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Home Renovation vs. Home Update – What’s The Difference?

Posted by Tori Thompson on March 4, 2023
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A home renovation vs update can both make a big impact on your living space. However, each process has different goals and involves different steps. Understanding the differences between renovating and updating your home is key to making the best decision for you.

If you’re confused about whether to renovate or update your home? This blog provides a concise comparison of the two processes, this blog will help you to make an informed decision. The goal is to make your home design dreams a reality!

The 1st thing is to Identify Your Needs and Goals.

Before you start your home improvement project, it’s wise to identify what needs to be done and why. An update, for example, would involve painting walls or replacing fixtures. These tasks are mainly aesthetic, but also provide improved functionality. A renovation on the other hand could involve ripping out walls to transform a room layout or knocking down an entire kitchen to rebuild it from scratch. Alternatively, if you want to make major structural changes or add square footage to your home, then a renovation project is likely the better choice. Major changes may require permitting the work to ensure your home is up to date with all safety codes. Research local contractors, who can inspect potential problems that need repairing prior to embarking on either kind of project. The entire process can be overwhelming so make sure you know your goals going in. It will help guide your decisions throughout the project.

So what is the difference between a home renovation vs update?

Overall, the difference is that home renovation is a more comprehensive and expensive process while an update requires less time and money investment. Renovations often focus on larger projects that significantly alter the layout of the space and can cost up to tens of thousands of dollars. Renovations however require more intensive financing, planning ahead of time and restructuring work upon completion, but they can bring about considerable change both cosmetically and structurally.

An update stays at just a purely cosmetic level with no interference to existing infrastructure. Updating offers the chance to upgrade and modernize your home without the hefty price tag of renovating. It also gives a clean, fresh look to existing elements without having to alter their foundations. You may not be selling, but just for some update ideas, check out my post, “What Home Updates Can Add the Most Value When Selling?” Keep in mind that updating does not always provide drastic change, although it is still a great way to give interior spaces an instant facelift.

Is Home Renovation Necessary?

Home renovation isn’t always necessary. As you know, renovations you make can drastically improve your lifestyle and potential resale value. However, if you’re looking for shorter-term improvements with minimal costs or interruption to your daily life, then consider a home update. If you are opting to complete a home renovation, explore options to fund your project with a local lending resource. Also keep the appreciation value in mind when evaluating the changes that you want to make. So then, what if you aren’t sure how much your renovation may impact the resale value of your home? Well, it may be best to enlist the help of a real estate specialist. The person you choose can provide you with data to help you make the best decision. This can save you time and money!

Can you invison your new space?

Do not hesitate to ask any questions, I would be happy to help ensure you have as many resources as possible.

In this video, “A Guide to Financing Home Updates & Renovations: Questions & Answers”, our Austin Mortgage Lender, will talks with us about funding options and what the process looks like. So if you find property in your ideal location, it’s worth considering if you can’t stop thinking about it.

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