Building a Luxury Home Vs a Mere Renovation

It is always a dilemma to refurbishment an existing home or builds a luxury home from scratch as the process is so similar. Both the options allow one to have a dream house, but how does one decide which is the right path?

It is crucial to consider the pro and cons of renovating a home.

A Luxury Renovation

One of the significant factors is the location of your house. Is there anyone in the neighbourhood who has done a renovation job before? Who are the contractors in the vicinity whom one can contact?

It is significant to have parity in the neighbourhood when going for a luxury home. Building a luxury home means you have to make a heft investment. Hence, consider certain factors in mind. There is no point in refurbishing your home that is too expensive for the locality. Having a plush home is not bad but your location matters. It should not be a misfit and make it difficult for resale in the long run.

On the other hand, in vintage neighbourhoods, it is more likely that it is not planned in a modern style. There are flaws in layouts and constructions or with electricity wirings and heating. If you value living in such homes, then go for it as it all boils down to one personal preference, whether you want a clean, new modern home or a challenging, historical one that you want to renovate.

Converting vintage to luxury

Many owners embrace the challenge by investing in an existing home and refurbishing it in a completely new look replete with all kinds of luxury decorations. It allows the property to become ‘their home’ rather than one built new. Again, it is all a matter of personal opinion.

A good idea many renovators in the neighbourhood would suggest is to get the home inspected by any professional. They will be able to identify any flaws that could be unsafe considering the property’s age or any features that are just the home unattractive. After all, the conditions of the home features can affect the "luxury label".

When designing a home, some experts would evaluate the bespoke personalized features you expect when refurbishing an old house. Not only does one need not go overboard and spend a considerable amount of money, but the prices of these luxurious features could be rolled into the enhanced value of the property.

Overall, after building a new home from scratch and refurbishing an existing home, both are similar in costing and considerations and will entail the same amount of labour and time to set up the new home.

To conclude

The overall decision to splurge on a luxury refurbishment in CHELSEA will also depend on the quality of lifestyle one wants to lead and compensate for the financial situation. It is no wonder that the property market of London is out of control, with the super-rich splashing their cash on two houses and mansions.