Your home’s your sanctuary and, for most people, the most expensive purchase made during their lifetime. In addition to the mortgage cost, homeowners are responsible for property taxes, insurance costs, and maintenance and repair bills. These essential expenses don’t include the costs of optional renovations.
Market factors can influence your options when buying, and you may regret your decision after buying if you don’t like your home’s location or find the home’s layout frustrating. Consequently, you may realize you need to make substantive changes to your house. Determining whether to renovate or demolish your home can be challenging, but you can use the factors explored here to help you decide.
Consider the overall cost of remodeling.
HomeAdvisor reported in January 2020 that the average cost of a whole home renovation was almost $47,000. While some homeowners spent less, others spent up to $150,000 on their renovations.
Your budget is a primary consideration when determining if you should remodel your home or demolish it. If you determine the cost of renovations will be comparable to the cost of demolishing the house and building a new home, you can turn to a demolition company in Dallas to demo your home. Skilled demolition experts use eco-friendly practices to remove debris. The demolition company secures the required permits and recycles building materials, reducing the volume of materials in landfills. They’ll also clean up the site after completing the demolition, ensuring you’re ready to begin working with contractors who’ll build your new home.
Determine if your insurance covers any structural changes.
Your reasons for considering a renovation may be a critical factor. Suppose a hurricane damaged your home. Some or all of the renovation costs could be covered by insurance. Your homeowner’s insurance policy will determine whether you’re eligible for replacement costs or extended replacement costs. If you have standard replacement cost insurance, you’ll have to determine if you’re willing to pay to demolish and rebuild your home. With extended replacement insurance, your insurance company may cover those costs.
While weighing your options, talk to renovation professionals and get quotes for the work required. Local roofing specialists can outline your options when you need a Fort Myers roof replacement. Consulting roof installation experts with over 50 years of experience is an excellent way to get the comprehensive information required to identify your options when you need a new roof. Roof installation experts may also provide other renovation services, such as installing replacement windows and remodeling bathrooms.
Think about how much time each option will take.
You may think renovating your home will be more convenient than rebuilding because you can live in the house and remodel one room at a time. However, this can be stressful, and it could take several months before your remodeling project is complete. You may need to move family members to different rooms during the renovations, and you may still need to relocate when contractors are remodeling your bathrooms and kitchen.
When renovating, developing an accurate remodeling schedule can be challenging because contractors may discover issues while working on your home. Suppose your bathroom remodelers discover mold growth behind the tiles in your bathroom. They may need to bring in a mold remediation specialist so they can continue working. Consequently, the renovations may take longer and cost more money than planned.
Consider whether the renovations will address all your structural needs.
Remodeling your home means working with the core structure and reshaping the space. You might expand your home with an addition or combine rooms, but remodeling won’t change everything. Consider whether renovating will transform your home into a functional, satisfying space you can live in for years to come. If you spend money renovating and your home still doesn’t function optimally, you may regret deciding to remodel your house.
Remodeling your home can change how it looks and functions. You can also opt to demolish and rebuild your home.