The age-old question associated with homeownership is whether you should renovate your home or demolish it and start anew. Choosing between the two can be difficult. The decision to do up an old house or knock it down and rebuild it is influenced by more factors than simple aesthetics. You must take into account your financial situation, the urgency of the remodeling, and the long-term benefits. This article sheds some light on things to consider before making your decision.
1. Weigh the Costs
Assess your finances and form a budget. If your house requires extensive structural renovation, it’ll definitely be cheaper to start from scratch. Keep in mind that renovation costs can stretch well beyond budget, as they are often unpredictable and can elicit unforeseen problems that arise along the way.
On the other hand, if you think your home has a strong skeletal structure and requires only minor modifications, basic touch-ups are all you need. A renovation will be a cost-effective way to revamp and modernize your house.
2. How Old is Your Home?
Analyze the age and features of your house. The older and more periodic it is (with historical, antique features), the more you should consider renovating it as opposed to rebuilding. Keep those beautiful timber floors and intricately carved ceilings, and renovate around them.
Rebuilding is an excellent option for those houses that are on the uglier side of the spectrum. If your house is dilapidating and doesn’t quite live up to your standards, then knock it down and start from scratch.
3. Is Your Home Strategically Located?
The decision to renovate or rebuild also depends on the neighborhood. If your house is located in a prime and sought-after area, you might want to think about rebuilding your house. This is because land is scarce in popular locations, and rebuilding and modernizing your house will increase both your property and resale value.
4. What Are Your Council Restrictions?
Keep in mind that your local council regulations might have changed since the time your house was originally built. Make sure that all of your floor plans for renovation or rebuilding fall under the local planning laws.
5. Take the Condition of the House Into Consideration
Take a look around your house, and consider every nook and corner. If your house is falling apart at the seams, then it’ll be easier and cheaper to rebuild it completely. If you’re looking to change only a part of your house, say the patio or the staircase, then you’ll find that renovating is a better option.
6. Do You Have the Funds or Patience?
Ask yourself if you have the funds for rebuilding or the patience and time for renovating your house. Both take a long time to complete and require you to move out of your house for a bit. Take your family’s requirements into consideration before making a decision.
I’m an avid writer, whose focus is more towards highlighting civic issues our society faces on a daily basis. I provide tips on property investment, write on real estate market price trends in India, and provide an insight on the latest residential projects. For more property related queries, you can visit http://www.commonfloor.comShare on Facebook