When a home is not meeting your family’s needs, it is time to consider your options. For some families, this means planning a move, but what if you love your neighborhood, local schools and proximity to work or simply want to avoid putting your beloved home on the market? In some cases, renovating your home to create the spaces you want is the best solution, and in other instances, tearing down the structure and starting from scratch is the way to go. So, how do you decide between the two?
When to Renovate
The first option that most Toronto homeowners will consider when a house is in need of upgrades is to take on major renovations. Renovating a house makes the most sense when only smaller changes are necessary. For instance, a family that is in need of one extra bedroom should probably look at renovating the home first. If the problems with the house are mostly cosmetic, renovating is also likely the best option for financial and practicality reasons. A reno budget of a few thousand dollars will likely cover these types of changes, and you also often have the option of continuing to live in the home while you renovating which saves money and reduces stress for your family.
When to Teardown
There are times when the advantages of a complete teardown outweigh those of a major renovation in Toronto. If you live in an older home with a laundry list of major problems, it may not be financially feasible to renovate. There also are certain home conditions that cannot be renovated without tearing things down to the studs and foundation. Tearing down a house and rebuilding it also often provides homeowners with more advantages for making environmentally-friendly changes and additions that offer more money saving advantages in the long run. Finally, rebuilding a home is often the best solution if you are looking to completely change the layout of your house especially if your current structure will not withstand such changes.
For most families, the bottom line that helps them to decide between a major renovation and a complete teardown is budget. Discuss your visions of the perfect home with a qualified Toronto general contractor, and take the time to crunch numbers for all of your options. Include temporary relocation costs, if applicable, and also build in a contingency to cover any unanticipated costs. Finally, discuss your financing needs with your lender to see if they offer incentives to teardown or renovate. Choosing one over the other may grant you a credit or lower your interest rate, and this could influence your final decision.
Understanding a Home Teardown
If you decide to tear down your home in Toronto, remember that it is not always necessary to demolish the entire home and start from scratch. If your existing foundation is sound, you can often use it. If there are historically significant features that you would like to keep, consider including some existing walls or rooms in the design plans for your new home. In some areas of the city, local ordinances put restrictions on teardowns, so it is important to check with your local municipality office before proceeding.
To receive expert guidance about renovating or building a new home in Toronto, contact the professionals at Alair Homes. Our general contracting team will listen first, help you to crunch numbers and work alongside you throughout the construction process all while saving you money and putting you in charge through complete transparency. To learn more about Alair Homes of Toronto and all of the advantages of working with us, contact us for a free, no obligation consultation and quote.