Choosing to renovate or rebuild a house is a challenging task. It comes with its own set of advantages and disadvantages. However, the key to make a right decision is to understand all the variables and do thorough research. There are some factors that should be taken into consideration before deciding whether to knock down rebuild or renovate:
Cost: This is one of the common factor which depends on the degree of change one wants to make. For any minor change such as surface improvement, renovation can be the best option rather than building a new home. On the contrary, major changes can become costly and building a new home can be a cheaper option.
Lifestyle: Renovating is a disruptive process which can last for long time. There is no need to pay any extra to move out while the house is being updated. Building a new house means moving out or renting temporarily if you don’t own a house already.
Various factors: There are always unknown factors that can affect both renovations and building a new home. The difference is that building a new house includes less variables that affect the speed at which the home is built. Renovations can cost both time and money.
Quality of the house: Before choosing renovation or rebuilding, check out the quality of existing home. If the home is in good condition, then renovation can help but if it is in bad condition then building with a new home is a good choice.
Structural restrictions: There are few restrictions that define how much change can be done in an old home. If major changes are needed, then renovating can become frustrating and rebuilding an existing home can help make a dream home.
Sustainable: Old homes are not much eco-friendly. Building a new home allows to optimize the design that is suitable for the environment.
Maintenance: Keeping the maintenance can become overwhelming. It can cost thousands of dollars to keep the house updated. However, new homes require far less maintenance work and thus cost less.
Before deciding to knock down and build a new home, make sure to understand the process well. Consider the factors before going for a knock down rebuild:
- Be aware of site costs: Rebuilding an existing home is not included in any builders’ base cost. So, speak to the builder and know about the extra cost associated which includes demolition, traffic management and other site costs.
- Pick the right builder: Choose the right builder to compare different new home designs from a range of builders.
- Shop around: Demolishing an existing home and building a new one is a huge project. Make sure to contact with multiple builders which can help to shop around in a simple and convenient way.
Overall, there is no simple answer but there are various factors such as requirements, financial standing, the condition of house, the changes needed to be made etc. that can help choose a good option. On a commercial point of view, rebuilding an old home is better as it attracts more tenants and potential buyers and increases the net worth of the house as well.