Buying a home to call your own is a great achievement. It is possible - through hard work, saving and some sacrifice. Once you have enough of a deposit saved the rest is history, as long as you can afford the mortgage repayments. But some people find that the home they’ve purchased is a bit long in the tooth and requires some renovations, sometimes extensive ones. So if this is the case for you, you may be wondering - “should I rebuild the house?” Well, the answer is sometimes yes and sometimes no. Read this helpful article to find out just how far you should go with your renovations.
Figure Out Your Budget
Before you even begin to consider renovations, you need to take a serious step back and assess your financial situation. Some people come into homeownership on one income while the other partner focuses on raising the kids or study. If this is the case you may have to wait until you’re in a position to finance the renovations. For others, on two incomes or in a stable financial situation you may have the funds available for, or the ability to finance, a complete knock-down and rebuild. So, the extent of your renovations will depend on how much you can afford.
Assess Your Property
Another factor in your decision will be the state of the existing property that you purchase. It might be in such a state of disrepair that you have no choice but to knock it down and start all over again. Or it might be just liveable, allowing you to live there and save up for renovations. If you are unsure about this, you can invest in a property report from a professional building inspector. Always remember that the real cost of homeownership includes several hidden expenses.
Consider the Resale Value of Your Property
Unless you plan to stay in your property for the rest of your life, it is worth considering the resale value of your property when planning significant renovations. Building a brand new dwelling may increase the value of your property rather than renovating.
Consider One Room at a Time
You may be able to renovate your whole home, but one room at a time. For example, you could renovate your living space first, and then each bedroom at a time. When it comes time to renovate the kitchen and bathroom you may need to find somewhere else to live while the works are underway, or rely on family and friends for showers and baths.
Aim to Improve
With any renovations, whether it’s a knock-down rebuild or an extension, you should always aim to improve the living standards in your home. There are several things you can install to achieve this. One example is solar panels, allowing you to both reduce your carbon footprint and your energy bills. You may also consider double-glazed windows and effective insulation, achieving the same results. When choosing appliances like ovens, range hoods, exhaust fans and the like always try to choose the most energy-efficient models.
Just how far you should take your renovations is a tricky question to answer. First, you need to figure out what you can afford to do before jumping into anything headfirst. Next, assess your property to figure out if you should rebuild or just renovate. Consider the resale value once you’ve either renovated or rebuilt. If money is a constraint, consider renovating one room at a time. Finally, any new work should always aim to improve the features of your home - such as energy efficiency.