Rebuild or renovate? A Comparison
If you are planning to purchase a home, you may be wondering if you should rebuild the house or renovate it. Which is better? This is an important decision which does require a lot of though and consideration. If you are looking to make the right choice for your family’s needs and your budget, then you should start off with some questions and then look at what you are hoping to achieve. There can be many different factors which will affect your project. You can also look at purchasing a house that more closely fits your needs in the first place. If moving is not in the cards and you are stuck with the house that you currently own, then you should read on to discovery the tips on whether you should build a new home or remodel.
How Long Do You Plan to Stay in Your Home?
If you are planning to stay in the house that you currently own for a long time and then sell it eventually, then it is always a good option to tear the house down and rebuild it when you consider the financial aspect. Every component of your home has a life span and the moment that the last item is completed in the house, the clock starts ticking on the lifespan of the house. Exterior paint, for example, has a life span of about six years before you need to repaint. A roof has a life span of about 10 to 30 years, depending upon the materials used. Various other components have certain life spans, and you will need to consider how long you plan to live in the home. If you are going to stay for a short time and then sell the home, then it is definitely worth doing some simple renovations to increase the value, but not increase the expenses too much.
What is Your Budget?
If you do not have much money to spend on your home, then renovations are the way to go. One of the best renovations to complete is in the bathroom and then move on to kitchen and other rooms in the home. The bathroom and kitchen are the most expensive but offer the best return on every dollar spent. If you have enough money to rebuild, then demolish your current home after salvaging anything worth saving from it. Make sure you have the funds required to complete the project because you do not want to have a partially completed home that could be damaged due to the exposure to the elements.
Determine the Condition of the House
You will need to carefully assess the house to see if it should be re-built or renovated. For example, if the improvements that you wish to make do not fit into the current footprint of your home, you may need to add on to the house. If your home’s foundation is in bad shape, then you may need to lift the house and repair or replace it before you start renovations. If the house is also not in great shape, it could be time to demo the whole thing and start from scratch. If the ceilings are too low, then you may not have room for what you need to do and you may not be able to find the space down below or up above. The floor above will have to be removed and replaced at a higher level or removed altogether. If the house is too old and needs to have wiring and plumbing replaced, then you could be fighting a losing battle. Once you have removed all of the walls and started on the necessary upgrades, it might be cheaper to demo the house and start from scratch.
Local Bylaws and Costs of Permits
You will need to make inquiries at your local city or town hall to find out what the requirements are for renovations according to local bylaws. You will need to find out the cost of the permits that you will need to obtain. If you do not have the proper permits, you can be quickly shut down by the authorities before you even get started. Make sure that you know what you are getting into and what needs to be done before you begin. If you have a contractor, they can take care of these details for you, but they will need to discuss the scope of the project with you so that they can cover off all of the important details before getting started. Most interior renovations do not require any permits unless they involve items that should be inspected such as wiring or plumbing. Permits are the way that local authorities know that you are completing an important project and it helps them to track that project from start to finish and then sign off on it. When you go to sell the home, the title will be clear from contravention notices, and you will have a history of all of the work that has been completed on the home.
Renovations Can be Quick
Renovations can be a lot faster than having to demo and rebuild your whole house. If your house is an investment for flipping, you can purchase it and then do some quick renovations to improve the house quickly before turning around and selling it to someone else. As we mentioned previously, the best places to renovate are the bathroom and the kitchen if you really want the best return on your money. You can do many renovations that are fast, such as painting and new flooring. These are also fairly inexpensive when it comes to the best renos for resale. You would not want to have to replace a roof or other involved renos that will cost you a large amount of money because that will eat away at your profit margin. If flipping houses is your game, choose homes that need some basic updating and add your take on modernization without spending top dollar. A bit of landscaping work can also add a great deal of curb appeal to a home, making it much more inviting than one that has plants that need pruning and grass that needs to be cut. Replacing windows and doors can add up, so if you can get by without doing that unless you plan to keep the house, which will help you to save several thousand dollars.
You will need to ask yourself some questions before you proceed with a renovation or a demo of the house:
There are many considerations that you have to think about before you purchase a house whether you are planning to flip it or keep it. Many people do not think too far ahead and do not consider all of the different things that they need to look at when it comes to the house. For example, as a young couple, do you plan to have children, and will there be enough bedrooms in the home for all of your children and guests if you plan to have people stay at your home in the future.
It is always best to purchase a home in an area that you like, not one that is simply affordable because you may not like to live in that area for many different reasons. Choose a home that is close enough to work so that you do not have a long commute. You may end up paying a little bit less for a home that needs to be renovated but is closer to the city and that could be your trade off instead of spending all of your time commuting to your job. It can take some time to sort through all logistical and emotional factors that will affect your decision.
Once you choose a home that is right for you (and your family), it’s time to consider if you have the time and money to complete the renovations that are required to make the home livable until you can afford to demolish and rebuild or complete more expensive renovations. It is always good to have a home inspected before you make a purchase so that you know that you are getting a good home with no serious problems that cannot be easily remedied. Purchasing a home is a very exciting time in anyone’s life and it is even more exciting if you can afford to personalize the house to become the home you always dreamed of.
Article suggested by Ward Builders Sunshine Coast
- Will you keep the home and live in it for a long time or are you just planning to sell it at some time in the future?
- Is the design of the house something that people are looking for in a buyer’s house market?
- Is the layout of the house something that you would be happy with for the long term if you decide to live in the house?
- Can you easily modify the home’s layout, and can you add on to the house if you need to so that it meets with your current and future needs?