Sometimes the best locations to build in, already have a house, or other buildings in the best spot. If you own a property like that, or you are thinking about buying one. Then you will be considering whether it is a good idea to renovate, build an extension, or just knock it all down and start with a fresh slate. This is not an easy decision to make. There are pros and cons of each, and it is hard to know the potential without expert help.
- Renovate: Some homes are worth restoring, but you need to make a thorough assessment first. Older homes can have hidden problems that might make the project too expensive. Hazardous materials, substandard repairs, or outdated plumbing and electrical are a few of the issues you might face. Foundation issues can be a problem as well. A good inspection is the best place to start. This is certainly the least expensive option if everything goes well. But you will also be making the most compromises along the way.
- Extend or Build On: If you are looking at a case where you don’t mind the existing building so much but just need more room. It is usually possible to make a house bigger. But several issues will need to be solved. Design will be a big concern. How you will make the addition match the original construction is important. Also, what are the services like. Can you add additional sewer, electrical, and heating without starting over from scratch?
- Knock it all Down: This option is the most liberating. You won’t have to accommodate the old construction, and you can make any design decisions you like. However, the big problem will be the costs. How much did you pay for the building you are knocking down, and how much will it cost to replace? You may want to contact some knock down and rebuild builders in Canberra to get some informed opinions about the cost-versus-benefit of a total teardown.
Location is very important when considering the value of a property. There are only so many great places to build. If you find a location that you love, take your time considering how much of an asset the older buildings are. Sometimes you are looking at a hidden treasure, and sometimes there is nothing to be done but bring in the demo team. These kinds of decisions are best left in the hands of people with experience. Take your time and think it over. There are always other locations to consider.
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