Should you Build, Buy or Renovate your Next Home?
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Calgary is a city of opportunity – especially for luxury homes. Consider this:
- Compared to Vancouver or Toronto, the costs to construct a home in Calgary are cheaper.
- Your luxury home can be in a community that is only minutes from downtown.
- If you prefer being surrounded by nature, you can live near the edge of the city and still have a short commute.
- There are neighbourhoods for luxury houses in every quadrant of the city so location doesn’t have to be the only factor to consider.
- It comes down to choice. Owning a luxury home in Calgary offers more options for locations, amenities and budget than other major cities in Canada.
To narrow down the options, first start with the first major choice: do you build, buy or renovate?
QUICK GUIDE TO BUILDING, BUYING OR RENOVATING
We’ll break down the costs and considerations to building, buying or renovating below, but here is a quick guide to that choice. Calgary has excellent opportunities for location, so we prioritize how much customization you prefer and your timeline.
To guide your decision, there are two questions you can ask:
- What’s my timeline to move in?
- Do I have a strong preference for the layout and design of the home?
These are only two considerations, but it is a useful place to start. Location is important, but Calgary has opportunities to build or buy a luxury home throughout the city. And for budget – there is a range of budgets that can achieve exceptional results. So focus on your timeline and desire for customization first.
Before diving into the details of building, buying or renovating, let’s look the top myths that we hear when Calgarians are considering what to do.
MYTHS DEBUNKED
TOP MYTHS ABOUT BUILDING OR RENOVATING A LUXURY HOME
Building a luxury home always goes over budget
If you work with an experienced custom home builder, designing and constructing a home will stay within your budget. Cost overruns are common with builders that don’t specialize in custom homes or projects that are managed without a custom builder. With MINO Homes, we’ll set the budget before construction, and we’ll make sure your home remains on budget.
Building a luxury home will take longer than expected
Just like sticking to the budget, an experienced home builder will create a timeline that is achievable. So you can be confident that your home will be ready when you want it to be.
Building a luxury home is more expensive than buying
Which option gets you “more home” – buying an existing house or building one? There is no clear answer. In some cases, building a new home can get you a higher quality or larger house compared to purchasing from the market. Buying a home depends completely on the real estate market and the listings available for sale.
Renovations always have cost and time overruns
Considering that renovations do tend to take longer than expected and costing more, perhaps this isn’t a myth. But it is possible to ensure renovations stick to the schedules and costs that were promised. By selecting a renovation team that is dedicated to your project – from initial quotes to finishing touches – your renovation can be completed as expected. MINO Homes has a team that is experienced in preparing quotes and schedules so your renovation will stick to the budget and to the timeline.
BUILDING A LUXURY HOME
Building a luxury home gives you the opportunity to create the perfect home. It is an empty canvas that can be created from your ideas.
Here are the top benefits to building a luxury home:
- Few restrictions on the design options
- Confidence that the materials and construction are the highest quality
- Opportunities to build in new or existing communities
The process can potentially take longer than buying a home, but with an experienced builder you can be confident it will be done according to the timeline.
BUYING A LUXURY HOME
Purchasing a luxury home gives you the opportunity to move in as soon as you get possession. The most common concern with buying a home is it doesn’t give you the chance to customize it and there is uncertainty that the quality is up to standards.
LUXURY RENOVATIONS
Renovating is an exciting option because you can increase the value of your existing property while creating a space that is customized to your lifestyle. The process of renovating the home you live in is not ideal, but select a renovation team that prioritizes your project and sticks to the timeline to give you assurance as the renovation progresses.
PROS AND CONS
Here is a summary of the top reasons to build, buy or renovate – and the typical pros and cons.
HOME OPTIONS
Pros
Cons
Building
- Select location
- Complete design
- Quality materials and construction
Longer prOCESS
Buying
Quicker Process
- Fewer options for customization
- Uncertainty over quality materials or construction
Renovating
Increase value of existing property
Don’t have to move
- Restrictions on what you can do
- Longer process
- Impedes on use of home during renovation
THE FIRST STEPS
If you are considering a few options for your next home – including building, buying or renovating – then the best next step is to get more information. The MINO team can help you make the best choice by:
- Helping you confirm your budget, including custom mortgage or financing options.
- Completing a feasibility study of your existing home to confirm if it is suitable for a renovation.
- Reviewing your list of “needs” and “wants” for your ideal home. As experts of the Calgary luxury real estate market, we can identify if building, buying or renovating can check most of the boxes.
- If you are leaning towards building a luxury home, we can help you define a budget and create preliminary designs to visualize the process.
- Or if you want to live in your current home, MINO guides you through small or major renovations to keep them on budget and on time.
The key is to have enough information to make the best decision. Let us know what options you are considering and we will help you get the numbers and timeline so you are confident in the next step.