How many times have we heard a friend or relative say that renovation was a big headache and it would have been faster to just knockdown and rebuild?
In some cases, demolishing your place is more affordable and less of a hassle than renovation. While there is certainly truth in this, it’s more complicated for many of us. First of all, it takes a bigger financial commitment to rebuild rather than renovate.
If you are facing a big home project and you don’t know whether to renovate or knockdown and rebuild, we have some tips on how you can figure out what to do.
Check these out.
Weigh The Cost
Yes, we already know that knocking down and scratching from scratch is more expensive than renovation. As of 2019, the average cost of building a new single storey home was around $200,000 while a brand new two-storey home cost $250,000.
One of the best reasons to knock down and rebuild your home is that you get to customize everything. If your home was not new when you moved in, it might be on the older side, and starting from scratch will give you the opportunity to finally having everything personalized and customized to your taste.
Hate that tiled countertop? You can finally get granite or a butcher block or a marble one. Sick and tired of the pink powder room? You can now for a modern minimalist theme if you so desire. You can also finally add that breakfast bar or that skylight you want to let natural light in.
Knocking down and rebuilding means that you can come up with a design that fits your personality and lifestyle. With the renovation, you are stuck with trying to fit your needs with the original design, just like fitting a square on a circular hole.
New homes are easier to maintain and are also more energy-efficient. They are also more resistant to termites and you can also flood-proof or fireproof your home if this is what you need. In other words, these costs can help you save money in the future.
Better yet, house plans are customizable. Your designer can come up with one and then change details so that it can accommodate your needs and lifestyle. This is very advantageous for first-time home builders or indecisive ones so that they can access a plan without designers needing to design something from scratch.
If your renovation costs add up to thousands of dollars or involve structural changes, you need to consider a rebuild rather than a renovation.
Consider The Age Of The House
If you are interested in preserving history, then it is better to renovate than rebuild. Many homes are not built the way they used to. If you have timber floors or live in an architecturally significant house, you might want to hold on to its original state and consider restoration and preservation.
Yes, it will cost more especially if you have to preserve certain architectural and structural features to keep the home authentic but we assure you it is worth the money. First of all, you will have a unique-looking house. Secondly, you have a claim to a time in the past. How many people can say that they own a home that was built 150 years ago?
On the other hand, houses that are generally knocked down are either dilapidated, outdated or ugly.
Location and Market Condition
Knocking down and rebuilding is a good option if your property is located in a strategic location. For example, it is located in an area where land is scarce or if it is located near a beach or close to the city. While there is a risk of overcapitalizing (rebuild costs more than the market value), you can end up with a profit should you decide to sell when the market is hot. Lots of people are looking for new homes that don’t need lots of repairs and are ready to be lived in.
If you’re not sure, a good resource is a realtor. They can tell you about current market conditions in your area which can help you make a more informed decision on whether you should just renovate instead of starting from scratch. If properties in your area are not performing well, perhaps a low-scale renovation will make more sense.
The Hassle of Renovating and Rebuilding
Finally, ask yourself whether you can live with the hassle of renovating. Depending on the project, you could end up sharing your home with builders for weeks, even months.
Renovation can take a toll on anybody, especially if you’re raising kids while juggling responsibilities at home and work. Even if renovation makes more sense than a full rebuild, the added stress and disruption might not be worth it.
Rebuilding might mean less hassle but it can also have logistic challenges. For instance, where are you going to live while your house is being demolished and built? You will need to find somewhere suitable. Next, you need to pack the essentials and store certain items. All of this takes weeks worth of work and planning. However, it is a future turn-key situation. All you need to do in the near future is to turn the key, walk in and enjoy.
Bottom Line
At the end of the day, you need to consider the extent of the job to be done, comparing the cost between renovating and rebuilding and the potential increase to your property value. Choosing between renovating or knocking down and rebuilding can be stressful. However, there is always the potential of increasing your house’s value and living in an area that you love. Therefore considering these choices carefully while weighing the pros and cons is worth all the sleepless nights.
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