If you own a house that "needs a little love" (as is sometimes said in real estate listings), you may be debating whether to tidy it up or to demolish and rebuild. This is a significant decision that deserves deliberation. To pick the best choice for your budget and needs, begin with a few questions and then consider your goals, the condition of your existing home, and any applicable local legislation.
Additionally, keep in mind that there is always a third option: purchasing a home that is more suited to your needs from the start. However, if relocation is not a possibility, continue reading for ideas on selecting whether to remodel or rebuild.How Long Will You Remain in Your Current Residence?If you intend to live in the house for an extended period of time and subsequently sell it, it is usually more prudent to demolish and rebuild, at least financially.A home's physical components operate on a timer. That timer begins ticking the moment the hammer strikes your house for the final time. Exterior paint has a lifespan of up to seven years, although is more likely to endure five years in harsh climates. Dishwashers typically last less than a decade, central air conditioners approximately ten to fifteen years, and three-tab composite shingles approximately twenty years.Additionally, while the lifespans of some elements are staggered, many others die at around the same time. Replace a dishwasher is not cheap, but picture having to do it in the same calendar year as your roof, gutters, and central air conditioner.
By reconstructing, you effectively reset the clock in terms of the physical nature of the house: everything from the appliances to the envelope (e.g., roofing, siding, etc.). When the time comes to sell 15 years later, you'll be selling a 15-year-old home rather than a 40-year-old one. As an added bonus, you get to live in a brand-new house for 15 years. Buyers are acutely aware of the age of houses—if they are not, their real estate agent and home inspector will educate them.How Much Money Are You Willing to Spend?If you're strapped for cash, renovation is always the best option. For instance, you may begin with upgrading a bathroom and progress to additional rooms as your budget and schedule permit.Alternatively, the option to demolish and rebuild is all-or-nothing. Following your initial large purchase—the demolition—you are left with an empty lot, committing you to building the new home. Unless you wish to buy a vacant lot, you must continue forward.
The worst-case scenario is having a half completed house, as constructions exposed to the weather gradually deteriorate.Consider Your Living Conditions RequirementsThe majority of renovation tasks can be accomplished while you remain in your home. This has the potential to be advantageous in terms of cost savings and ease. Additionally, if this is your principal residence, it may be necessary. Bear in mind, however, that your family will be temporarily residing in a construction zone. Consider the safety of children and pets when redecorating. A total tear-down and rebuild will necessitate you and your family relocating temporarily during construction. Consider the additional costs associated with being forced to vacate your house for up to several months if you want to rebuild.Determine the House's True ConditionWhile every home is remodelable, not every home should be. Industry professionals typically agree on the following factors that justify a tear-down/rebuild, or at the very least sway the case in that direction:The desired improvements cannot be accommodated within the footprint of the current house.
As a result, you desire an addition. The requirement for greater room is by no means the primary cause for new construction; expansions are constructed on a regular basis. The trouble is that it occurs concurrently with major, costly remodels of the existing home—a double whammy on your finances.The foundation is in poor condition and will require extensive work before the house can be remodeled.Are the ceilings too low for you? It's no simple matter to raise a ceiling—unless there is plenty of empty space up there. The above-mentioned floor must be demolished and rebuilt.Keep in Mind Zoning RestrictionsZoning regulations regulate the kind, size, and location of structures on private land. In urban and many suburban areas, home rebuilds often are restricted to the footprint of the original house. In other words, a little house cannot be demolished and replaced with a mansion. Zoning laws also may restrict the height of a new house, so you may be limited to not only the old footprint but also to a one- or two-story structure. Additionally, laws may not allow rental properties in many zones.
If you'd like to build an addition or carriage house to use for renters, this may not be allowed. Be sure to investigate zoning and permitting laws in your city or county before beginning work whether remodeling or rebuilding.