If you want to make improvements in your home, you basically have two options: to renovate or to rebuild. How to know when to rebuild and when to renovate? This is a question faced by homeowners who want to make changes in their homes. To answer the big question, it is useful to answer the following questions first.
- Is your budget enough?
Your decision to either rebuild or renovate will largely depend on your budget. If the budget is tight, then you can simply do some renovations, which is a much cheaper option than completely rebuilding your house. Don’t feel sad if you can only do renovations as of the moment. Be comforted with the fact that a simple renovation can already increase the value of your home. Updating your bathroom, for example, will already have a significant impact on increasing the value of your home. So if renovating your bathroom is the only home improvement you can afford right now then that’s okay.
But if budget permits and if you really want the value of your home spike, then you should consider rebuilding your home. You need to keep in mind, however, that rebuilding a home requires a major commitment. Once you tear down the walls of your house, you can’t turn back. It would be best if you saw the whole thing through. But the reward is also more significant when you rebuild your home. It’s definitely more satisfying to see a brand new home than a brand new room.
- Are you pressed for time?
Time is another major consideration in choosing between renovating and rebuilding. Are you pressed for time? Do you want to see an improvement in your home before a certain date? Maybe you want to see improvements in your home before Christmas? Or if you’re trying to sell your home, maybe you want it to look well before a prospective buyer views it. If you need to see improvements fast, then you can just do renovations. Rebuilding takes time. If you want to change the whole layout of your home, then you need to have a long timeline. If time is of the essence, then you should just stick to renovations for now.
- What are your goals?
To choose between renovating and rebuilding, you need to consider your goals. What do you want to make changes to your home in the first place? Do you want to simply make improvements to your home and update if for 21st Century requirements? Then maybe it’s enough to do simple renovations that will not require a total alteration of your home. But if you want to start with a clean slate and have a brand new house, then tearing down your existing abode and building a new one is the only way to go.
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- Where are you going to get the money?
Do you have enough cash to make changes in your home? If not, where are you going to get the funds for your home improvement project? Are you planning to borrow money? If financing is not a problem, then totally rebuilding your home is an option that you can confidently take.