Having a home demolished may not be an easy choice for a homeowner, but it can be the right choice in some situations. You might like the land or lot on which the home is located but not the home itself. Housing may also be scarce where you live, so it may be difficult to find a new home to which you can simply move. If you're still not sure about demolishing your home to build a new one, note a few quick factors to consider and this can help you make that decision.
1. Cost of demolishing versus renovating
You might think that renovating your current home is the better choice than demolition based on cost, but note that renovating a home is not always a cheap option when you think of all the work that might be involved. This can include changing the home's entire footprint so it better suits you.
For example, if you want to knock down load-bearing walls, you might need to add more structural support to the home and this can become very expensive. If you want to add new plumbing fixtures, you might need to actually change out the plumbing pipes or add new ones to accommodate. When you consider all the work and expense of renovating so that your old home is exactly to your liking, you may see that demolition and building a new home is just as cost-effective.
2. Equity
Along with the cost of renovation to your old home, you want to think about equity in the home. Even with some updates, an older home may not offer you as much equity as a new home built on the same spot. Demolishing your older home and building a new one, even if it's smaller, can mean a home that is more valuable and that offers more equity over the years. In turn, you can borrow against this equity or make more money if you were to decide to sell the home in the future.
3. Demolition options
When considering if demolition is a viable option for you, note that it may not be as involved as you think; many demolition companies can tear down a home and clean up the debris within days, if not even in one day. In addition, you may have options for demolition that can make the decision easier, such as tearing down part of the home rather than the entire structure, or an interior demolition that simply tears out the interior, down to the studs and frame of the home. This can then allow you to rebuild the home as it suits you without actually having the entire structure removed.
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