Q. How do I decide between renovation and new construction?
A. Both renovation and new construction can be cost-effective and sustainable solutions to your building project. There is no “right answer” to this question, but the circumstances of your project, timeline and budget may make the decision more complicated.
You might want to renovate: if the building meets code and systems are up-to-date. Then, weigh the value of your building’s history and structural integrity. Removal of hazardous materials will likely outweigh its character and historical significance. Although, this type of work can also drive up renovation costs. Finally, consider whether the building will be in use during renovation, which may lead to additional losses in revenue or added costs.
You might want to build new: if your team has agreed it needs less restriction. With new construction, your team can benefit from incorporating cost-efficient, modern technology and sustainable building practices. This choice also gives the team more control over the building’s layout. Note that building new may be more expensive than renovating, or could result in losing out on a prime location.
To make the decision, we suggest discussing these factors with all parties. Outline priorities for the use of the building, the budget available, and any additional limitations.