You’ve bought an older building or home, and perhaps your initial thought was to renovate it, but now as you take a good look at the project, you are wondering if that is the right choice. Property upgrades and home improvements both represent major expenses and you want to get the most for your investment. Therefore, you are left with the choice: should you renovate or demolish?
Often times when you purchase an older building or home, it seems that a renovation is the smartest way to go, but then you begin to ‘see’ things you didn’t notice before, and you begin to wonder what is the smarter choice? Because of that, it is important to understand the big differences between the two.
Rebuilds are bigger projects. When it comes to making the decision, you need to know that a complete demolition and rebuild is generally a much bigger job.
Keep in mind that re-builds are meant to address serious structural issues rather than to fulfill a cosmetic upgrade. A rebuild makes sense if you run into older structure issues like lead pipes for water, an old, outdated heating system, or other structural issues. There can also be mold, mildew and water damage to deal with, as well as outdated electrical wiring that needs to be replaced. The electrical wiring could also be very old, which could be considered a fire hazard as well. Many of the older buildings and homes in Toledo are beautiful works of architecture. Unfortunately, many are also very outdated. In those types of cases, a complete demolition may be in order.
Whereas remodels allow you to keep some of the original details. The historical buildings and homes come with many original details – like crown molding, wood floors, and antique fixtures – that you simply do not want to destroy. Even if you change the ‘footprint’ of your building or home, the contractors can reuse the materials that will continue to provide the character you want to maintain.
A remodel also moves along more quickly. Since a remodel requires far less exterior and structural work, there are fewer permits, regulations and inspections that are necessary and this speeds up the time from beginning to end. No matter, depending on the kind of property, upgrades you are interested in doing, and your budget, rebuilds can be significant.
With any upgrade, make sure you’ve looked at all the numbers, and if this begins to push upwards towards the value of your structure, you want to consider whether or not you’ll be able to re-coup that investment should you decide to sell the property.
When you begin to answer these questions, the financial picture could change. If you feel that a complete demolition may be in order, we can provide you with a full, comprehensive estimate. Even in tight spaces, we have the equipment and the expertise to bring your building or home down safely and efficiently. We look forward to working with you.