Should You Renovate or Tear Down and
Start From Scratch?
Right At Home
Daily: Making It Right: Home Improvement Basics
Should You Renovate or Tear Down and Start
From Scratch?
By Lisa Skolnik for Right at Home Daily
Getting a home that fulfills as many of your
wants and needs as possible should be your ultimate goal.
But when you're faced with a home that falls
short, should you fix up what you have or sell and buy something new?
Many homeowners believe
it's cheaper to renovate than to build, but on a per-square foot basis the reverse
is usually true. That's because you often don't know what the physical constraints
will be in an existing structure until the process is underway.
In addition, plans and budgets often change mid-stream,
making the process more labor-intensive and challenging to manage in terms of
costs, time and logistics.
On the other hand, renovating an existing structure
rarely encompasses as many square feet as building new. That’s why fixing
up your home can be cheaper on a total dollar basis. And if you’re lucky,
you’ll be able to live in your home while it's being renovated.
Here are some things to think about before you make your
final decision.
1. First, how much additional space do you need?
Do you need an extra room or two, or is the home way too small to accommodate
your family? Do you need extra space long-term, or just until a child goes away
to college? Does everything about your home fall short, or just certain rooms--such
as the kitchen or bathrooms? Will overhauling those rooms greatly improve its
livability?
2. Take a critical look at your home’s physical condition.
Is your home in good structural shape or does absolutely everything need to
be replaced? Can you live there through a renovation? Is the layout workable
or totally inefficient? Is there room to expand on the lot and if not, can the
existing foundation handle a second floor? Will you need to jack up the house
and pour new footings?
3. Next, think through how you’re going to survive your
renovation. Will you live in a place while you work on it or somewhere
else? Is it just you and your spouse or are there little children underfoot?
Does disorder unnerve you or can you take it in stride? Are you prepared to
make changes midstream or do you want everything perfectly planned out?
4. Finally, take a long, hard look at the numbers.
How much can you spend on your renovation? How firm is your budget and how far
will it really go? Can you afford a lengthy stay in a rental apartment or hotel
while your current home is under construction? Or, will you be moving in with
Mom and Dad?
Of course, buying a new home that’s being
constructed can run into problems as well. But at least you know there’s
an end number that doesn’t move around a whole lot.
TAKE IT AND RUN
1. The emotional and financial toll of renovation has
tanked more than one relationship. Don’t take this on if either you or
your spouse or partner is wavering. Renovation requires a strong commitment
and an even stronger stomach.
2. Renovating your home can be more labor intensive,
uncertain, logistically challenging, dragged out and aggravating than building.
And, it can cost more on a square foot basis. Make sure you have a complete
set of plans, a budget, and a written contract before you start tearing out
walls.
3. Don’t fool yourself: Even if you renovate
your home, you probably won’t get everything you want. Tastes have a funny
way of changing in the middle of a project, but by then, it may be too expensive
to rip out a bathroom to change the color of the tile.
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