So the townhouse is starting to feel a bit small, but you love the area and you definitely want to stay. What are the options available? It’s a common problem that many families face and that is outgrowing their home. If you decide to move, you’ll be shouldering plenty of expenses like moving costs, solicitor’s fees, stamp duty, and the like.
But if you choose to stay, you have the option of either rebuilding your townhouse or renovating your existing one. To help you make the right choice, we’ll weigh the benefits of each to determine whether you should knock down and rebuild your townhouse or go full-on with a renovation plan.
What to ask yourself when choosing to rebuild or renovate
There are a lot of ways you can make your townhouse feel more spacious and comfortable.
You can choose to add a bedroom or two, expand the living spaces, remodel the kitchen, and enlarge the bathroom. But the problem is that it can get very costly. If you’re prepared to shell out a ton of cash, why not just tear everything down and rebuild the entire townhouse?
Unfortunately, it’s not that easy and most people will need to ask themselves a couple of important questions to determine the best option for their needs. These questions are:
- What’s your budget? – How much are you willing to spend on this new project? Regardless of which option you choose, the cost can scale up pretty quickly and this can prove difficult to manage if you’re caught unprepared. Of course, a rebuild is going to be more expensive than a renovation which is why you want to set a meaningful budget before the project starts.
- What are your goals? – Be realistic with what you want to achieve and make sure those goals are attainable. Do you plan on putting the townhouse up for sale after renovating? Or are you looking to stay long-term and want to commit to a full rebuild? Define your goals early on and choose the option that makes the most sense for you and your family.
- How much time do you have? – A rebuild takes much longer to complete than a townhouse renovation and this can factor into your decision-making. Not everyone can afford to stay away from their homes for a long time which is where a renovation may come in handy.
- How old is the townhouse? – Older townhouses may benefit from a complete tear-down which modernises the whole structure and helps it adhere better to certain safety codes. If the house is less than 20 years old, you may find that the structural integrity is still intact and you can make do with a few renovations here and there.
They key benefits of rebuilding
There are a couple of advantages to rebuilding a townhouse that may appeal to homeowners. While the initial investment required is high, it is generally considered a better financial decision if you plan on staying long-term. Some of the key benefits of rebuilding your townhouse include:
- Stay at the exact location you love with all the modernised trimmings.
- You can change the house layout according to your preferences.
- Gives you a clean slate with zero maintenance issues.
- Offers the best resale value over the long-term.
The key benefits of renovating
If you don’t want to tear the whole house down and you’re happy with making a few renovations here and there, you can most definitely do that without any regrets. Here, your budget can be a bit more flexible compared to a complete tear-down since you’ll only be focusing on specific areas in your house.
- You can pick and choose how to renovate your house whilst keeping the whole structure intact.
- You generally don’t have to leave the home while the renovations are taking place.
- Renovation can add significant investment value to your house’s original price.
As you can see, there’s a lot to gain from choosing either rebuilding or renovating. While renovating may seem cheaper and more convenient in the short-term, you cannot deny the fact that the structure of the house is aging. This can lead to more expensive renovations in the future along with unexpected costs you may not be aware of.
Tear-down rebuilds yield a better sale price, thus making it ideal for those whose goal is to eventually put the townhouse for sale. Make sure to weigh your options carefully and evaluate your goals so you can cut down on the expenses and maximise your returns.
If you’re stuck, it may be worth getting quotes for both to help you decide and get started on planning your dream home. Companies like Bo Renovations can provide upfront pricing for a brand new home while your builder should be able to give you an accurate quote when provided with a detailed plan of the renovations you want.