The decision to remodel or rebuild is a significant one. On the one hand, you’re putting in new floors, tiles, countertops, and so on; on the other hand, you’re taking steps that, once you start, you can’t take back. Choosing the wrong paint color is one thing. Gutting your home, walls and all, or tearing it down completely, that is something else entirely.
However, making that decision isn’t always so cut-and-dried. For example, you might decide to purchase a “fixer-upper” that needs more than just a little TLC. New floors, new paint, and a new kitchen and bathroom simply won’t cut it. If things are looking that dire, the only choice you may have is to rip it all down and start fresh.
When To Renovate
If there is a huge amount of work to be done and you plan on staying in the house for a long time, a renovation might be in the cards. Renovating, essentially, resets the clock on all of the elements, some of which might be due to “expire” at different times over the next few years.
Ultimately, you don’t want to be in a state of constantly having to rebuild or replace one thing just before another thing needs attention.
What’s In The Budget?
Remodeling is definitely easier on the budget than renovation, and it’s certainly less costly than rebuilding.
A remodel can also be done in stages, whereas rebuilding can’t. You have a little more control over your budget with a remodel. Often, a little value-engineering goes a long way to helping you get the result you want without going all-in.
Most remodels can also be done while you’re still living in the house, while a rebuild doesn’t give you that option.
When you rebuild, it’s all-or-nothing. Once you complete the demolition phase, you have to move forward, so you need to be prepared. You can’t stop the work and leave a partially-finished house open to the weather, or you risk losing your investment altogether.
You will also have to have another place to live while the work is being done, so you will need to plan for that as well.
Cost vs. Value
The cost of tearing down and rebuilding is about 20 percent more expensive than a major whole-house remodel.
However, the long-term advantages of rebuilding are significant. You will have access to the latest heating and cooling systems and top-quality materials. You will be able to design the home around your needs, resulting in efficient and well-designed spaces that are built to satisfy your exacting tastes.
Beyond your own happiness, it will be a new home, and there is plenty of value in that from a resale perspective. If the house you tore down was 50 years old, a remodel would still leave you with a 50-year-old home. A rebuild would be brand-new, which is a little detail not lost on potential buyers, realtors, or home inspectors.
On the other hand, a remodel can give you all the high-end or luxury components you want without having to wait a year to enjoy it. You can have radiant heat in the floors, a spa bathroom, a gourmet kitchen, or a finished basement – without all the stress of going through a major building project.
If your home is generally sound and doesn’t need any structural changes, a remodel will allow you to focus on getting the home you want. You will also be able to move into it much faster than you would with a rebuild. Many of the upgrades you make will increase the value of the home as well.
Of all the upgrades you could decide to do, the ones that hold the greatest value are kitchens, bathroom additions, finished basements, and energy-efficiency upgrades like triple-paned windows and high-efficiency HVAC systems.
Should I Remodel?
While any home can be remodeled, not all of them should be. If the foundation is in bad shape, if your ceilings are too low, or if you’re thinking about an addition on top of your whole-house remodel, you might be delving into some very pricey territory. At this point, you should speak with your contractor, crunch the numbers, and decide whether it’s going to be worthwhile.
The building regulations in your area may also prevent you from changing the footprint of the original house. It’s always good to be informed of any restrictions before you get too far into the process.
If you are trying to decide whether to remodel or rebuild, it’s always a good idea to speak to an experienced builder first. Reach out today, and let’s talk about it. We’d love to hear what you’ve got in mind and show you how we can help.
