Reasons to Rebuild vs. Reasons to Renovate
Renovation Vs Rebuilding--Which Does Your Home Need?
There comes a time in your home’s life when a crucial decision has to be made. As the house ages, accumulating more damage from the elements and everyday use, you must consider whether it is best to renovate the house or to rebuild it. Taking time to assess the reasons for the needed modifications, and how many are required, helps the smart homeowner make an informed decision.
At first simply renovating seems like a cheaper solution, but there are a few points to keep in mind. If the home would be better positioned elsewhere on the lot then renovating is not the answer. You are going to spend more money than you may recover from renovating. However, if you are looking to sell during a strong market then you might recoup some of the money spent.
Renovation is an acceptable solution if you are happy with how the home looks structurally, the plumbing and electrical are both in good condition, it is energy efficient, and no more than two rooms need to be renovated. If your home doesn’t meet these guidelines, perhaps you should instead consider rebuilding.
If your house has been damaged by pests, water, or mold then rebuilding is a better option. Also, if the home needs to be modified structurally to resist natural elements such as high winds, earthquakes, or snow then rebuilding is the way to go.
Choosing to Rebuild
Other signs that rebuilding is a better alternative than renovation include problems with the foundation. Off grade houses start to sag and concrete foundations develop cracks. Electrical and plumbing systems that do not function properly need to be replaced through rebuilding. Poor energy efficiency is another indication that rebuilding needs to occur. Homes that are not energy efficient continue to cost you money that you should otherwise be saving.
The cost of rebuilding is higher than renovating. The good news is the improvements made to a home by rebuilding it significantly increases its market value, allowing you to recoup some of your investment if you decide to sell. Also, check to see if home recycling is available in your area. The majority of a house can be recycled or reused and home recycling companies give you cash, again returning more of your investment. If there are no home recyclers in your area you can still donate the materials to a nonprofit organization and receive a tax deduction based on the value of the materials.
If you are going to renovate or rebuild your home make sure to make a good assessment first. Given the above information you may find that rebuilding is not necessary and a simple renovation will suffice. Or you may discover that renovating does not fully address your concerns and it is best to make the investment in rebuilding.
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