- February 1st, 2019 | by Dan
Renovate or demolish?
This is the biggest question that homeowners and property investors often face when upgrading an old property.
No matter which option you choose, one thing’s for sure: it’s going to be a big investment and a huge project.
So what’s right for you and your property?
Unfortunately, we can’t answer that question for you – only you can do that.
What we can do is help you make the right decision by providing the main points you need to consider and giving you an idea of what to expect.
But First: Can You Even Demolish?
Before deciding between the two, you first need to make sure that you have these two options in the first place.
While you can almost always renovate a property you own, demolishing it to do complete rebuild may not always be an option.
Some properties (especially older ones) can’t be demolished because of council regulations. Heritage-listed properties, for example, are typically protected from demolitions and removals. Some councils may also prohibit demolitions on properties in certain locations or boundaries.
So before you consider demolition seriously, save yourself the trouble by first making sure that it’s an option available to you. You can check with your local council and consult a builder to confirm your situation.
What You Need to Consider
Once you’ve determined that demolition is an option, you can proceed deciding between the two. To do this, you’ll need to consider several factors:
- There’s no doubt about it: renovations and demolitions cost money. And for many, this is the deciding factor in their choice. When comparing the total costs of each option, make sure to consider the total cost of the project, taking both immediate and long-term costs into consideration. Compare these costs and determine which choice fits better with your budget.
- Amount of Work to Be Done. How much of your property needs to be updated? Are there parts that need a complete overhaul rather than a simple renovation? By knowing the amount of work you need (and want) to complete, you can better determine what the more practical option is.
- Condition of Your Property. Assessing the condition of your property will help you determine its suitability for renovation or demolition. Keep in mind that structural damage can often be expensive to repair, so make sure you evaluate your property’s condition properly before proceeding with your decision.
- How much time do you have allotted for this project? Can you afford to have the project going on for several months? Or do you need it to be completed as soon as possible so you can live there right away? Consider the time it takes to complete your project (both for renovations and demolitions) and determine what will work with your schedule.
- Investment returns. Figure out how much value your upgrades will add to your property. Estimate the total returns you’ll get from upgrading your property, whether you renovate it or rebuild it completely. Don’t forget to compare its projected value with the median value of a similar property in your area. This will help you determine what’s the smarter and more practical decision from an investment standpoint.
Do Your Research
For a lucky few, the choice between renovating and demolishing their properties is clear-cut.
But for most other people, there’s a lot of research, consultation, and debating involved.
Our best tip is to always do your research and consult with experts for both choices. This includes discussing your ideas with architects, interior designers, builders, and demolition specialists. The more informed you are about what each choice requires, the easier your decision will be.
Need to Talk with Demolition Experts?
If you’re considering demolishing your property and rebuilding it, have a chat with our team to find out how we can help you complete your project. We’ll give you an accurate and realistic rundown of your project’s demolition requirements, so you can make a better decision for your property.