Drive down any street in Charlotte and it won’t take long for you to see a bulldozer in front of a house, construction signs posted, or a work truck parked in a driveway while a crew sets about modernizing a historic home. In this city, new and old often coincide in the same neighborhoods. 5 Points Realty knows building and renovating. Most of our agents have purchased homes that they loved because they could make them their own. So how do YOU know when to rebuild or renovate?
It’s important to consider all the factors because once you start tearing down walls, there is no going back. There are several practical quantifiers to help you decide to tear a house down and start from scratch or renovate.
Ask yourself these 5 questions.
What do I want to change?
Renovating your home may be enough if all you want to do is update. Appearances can be a relatively easy fix. Rebuilds, however, might be a better solution when cosmetic changes won’t do the trick. Foundation problems or layout/flow issues are an example of when you might want to go with a rebuild.
What’s my budget?
There’s no way around this one. Renovations can be less expensive. Small, well thought out updates or changes can increase the value of your home for a minimal cost, but not always. Rebuilding is generally a larger and more expensive project. In the case of a rebuild, it’s important to have a little wiggle room in the wallet just in case you left something off the list or run into more serious issues.
How much time do I have?
How much time the project will take depends on what you are doing or the scope of the work. Every project, like altering the layout of a house provides its own set of challenges. A full tear-down usually doesn’t take long. It’s the rebuilding of the home that is most likely to impact the project. You won’t want to start the work without a clear timeline for construction. On the other hand, most renovations are relatively quick if they only involve a room or two.
What is my-endgame?
The answer to whether to rebuild or renovate may depend on whether your goal is long term value or short term profit. A newer house typically requires less upkeep, but you can bring an older house up to date with smart technology updates like mobile device-controlled heating systems, or radiant heat flooring
How makes the most sense financially?
When money is tight a reno is likely your best option but not always. If you have ever thought that things around the house tend to break at the same time, you are kind of right. Appliances, roofs, heating/air conditioning units all have expiration dates. You should consider what projects will be left when you are done. For instance if you are thinking a renovation is the way to go but you are going to need a new roof in a year then maybe you want to go ahead and make the project bigger.
While those questions will certainly help you make the right decision for you, there is also something that is hard to quantify. Just what’s your appetite for a rebuild or a renovation?
At 5 Points Realty, we have a whole lotta experience between all of our agents and owners in new construction, renovations, restoration, and everything else in-between. In fact, within our Agent group, there are more than one renovation and building companies.
- Michael Hopkins of MBH Construction
- Charlie Miller of Williams Farrow
- Daniel Tart of TK Renovations & Remodeling
- Cameron Cooke of Ethic LLC
At the end of the day, what can’t be measured is what kind of home you want to create. That’s up to you. Let us know how we can help.