What are the costs associated with renovation versus restoration?

What are the costs associated with renovation versus restoration?

Renovation typically involves updating or improving a space, while restoration focuses on returning it to its original state. Costs can vary significantly based on the extent of work needed.

Can you give me some examples of what might be included in each?

Sure! Renovation might include new flooring, modern fixtures, or layout changes. Restoration could involve repairing original woodwork, restoring historical features, or using period-appropriate materials.

Which one is usually more expensive?

Restoration can often be more expensive due to the need for specialized skills and materials to preserve historical accuracy. However, it depends on the specific project.

Are there any financial benefits to choosing one over the other?

Yes, restoration can increase property value significantly, especially in historic districts. Renovation may offer quicker returns if you're updating for resale.