.
Redeeming features and quality hold a very strong reason our clients decide to renovate. They have developed an affectionate attachment to their home. Customers tell us that they feel joy each time they see their home. On the resale side, an attractive architectural feature can significantly affect how well your home sells.