I've been trying to compare the cost of  building modern 5 bedroom flats from scratch, and buying a old 5 bedroom property to renovate it to a modern standard. From my point of views, I think renovations are often more expensive because you are paying for both removal and replacing of things, although it might not be to be compared to building the property from scratch in this modern economy. But let's look at the comparison, what was in 2020 and what it is now.

​Back in 2020, the financial gap between building a new property and renovating an existing one was much clearer. Basic building materials like cement, sharp sand, iron rods, roofing sheets, and floor tiles were available at relatively low, stable prices. Labor charges for artisans, such as masons, carpenters, and electricians, were also predictable. If you bought an older five-bedroom house six years ago, tearing down outdated ceilings, stripping old plumbing, and replacing broken tiles was affordable.

The double expense of paying workers first to strip away old materials and then to install new ones did not severely hurt your total budget. Building from scratch back then required a significant upfront payment for land, but the actual construction from foundation to completion followed a manageable financial path.

​Today, the economic picture is entirely different. Inflation and currency changes have caused the cost of building materials and professional labor to multiply significantly. Cement that cost a fraction of today's price in 2020 now commands a substantial portion of any building budget.

The same dramatic price increases apply to steel, electrical cables, plumbing pipes, timber, and roofing materials. When you undertake a renovation in the current market, your initial intuition proves very accurate: you are essentially paying twice. First, you pay for demolition, waste removal, and structural clearing. Then, you purchase modern materials at today's peak prices and pay skilled labor to install them.

​Renovating an older five bedroom structure also comes with hidden surprises that can quickly ruin a planned budget. Older properties often conceal serious defects inside their walls, under their floors, or within their roofing systems.

You might open up a wall to replace a simple light switch only to discover rusted conduits and dangerous wiring that require rewiring the entire house. You might plan for a cosmetic bathroom upgrade, only to find cracked drainage pipes that demand breaking up the concrete floor. In an old five-bedroom house, these hidden structural fixes multiply rapidly across five bedrooms, multiple living areas, and several bathrooms, quickly pushing renovation costs close to the price of a brand-new building.

​On the other hand, building a modern five-bedroom flat from scratch comes with its own financial reality today. Starting from a vacant plot of land requires massive early spending. Land prices in well-developed locations have reached record highs. Before you even lay the first block, you must pay for land acquisition, surveying, architectural drawings, and government permits. The foundation stage alone which includes excavation, concrete work, and damp proofing now takes a massive chunk of money. However, the key advantage of building from scratch is complete structural certainty and modern efficiency.

Every block laid, pipe fitted, and wire run is brand new, reducing future maintenance costs to nearly zero for years to come.

​When comparing both options directly in today's economy, the choice often comes down to location and structural integrity. If an older five-bedroom home sits on a valuable piece of land in a fully developed neighborhood where open land is impossible to find, buying and renovating it can still make financial sense.

You get to keep the core foundation and heavy external walls while updating the layout and finishing to modern standards. But if the house requires massive structural changes, roof replacement, complete rewiring, and fresh plumbing, the total financial outlay combining the property purchase price, demolition expenses, and expensive modern finishing materials can easily surpass the cost of building from the ground up. While renovating might seem like a shortcut to a finished home, building from scratch gives you total control over design, structural quality, and modern standards without paying to fix someone else's past mistakes. well, however, these are my own points of views guys.

I appreciate your patience in reading, you can drop your comments and what you think about buying to renovate or building from scratch