You’ve decided that it’s time for your house to get a fresh look – perhaps you’ve outgrown it, you’ve got a growing family, or want more open space. You visualize the perfect home in your mind.
All the questions start to creep in. How much will it cost? How long will it take? Will you knock down your home and rebuild it, or will you renovate your existing property?
While these are important questions to ask, there are more factors at play than just cost and timelines. Exercise your due diligence ahead of time to put your efforts into efficient use. Here are three essential factors to consider when choosing between a knock-down and rebuild versus renovation.
How Much Work Needs to Be Done
The first important factor is to define the area(s) of your home that needs a rework or remodel. Is it a kitchen revamp, an additional room, or a structural change? In many cases, rebuilding from scratch presents itself as the best option when dealing with a significant home restructure.
As there are streamlined systems for building brand new homes, you can hand the process over to your chosen builder. Conversely, homeowners find renovation a more time-intensive and difficult undertaking. It may require you to look for all the suitable contractors, screen them, and have them enter your home for lengthy periods.
Perhaps the most important concern for many is the cost involved in rebuilding or renovating. More often than not, renovating costs more than rebuilding. Suffice it to say, knocking-down and rebuilding is a more cost-effective option for extensive renovations.
If you’re renovating, your timeline ultimately depends on the size and scope of the renovation. Small room renovations can take as short as 4 – 8 months. Knock-down rebuilds, on the other hand, can generally take between 12 – 24 months to complete.
The Verdict: Knock-Down and Rebuild or Renovate?
Whichever option you choose, it’s important not to overcapitalize. Overcapitalizing is when your rebuild or renovation costs outweigh the market value it adds to your home. If you’re located in a sought-after neighborhood, this may minimize your risk of overcapitalizing; however, a smaller-scale renovation might suit you better if your neighborhood is underperforming.
We strongly encourage you to contact us first and hear our feedback before deciding which path to go down.
The decision lies in your hands. You’re now equipped with some background knowledge; you need to work the details out according to your family’s needs, desires, and budget, so what’s it going to be? A rebuild or renovation? The choice is yours, but for more insight into a knock-down process and rebuild, give us a call!
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