Rebuilding can sometimes be cheaper than renovating, believe it or not.
If you've bought an older house, you may be torn between whether to renovate or demolish and rebuild. Here are a few points for you to think about before you pick up that sledgehammer:
Cost is usually foremost in everyone’s minds. So if you’ve had the building inspected and you know most of the work is only cosmetic, renovating might be the most budget-friendly way to go.
However, if the inspectors tell you the house has structural damage, it can be very expensive to repair and then renovate.
Even worse, you may uncover bigger problems as you go. That means renovating could end up costing just as much - or even more - than rebuilding.
It's also worth checking the boundary regulations depending on how old the property is. Things could have changed a lot since the original house was built.
In some cases, you can’t knock down a house and build a new one in exactly the same position.
While it might have been okay to build a house right up against the boundary of a property back then, nowadays, there may be rules in place so it’s no longer possible.
One advantage of renovating is that you can do it in stages. That way you'll always have a roof over your head during the process and that will reduce additional costs like renting elsewhere, or outstaying your welcome with family members.