5 Jul 2011
Some older houses in Liverpool can be described as part of the knock down rebuild market, because of the huge potential in value adding when a new home is built on the land. But which is better to do, knock a house down and start again or simply renovate the house that is already there?
Whether it is better to renovate or rebuild a home will probably depend on the property’s current condition and the improvements you want to make. If a property just looks a little dated, then it probably just needs a new kitchen, or new floor and wall linings, in which case a renovation is the best option. If a property is in dire straits though and every room needs to be gutted and reworked, then maybe it would be easier to rebuild.
When a home is in really bad shape, renovating can sometimes be more pain than it’s worth, and there’s nothing like wiping the slate clean and starting over again. Rebuilding a home can actually end up being cheaper sometimes too, because renovating and working around existing structures can require a lot of careful work for builders, which can be very costly.
When you knock down and rebuild it’s not all sunshine and roses either though. Rebuilding can have its issues, for instance you’ll need to think about where you can live in the meantime; if you can afford it (rebuilding isn’t cheap either) and you will also need to make sure you have council approval.
If you are thinking about renovating or rebuilding, then it’s important to think about whether it’s the right move for your property and whether it will help add long-term value. As with any property improvements it’s also important to be aware of the risk of overcapitalising.
So don’t go making drastic changes to your property unless they’re likely to be worth it. Seek advice from builders and local real estate agents and find out if the cost of renovations/building will help add value to your property.
If you would like any further advice about renovating or rebuilding your home then please get in touch with me.