Often times an owner will find themselves in the position of deciding whether to renovate their existing home or to tear down and rebuild. This decision will be dependent on a variety of factors such as budget, sentimentality, practicality, zoning or individual need. There are times when a magnificent old house has simply too many flaws and would cost too much to retrofit to consider keeping and other times when something relatively unremarkable can be completely transformed with a simple remodel.
In deciphering this dilemma, the home owner should keep in mind a few basic questions.
Consider value
What is the value of your home and how much will that value be improved by the reno vs the cost of the reno. How much will it cost to completely rebuild and how much will the new home be worth. Alternately, what is the value of your home’s history and unique character?
Consider time
The thought of rebuilding a home from the ground up may seem daunting but a “simple” reno project can encounter all sorts of hidden problems and may actually take longer than the rebuild.
Consider zoning
As cities go, Vancouver is a young city. Without a sense of history, it could be easy to lose sight of the value of historic homes in favour of newer more contemporary buildings. Vancouver combats this with special heritage zoning for specific homes or neighbourhoods. Check with the city to make sure you are aware of what the heritage zoning is for your home.
Consider your individual needs
Perhaps you bought your home as a newlywed couple with a baby and the help of your parents. But now, years later, you have 3 kids and your parents are in their 70’s and in 5 to 10 years will need assisted living. Now your 3 bedroom walk up is no longer suiting your individual needs when a 4 bedroom plus in-law suite would fit the bill. Land prices in Vancouver are high enough that a rebuild might be the solution.
Whatever the factors most dominantly in play, a reno or rebuild is a big, personal decision. Alair Homes can accommodate your needs, vast or modest in a transparent process that ensure that you have the best outcome for your situation, property and financial position. Alair Homes brings out the maximum potential of your homes value and use.