Should I Renovate or Rebuild?
Should I renovate or rebuild. A question that plagues many of our minds. Do I just knock down the old shack and build a new, snazzy home or put the time and effort in to try turn the outer shell into something beautiful.
Let’s way up some of the pros and cons of both and see where we end up.
Should I Renovate or Rebuild – Renovating
Cost to Reward Ratio – One of the primary positive outcomes of a renovation is that it is usually cheaper than rebuilding. However, it can have a similar impact to your properties value as rebuilding would. Hence, your cost to reward ratio could potentially be higher.
Quicker – A renovation is typically quicker than rebuilding, meaning you see the fruits of your labour sooner.
Maintain Living Environment – An excellent benefit of renovating is not having to move out for long, if at all. You can often renovate one section of your home while living in another.
Personal Involvement – When you renovate there is much more ability for you to be personally involved. There are few limitations when you renovate as to what you can do yourself. Just be careful if you are in any way changing the structure of the house, then you will need a professionals involvement.
Maintain a Working Structure – Your home already works, you have lived in it, the structure is a good one. By only renovating you are maintaining a working structure that is proven to be liveable.
Restricted – The most significant drawback of any renovation is your restrictions and limitations. You are forced to work within the bounds of your pre-constructed structure. Hence, you can only really change aesthetics of your home. This means a lower ability for innovation, change or excitement in the building process. Only so much can be manipulated without taking down the whole structure.
Limited Reward – Due to the restrictions on the changes you can make you have a limited reward for your labour and cost. This means that you can only increase the value of your property so much within your restrictions.
Should I Renovate or Rebuild – Rebuilding
More Flexibility – The largest pro for rebuilding is the flexibility you have when designing your new home. Your only limitation is the land space and the foreboding council. Hence, you can completely rework your entire home and build it exactly how you want. This is particularly beneficial if you are more creative, innovative and interested in fully changing your home.
Modernisation – Whenever you rebuild there is far more flexibility to invest in modern features such as motion controlled lighting, inbuilt surround sound or more modern architecture. This can really make your home a lasting feature that is going to be appealing for generations to come.
Sustainability – When rebuilding you also have the ability to restructure your sustainability. You can face the roof towards the sun or invest in more energy efficient ways of cooling or heating water. Especially, you can design your home in such a way to maintain warmth in the Winter and stay cool in the Summer.
Costly – A full house rebuilding is a far more costly exercise. This should be your biggest concern when questioning should I renovate or rebuild? The cost is a considerable amount more tangible than renovating and needs to be properly thought out. Do not move ahead unless you are very confident in your financial ability to rebuild your home.
Timely – To rebuild a house it is going to take far longer than to just renovate one. So be prepared for the long-haul if this is your chosen avenue.
Moving Out – If you are rebuilding there is really no other option than to move out during the procedure. This means storage containers, renting, moving around for however it takes for your property to be rebuilt. Hence, consider carefully all the drawbacks before investing in rebuilding.
Having weighed up all these pros and cons it ultimately comes back to what you need out of this change to your property. Are you looking to modernise, create sustainability and work from a blank slate or are you looking to increase your value and create change with lower cost and impact to your living?