Many times, we find ourselves living in older homes that unfortunately may have been neglected over the years. Depending on how out of control things may have gotten, you will find yourself deciding if it’s best to do a full remodel or tear it down and start from scratch.
First, you must ask yourself these questions in order to decide what is best for your needs and budget.
How long will you be living in the home?
Is this a family home that you plan on growing with long-term? Or do you plan on reselling it in the next couple of years? Once you decide your intentions with the space, it will be easier to decide.
If you have no plans on selling your home anytime soon, it may be wise to invest in a rebuild. When you rebuild your home, you are essentially resetting the clock on your home’s age. The roofing, siding, paint, electrical, etc. will all be brand new. Instead of owning a 40-year-old house, you will have an ageless home. Over the next 15 years, you will not have to worry about replacing various aspects of the home’s structure. And when it does come time to sell, your resale value will have been greatly improved.
What is your budget?
This is usually the largest concern when deciding the right way to go on improving your home. If you are on a tight budget, it is probably in your best interest to remodel your home room by room over the years.
If you plan on reselling the home fairly soon, focus on remodeling the bathrooms and kitchen first. These are the most popular spaces that buyers look for updates in.
Quality over quantity
If you are looking for a quality home where you will not have to be bothered with architectural issues in the future, a rebuild is your best bet. All your systems will be updated, the structure will be improved, and you are able to implement energy efficient windows and heating and cooling systems. Over time, this is viewed as a better investment if you can afford the initial chuck of change.
Of course, this depends on if your home needs the extra TLC. This leads to our next question.
What is the condition of your home?
Depending on how old your home is, it may just be a matter of remodeling a couple spaces. If the bones are good, then there is no need to strip it down to the bare minimum.
To determine if this is the case, you will need to have a professional assess areas such as the foundation, the structure of the home, and the condition of the building materials.
These rules and regulations could potentially damper your plans. If you are thinking about rebuilding your home and adding on space, check with the rules that your city has put into place. Often times you may be restricted to limit your build to the original footprint of the home.