You need to know if it is better to buy or knockdown rebuild a house. I imagine that after so many twists and turns you are about to start the path that will take you to your own home.
At this moment, when things begin to be possible, it is the moment in which each question becomes something really most important.
- Where do I begin?
- How much money will I have to invest?
- Who do I have to consult?
- Is it better to buy an old house?
As you will see, questions that when in reality of your own roof was very distant, you had not even considered. Today the doubt have been installed, and the worst, all together to contribute to increasing your confusion.
As a first measure: tranquility.
I am going to guide you so that the big question about knockdown rebuild or buying a house finally has a more certain answer. The best thing is to start clearing doubt and making decisions; one by one
Buy or knockdown rebuild a House: What does the answer depend on?
What is better to knockdown rebuild or buy a house?
First honest answer: EVERYTHING IS RELATIVE. It is the same relativity that makes it very difficult, for example, to answer whether it is better to buying a used car or a new one. There are many variables that change the result of the response:
- antiquity
- The state of conservation
- The good or bad use it has received
- Selling price of used versus new
Car or house, both have the same considerations. But if this were all the “science” this article would end here… but don’t worry, there is more to say. With this intention, that after reading this you have better elements to justify the decision to knockdown rebuild or buy, let’s start to make points clear.
Benefits of BUYING a House
Immediate effect: New House NOW!
Doubt about the advisability of buying or knockdown rebuild a house are over: you found a house; you like; you have the money: you buy it . If you are impatient, this is your option. First GREAT advantage of buying a house: You will avoid a construction process that will take a long time.
How long does it take to knockdown rebuild a house?
Actually it depends on several factors: construction system, surface area, number of workers, etc.). In general, we could say that from 6 to 8 months in the case of a house of 120m2 or 12 to 14 months for another of 150m2 or more. Are you willing to wait that long to have your own home?
Buy or knockdown rebuild a house? A built home is immediately available and this is no small thing.
Zero working relationships: No People
The very immediacy of the purchase will prevent you from going through a process of working relationships with architects, masons, builders, etc.
Let’s clarify that this does NOT mean that they are necessarily traumatic, or a passport to problems. Like any human relationship, you are always exposed to the possibility of friction typical of any work relationship. Of course, if one intends to SAVE the possibility of conflicts, buying a new house is an advantage.
Special for “antisocial” or for those disillusioned with the human race.
House Location: There it will be; where did you want it
If you are looking for a particular area to live, buying a house will help you “kill two birds with one stone”.
In the same purchase you will be solving two most important issues:
- Find a location that is to your liking
- Avoid having to buy an old house in a place that may have little availability of vacant lots.
This last fact is most important. It is not always taken into account that the sale value of a built house already includes the value of the an old house. Taking into account the double acquisition (an old house), in some cases the question of knockdown rebuild or buying a house seems to favor the purchase.
Disadvantages of BUYING a House
Standardized Design: And your tastes?
You may not have many pretensions in terms of design, and you find it easy to adapt to any space. If so, buying a built home will not be a problem for you. In this case, the dilemma between knockdown rebuild or buying a house does not even exist.
But do not forget something most IMPORTANT:
You must bear in mind that what they offer you is a home designed for another person , or in some cases, for no one in particular.
Maybe the environments or their dimensions; functionality or style is not exactly what you had imagined. Your ability to adapt to circumstances will be decisive, since many of the things that do not close you will be impossible to change .
You must consider that a standardized house or designed for another owner, in general, can have:
- Very different design criteria than you would use. Overcoming the moment of joy of having found it, one usually discovers it when one begins to imagine how one would use it.
- A very closed distribution that, in many cases, will give you the idea that they were not intended to be expanded. Unfortunately, this is usually discovered when it is necessary to adapt them to the growth of the family, that is, when it is too late.
The cost of changes: How much does it cost to reform a house?
With regard to what we have been commenting on: you like the place and the terrain conforms to you. But the house would need some changes to adapt to your needs.
It is not a minor issue.
It is not necessary to minimize the budget to reform a house that is going to be buy. Watch out! In construction, any change adds up to a lot of money.
A “little thing” around here will not require a major expense. Two “little things” of little importance will require double the expense…, and by the fifth “little thing” , the investment will have gone out of control.
So don’t get too excited about a convenient location without adding the costs of adapting the construction to your tastes and needs.
The installations
The state of the existing facilities is something that few think about or at least not with due importance. Consider this:
A house that is more than 30 years old will not have the infrastructure in conditions to supply you properly in the face of your expectations of use.
The facilities of the house are various and complex: water, gas, electricity, sewage and storm drains. It is likely that the manufacturing materials are obsolete, deteriorated or with insufficient sections for the uses you are thinking of.
I’m truly sorry to break it to you, but… someone had to do it, and it’s better to know now.
There are simple things that we all tend to add to a house built a while ago:
- Heaters
- Bathtub
- air conditioning equipment
- Alarm system
- Cable TV
- Household appliances, computers (computers), etc.
If the facilities are NOT in good condition, you will force yourself to rethink to what extent you can take advantage of what the house offers you. And if you have to renew all the pipes…, you will have to think about continuing to increase expenses, in an area that is not one of the cheapest.
Hidden Vices: “What is not seen”
The real estate market has its secrets. If I am buying or knockdown rebuild a house, and someone offers me a property, the first thing that would occur to me to ask myself is:
“Why does the one who sells sell?”
It’s okay; there is no need to be distrustful. There are a thousand reasons why someone wants to sell their property in a healthy and honest way. But just as this is real, it is all things considered common for the sale to be a stage set designed to camouflage hidden vices.
- Newly finished paintings;
- Cracks just covered;
- Closed stopcocks;
- Plasters still fresh.
All these are usually symptoms that should give you a suspicion about the intention to mask problems.
Nothing better than a real estate tour accompanied by a trusted professional , with enough experience to recognize certain tricks.
I would not rule out investigating the solvency and seriousness of the person selling the property (I say, nothing more). Nor would I ignore the possibility of chatting with the neighbors about the history of the property in question. They tend to be “very cooperative” when giving their opinion.
In detail of analysis that aims to help you know if it is better to buying or knockdown rebuild a house. Now let’s see the pros and cons of knockdown rebuild a home from scratch.
Advantages of knockdown rebuild a house
A design tailored to your needs
One of the main advantages of knockdown rebuild a house is that the project will be designed purely and exclusively for your needs . From the first sketches you will be able to participate in the process, always knowing that someone is interpreting your ideas and trying to shape them.
You will not have to worry about adapting spaces or styles that were not designed for your reality, as is the case with a home that has already been built.
Possibility of Construction by Stages
Although the dream project is too ambitious for your current in reality, it will be easier to carry it out in stages. This will be possible, because it was thought of as a whole, which will surely include a future expansion according to your needs.
You knockdown rebuild, what your budget today allows you; the rest for later. The comprehensive project will give you the peace of mind of knowing where the growth of your home is headed.
The feeling of narrowness that you may experience at first will be less because you will know that it is a stage on the road. The next growths that will make your home more comfortable will occur naturally and without extra costs.
Participate in the Construction Process
Many people will see in this the ideal opportunity to personally see what and how each part of their work is done. From this point of view, the battle “buying vs. knockdown rebuild a house” has a clear winner. There will be no place for hidden vices or “camouflaged” problems to be able to sell. In this aspect the suspicions are over.
You will be able to participate in each stage of the work, not only as a spectator but with the peace of mind that a professional you trust will be taking care of your interests.
Disadvantages of knockdown rebuild a House
Matters of Time and Space
As I told you at the beginning, if you are in a hurry to inhabit, knockdown rebuild from scratch is not what I would recommend the most.
To that you will have to add the worry (& the cost) of trying to get a an old house in the place you have chosen. It must also have all the necessary conditions to make it attractive to you.
If you already have the batch, I suppose you will already have part of the decision made. In that case I see no reason not to encourage you to decide directly to start knockdown rebuild a house.
The risks of human interaction
This may be an advantage or a disadvantage depending on the lens through which you look at it. Knockdown rebuild a house is a story that subjects us to having to deal with many variables
For many, the work can be a sentence: architects, builders, regulations, plans, contingencies, construction materials , etc. I don’t know if everyone will be willing to face a novel with a complicated plot and that includes so many actors.
Read also: Investing in Homes Has Helped People Find Financial Freedom
Is it cheaper to buying or knockdown rebuild a house?
On this point things are not so black or white.
Two thoughts worth considering:
- In inflationary economies, Knockdown rebuild is more expensive because you will have to deal with changing costs. Knockdown rebuild a house is a process that involves months of work and cost overruns can be high. In stable economies this will not be a problem.
- If you have the possibility of participating in the purchase of materials and the direct hiring of labor, this will be an advantage. You will have the alternative of getting better prices, since there are no intermediary costs (construction companies, real estate agents, etc.)
The Risks of Buying an Overpriced Home
Let’s talk about the possibility of buying an “old” house (in an old sense), with signs of deterioration. In these circumstances it will clearly be cheaper to knockdown rebuild from scratch. In the vast majority of cases, an older house is overvalued. Who sells offers “a house” wants to do his business and cares little if it is in ruins.
Whoever buying a house with the intention of transforming it into a habitable dwelling, must think about extra expenses. On the one hand, you will have to invest in reforms to adapt it to your lifestyle. On the other hand, he will have to invest in the costs of reforms, demolitions and repairs, which will not exist in a new construction.
On the other hand, it is also possible that there are relatively new properties for sale. They may have a satisfactory general condition, and with affordable prices, which save you construction stress.
As you can see, stating what is cheaper to buying or knockdown rebuild a house would be risky and dishonest. It is FUNDAMENTAL that you consider all the variables that we comment on. You may discover arguments that make your decision easier. The most honest advice I can give you to know whether to knockdown rebuild or buying a house is to recommend that you:
You travel a lot, find out all the costs and evaluate the risks (work times, financing, etc). But the most important of all will be:
Consult with a trusted architect who knows how to tell you the real price of what you want to knockdown rebuild or buy
In conclusion: Is it better to knockdown rebuild or buying a house?
In a tight synthesis that will help you review what I have told you so far.
Benefits of BUYING a house
- Immediate effect: It is available immediately
- Zero work relationships: You will avoid architects, masons, builders, etc.
Disadvantages of BUYING a house
- Impersonal design: The house was design for another and may not be as you would have projected it.
- The cost of the reforms: You have to take into account the investment that it will require to adapt it to your needs.
- The state of the facilities: A house that is more than 30 years old will surely need to replace its infrastructure.
- What is not seen: It is necessary to seek advice at the slightest suspicion about problems that are “disguising”.
Benefits of knockdown rebuild a house
- Custom design: Being a commissioned project you will know that it will be made according to your needs.
- No indirect costs: There will be no expenses for demolitions, reforms or repairs.
- Possibility of construction in stages: Being part of a complete project, it will be easier to think of a more orderly growth.
- Fewer chances of hidden defects: Since you could see how it was built, you will have more security.
Disadvantages of knockdown rebuild a house
- Participate in the construction process?: Advantage or disadvantage. Will have to read the above again…
- Construction times: Construction time is not suitable for the anxious.
- Human relations: There are many actors involved in the construction and we must prepare to “coexist” in harmony.
Last recommendation:
Do not even remotely pretend that all this information together does not end up overwhelming you!
You will have to reread it point by point, two or three times, to put in crisis each of the options that come your way.
