Becoming a first-time homeowner can be a rollercoaster journey, filled with highs and lows, much like the experience of people with growing families or those starting fresh in a new place. Budget, location, logistics, and finding the perfect home are just a few of the things you’d have to worry about. 

People under these circumstances often have three choices: buying a new home, renovating their current property, or buying and renovating an existing property. How do you know which one is right for you?

Explore the factors that can affect your decision of whether to buy new or renovate, with TEMSEA, your team of foremost custom home builders Mornington Peninsula! 

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Evaluating the Condition of Your Current Property

If you already have an existing property in the scenic Mornington Peninsula, the first step is to assess the condition of the property - it’s important to determine whether it’s still structurally sound, has underlying foundation issues, or other similar problems that could cause headaches in maintenance, further renovation and their effect on value. 

For example, homes on the Mornington Peninsula, especially those near the coast, are vulnerable to environmental factors such as saltwater exposure and wind damage, which can accelerate wear and tear. 

More often than not, properties affected by these factors require extensive work to meet modern standards. Assessing the property will determine whether the work required will be able to meet your long-term needs or if a new build will provide better value. 

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Cost Factors

When it comes to anything to do with properties, cost is always a foundational consideration - and for good reason. Building a new home is typically considered more expensive, especially if you’re paying for the land and the build at the same time. 

The factors in consideration here are multifaceted - over the course of the near half-decade, we’ve seen the composite figure in home construction rise by an estimated 40%, driven by a bottlenecking of necessary labour from competing sectors, and an initial drought in material logistics brought on by the pandemic blip. As these costs coast back to pre-Covid levels, with this said, we can only expect greater attention paid on easing processes associated with development - a surging populace and relative cost of living demands it.

New builds, on a fundamental level, offer greater predictability in terms of budget. Working with TEMSEA’s 

seasoned custom home builders Mornington Peninsula locals trust means you’ll have control over the design, materials, and overall costs from the outset.

Additionally, new buildings allow for the installation of energy-saving features such as solar panels, better insulation, and double-glazed windows. In the long run, these can lead to significant savings on utilities. 

On the other hand, renovations, while generally lower, can also rack up costs, especially with extensive customisations or expansions of the structure. 

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Timeframe and Convenience

When building a new home, you’ll need to participate in extensive planning. However, once the plans are approved, the permits secured, and the materials purchased, the construction will move along at a steady pace. Apart from site visits, meeting with your builders, or purchasing materials, this won’t greatly interfere with your daily life.

It’s important to note, as per the Victorian Building Authority, that there are specific time limits set by the government for completing different types of construction projects. Failing to complete the work within these limits requires applying for an extension of the permit.

Meanwhile, if you live on the property or if you’re greatly involved in a renovation project, you might experience some disturbances in your daily life. The length of the project can also last from months to years, depending on its scale. 

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Personalisation and Future-Proofing

One of the benefits of building new is you have complete freedom in customising and future-proofing your home. With a renovation, you often face constraints like the underlying fitout and structural development of the home. 

However, both methods provide excellent potential for future-proofing your home - you’re able to incorporate modern building standards and smart home technology. You can also add features that suit your current lifestyle while anticipating future needs. 

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New Build vs Renovation: Which is Better?

Both options present plenty of benefits for anyone looking for a new home. Ultimately, the choice between these two will depend on your needs, preferences, and goals. 

For instance, new builds are perfect for families looking to put down roots in a new neighbourhood. Meanwhile, renovations are excellent for those who want to preserve an existing property and have it ready for generations to come. 

Whichever option you choose, our experienced team at TEMSEA is here to guide you every step of the way. As a seasoned custom home builder on the Mornington Peninsula, TEMSEA specialises in delivering high-quality renovations and new constructions tailored to your needs. We ensure that your home, whether revitalised or newly built, is perfectly suited to the Mornington Peninsula lifestyle.

Contact us today and partner with one of the most respected custom home builders on the Mornington Peninsula now! 

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