Sometimes you buy a house not just for its looks and style but for its location. There are times where a house doesn’t suit your family’s needs anymore, and you might find yourself asking the question, do we start fresh elsewhere or do we knock down and rebuild because we love the location so much?
It can be a big decision to make, but one that could benefit you so much. So what is the right move for you?
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WHEN DOES A KNOCKDOWN AND REBUILD MAKE SENSE?
There are a few main reasons some people decide to knock down and rebuild. Maybe their current house is old and outdated or has foundational issues. Renovations aren’t cheap so on some occasions knocking down and rebuilding makes more financial sense.
If your home has a great location and you love the area, it makes sense to stay where you are and start fresh. A well-managed knock down rebuild process can result in a home that suits you and your family perfectly.
THE COST, IS IT WORTH IT?
This is where money comes into play. Comparing the cost of renovation vs rebuilding isn’t always a straightforward math equation. That’s why it’s essential to understand the valuation of real estate, both your current home and what it could be worth once the rebuild is done.
My advice is to get a property valuation early on, as this can be a huge deciding factor on what you should do.
UNDERSTANDING THE KNOCK DOWN AND REBUILD PROCESS
Honestly, I can understand why people choose against the knock down rebuild process because it sounds so daunting. It typically starts with planning and designing, that involves working with an architect or builder to bring your vision to life.
Once building permission has been approved, a demolition takes place, then the site for the new home gets prepared. The whole process can take anywhere from 9 to 18 months which is a long time to be without a home. Of course this timeline varies depending on the complexity of the new home design.
THINGS TO CONSIDER BEFORE TAKING THE LEAP
Before you make such a big decision, look into zoning laws and local planning restrictions. Some areas have limits on what can be changed and how high you can build. Also consider the other options of moving if that’s what you ultimately decide.
Choosing to knock down and rebuild is a big move, but so is picking up your lives and moving. There are pros and cons to both decisions.
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