Is Your Home a “Teardown?”

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Is Your Home a “Teardown?”

Is Your Home a “Tear-Down?”

 It’s very common for new homeowners to find a lot they love, but not necessarily the home sitting on it. In these situations, there are two options: remodel the existing structure, or demolish it and start from scratch. Though the latter might sound extreme, in some cases it’s actually a move that will make you happier with your home and prove financially viable. 

HomeStyling Design and Ken Peterson, CKD, can help you draft the plans for either your brand new dream house, or help you remodel an underwhelming home into a living space you can actually live with. Here are a few thoughts to consider when weighing whether or not your home is a “teardown.”

Demolition and Rebuilding Can Pay Off

A good rule of thumb for determining the cost versus value of a rebuild is assessing the value of the homes surrounding yours.

Oftentimes, demolishing the existing house and rebuilding can actually be a smart financial move. If you have an old house with a number of problems, a fantastic but underutilized view, or a small house on a large lot, the rebuild might pay for itself in increased property value. If they’re selling for two or three times your home’s estimated market value, you know that your neighborhood can sustain a price leap. 

Great teardown candidates are: old homes that are in fantastic locations now that the neighborhood has shifted, or, that are located near good schools and/or new transit centers.

 …But Costs Can Be Prohibitive 

The cost of the teardown can be anywhere between $7,000 and $15,000, depending on the size of the house and other factors. This may not be as much of a problem as it may seem on the surface when comparing with costs to develop a raw lot. A new house will cost around $200/square foot with a builder or 20% to 30% less from our sister company, UBuildIt. Of course, there’s the fact that your family will have to stay somewhere else during demolition and construction.

One of the major obstacles for many homeowners considering demolition is that they just don’t have the equity. We have lenders that can help you, but many mortgage brokers rarely agree to demolishing a structure unless you own it outright. Finding long-term financing for purchasing a property, demolishing a structure, and building a new one can be a challenge if you don’t already have substantial savings or collateral. Again, several of our Clients have been able to do this with our lender contacts. 

Sometimes Teardowns are Easier

One of the best reasons to tear down an old house is that it has serious structural problems that would make remodeling prohibitively expensive and difficult; some houses just aren’t worth fixing, in terms of either time or money. If you have some combination of a crumbling foundation, drainage problems, ancient pipes, a sagging roof, or a mold or pest infestation, you might want to demolish. You can often salvage the exterior of the house, which might be either necessary or preferable with historical homes. You may be able to build on the original foundation if you don’t want to re-pour and the footings and surfacing are acceptable. As your designer, Ken will be able to work with you on deciding what to keep, or not. 

…But Maybe You Should Just Expand 

If your main problem is size, build up! You can nearly double your home’s square footage by adding a second story, simultaneously changing its street appearance and livability. Depending on lots of factors, the project may cost you around $150,000-$200,000, which is much less for the square footage than a complete rebuild. 

Your slab and/or foundation needs to be adequate to support the weight of an additional story, but if weight is a problem, you can also consider adding a partial second story. This would put your house out of commission for less time, be less expensive, and create less structural stress. If you don’t need the living space of a full second story, a partial one is a great option.

Or, build out! You can also add a room laterally, pop out your living room, or maybe re-finish your attic and add a staircase for an additional room. There are lots of options for remodeling your way out of a problem if the house itself is healthy. 

If you’re debating whether you should demolish or remodel, call us at HomeStyling Design! We are experienced with both remodeling and new construction, and we can help you figure out what is viable for your budget, your property, and your family!

If you’re debating whether you should demolish or remodel, call us at HomeStyling Design! We are experienced with both remodeling and new construction, and we can help you figure out what is viable for your budget, your property, and your family!

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