When you purchase a home that is in very poor condition, you might be getting a steal if you get the right deal. But what should you do with the home if it is in such poor condition that it isn't even safe to live in? Your two choices are to either have your home renovated so that it is brought up to code or to tear your home down and rebuild one from scratch. The best decision depends on several factors:
Get a Proper Estimate
The best way to consider what to do is to get a thorough estimate of how much it will cost both to renovate your house and how much it will cost to rebuild it. The more accurate your estimate, the better you will be able to determine which choice makes the best economic sense.
Also, don't forget to factor in other costs, such as the anticipated cost of repairs and additional costs that result from less energy efficiency. If you paid very little to acquire your home, the decision isn't as difficult.
Consider How Old Your Home Is
If the home is very old, it may make more sense to rebuild it. Older homes are often less energy-efficient, so if you were to keep the home, you would have to pay for this decision with higher energy bills. Also, older homes are more likely to have features that are harder to access. There could be problems with your home that you simply are not aware of.
These components can be accessed through the renovation process, but this can lead to building delays. Find out about your home's structural integrity. If you have electrical problems, leaky plumbing or termites, it might make sense simply to tear down the home.
Imagine Your Dream Home
Is the house very different from what your dream house would be? For example, would you rather have an extra bedroom than one much larger one? Then it may make sense to rebuild rather than simply repair the home that you would be unhappy with.
Rebuilding a home is a major investment. If you do not intend to make a home your forever home, it may make sense to instead make the minimum renovations necessary to make your home safe to live in until you can later sell it. If your home is in good shape, but you simply do not like how it looks, you should only demolish it if you intend to stay at this address.
Find Out If There Are Heritage Restrictions
If the home is subject to heritage restrictions, this means that it cannot be rebuilt. Instead, when you renovate your home, you will need to do so in a way that does not alter the character of the building. This is usually governed by the local council. However, if your home isn't very old, it isn't likely to be under heritage restrictions.
If you need more help, try contacting a company experienced in demolition for answers and information.
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