A knockdown rebuild is when you knock down the house you currently have and build a new home on the same property. You are deciding to start over even if the place that is present completely? There is or could be livable.
The difference in cost between these two options will depend entirely on the house you currently have and the house you are planning to build. There is no universal answer to which is more cost-effective. If you’re wondering whether it’s worth it to rebuild, opposed to renovating, you need to consider your unique situation. Here are a few situations when it will be worth it to rebuild.
The house can’t be renovated to what you want.
If the house is so far different from what you want and need, it will be worth starting over. Making drastic changes to an existing structure can be very expensive. This is particularly true if the condition of the current house is not excellent, so you won’t just be adding on or renovating, but you’ll be rebuilding within the confines of the existing structure, which can be difficult.
Additionally, when working with an existing structure, it may be impossible to get what you want. For example, if you want a house with a completely open floor plan, but your current home was
from the 1950s or 1960s, when the was style was the opposite of an open floor plan, you will not get exactly what you wanted.
Suppose the changes needed to make the existing house the house you want are far beyond what would typically be considered cosmetic. In that case, you need to examine the cost of a renovation, opposed to the cost of a demolition and rebuild.
The house has too many issues.
If the existing house has substantial issues, it may not be worth saving. For example, when a house has had foundation issues for a long time, those issues likely caused other structural problems, including cracked walls, uneven floors, and leaking roofs. At this point, to correct the issues, you’ll need to take the house down to the foundation anyway, so you might as well start over.
Another example, if there has been water causing damage in the home for years, the damage within the ceilings, walls, and floors may be so extensive that it will be easier and more cost-effective to start over. In addition to the water damage, you will be dealing with mold and mildew removal, which can be dangerous to your health.
You also want to take electrical and plumbing issues into consideration. You will need to make sure everything is up to code, which may be difficult and expensive depending on the age of the house and how well the work was done the first time.
The property is worth more than the house.
In some cases, buyers choose a house for the property and not for the house at all. This is common in areas where the property values are incredibly high. The home may be lackluster or need a lot of work, but it doesn’t even matter because the land was a great deal due to the house being in poor shape. You can buy the property, knock down the house, and then build the home you love in the location you want.
Suppose you are unsure of your options or how much it will cost to renovate versus rebuild your house. In that case, you can get advice from a professional builder with experience in renovation and rebuilding. They can provide you with an overview of the potential costs of your project, as well as the possible timeline. While money is always an essential factor, so is time—particularly because this is your primary residence.
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