То rebuild or to renovate – a pretty difficult decision to make. Namely, as far as real-estate investment-based decisions are concerned, this one is one of the tougher, more difficult ones. It really influences just how profitable and efficient your investment will be for the long-term, so making the right choice at the beginning is crucial. Below you can find some tips and tricks that are there to help you make a concrete and clear decision on this issue.
How much time you have
So, first things first – time. One-off the core differences between home renovation and an actual rebuild is just the core amount of time these will take. The most specific reason you need these is based on the extent of the renovations you want to set up, and the general amount of changes you want to make. Giving a simple makeover for your home’s façade will of course not take as much time as actually rebuilding the entire thing. However, if your foundations are in poor shape, then the actual demotion and construction process, keeping the rest of your home in check, will be much more serious and may even last almost as long as building a new place.
Completely tearing the place down, however, using your current home’s foundations as a basis for your new house will help you a great deal, and might not even take as much time as you think. It all, of course, depends on what you need and want.
What is your budget like
While we might have an allowance in terms of time and function to do what we actually want with our homes, money sometimes gives us no choice. Now, we should point out that renovations can help us greatly improve the value of our homes even if we are doing it on a tight budget. Fixing up an old bathroom, plugging up any leaks, cleaning up our basement, these are all relatively small projects that make our homes much better places to live, all the while not influencing our bottom line.
Rebuilding your home, however, is not really scalable (at least not nearly as much as renovating is). When renovating, you can fix up one or two rooms, one section of your home, and be one with it. Rebuilding, however, means you start form practically scratch, and you move from there. And of course, if you run out of money when rebuilding, you are pretty much in a lot of trouble.
Furthermore, when you are rebuilding your home, you need to hire a good company, like Konnect Building for example, and have got things done through them. On the other hand, while companies like these do help with renovation and design, there are some renovation jobs that you can do yourself, helping you save up some money.
What are your goals
Basically, what is your goal for the near and far future? Know that a new house will require less upkeep when compared to older houses, so you will save money in the long-term. However, maybe you’re just emotionally connected to this old place, or you simply can’t afford a sizable investment right now.
However, sometimes, if you just want to pull your new home into the 21st century, it’s enough to get some new tech, update your appliances, and renovate a room or two.
Do you want a facelift, or something more?
In lie with the previous point – do you want to give your home a facelift, or actually rebuild everything? Namely - what do you want to change? When you renovate, you can give an older home a nice facelift, get some new fixtures to upgrade appliances, and fix up your plumbing. There is no point in burning the entire thing to the ground if you just care about the basic appearances.
However, some serious problems with the foundation, some heavy-duty work that requires the complete rebuilding and destruction of your home speak for itself basically. A total rebuild is sometimes the only thing you can do.
One final core difference between rebuilding and renovation are financing options. Namely, you can get different home renovation loans and lines of credit depending on what you are going to do with your home. You can get an investor, and simply visit a bank and see what they have on offer.
In order to make the right choice as far as renovation and rebuilding your home is concerned, you need to figure out a couple of things. Namely, what are your goals – what do you intend to do with your renovations, how do you plan to invest your time, money, and energy into these endeavors? How much time do you even have? What is your budget like? What about financing options?
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