"My current house isn't suitable for my family, but its a good neighborhood and the location is nice. What are the benefits and drawbacks of renovating vs building a new home vs buying new?"
David Pritchard says:
The biggest advantage to building a new home is that you can make it match your needs and expectations most closely. Many people find working with the designer of their new home to be the best way to ultimately be satisfied with their new home.
Mark Isaac says:
On the North Shore, house renovations regularly over-run their budget by 15% to 50% — you have to be a very good planner if you want to buck these odds! Building a new home costs more and takes longer, but has a much more predictable price tag.
Lara Regan says:
Serious renovations to a home — more than just updating a kitchen & bath — usually take 3 months or more, during which time you’re usually not able to have guests, host parties or even find everything you might need for the changing seasons.
Building a new house can get you exactly what you want, but it might take a year or more to find & prepare the right property, then construct, finish and furnish your dream. Buying a new home is much faster, but it means competing with everyone else trying to buy your dream house, not to mention competing with people as you sell your existing house!