If your home needs some work to repair damage or make it a more modern home, you may be wondering whether your money will be better spent renovating your home or demolishing it and starting fresh. The idea of demolishing a home can sound very extreme to many – and horrific if you have grown attached to your home over the years – but this may actually be the best plan for the future of your home and family.
So, should you remodel or rebuild your Toronto home? Your home is more than a piece of property you live in. It is one of the most valuable investments you can make, so making the best decision about your investment can be overwhelming. We’ve listed some key factors to consider that will help you make an informed decision.
Inspect Your Home’s Structural Integrity
The condition of your home’s structure is one of the leading factors that should help you make the right choice. The foundation of your home needs to be intact and structurally sound. Without this, any renovation work you proceed to do will be problematic. Taking time to examine the condition of your home will give you insight on the best way to move forward.
Are there major issues that need to be repaired or replaced, or are they relatively minor like needing new windows for increased insulation? If the areas needing attention are isolated issues, you may be better off opting for a renovation project and attending to rooms in your home that need updating or repair. However, if you live in an old home that is falling apart and has a weak foundation, water damage, poorly insulated walls or other widespread damage, a complete demolition and rebuild is probably your best bet.
Evaluating Your Renovation
Once you take into account the overall condition of your home, you’ll need to determine whether the scope of your renovation will be minor or massive. Think about what it would take to bridge the gap between what your current home looks like and what you want it to look like. If it will take a lot of work to accomplish this, then it may be a better choice to design a custom home. If you’re satisfied with your current home and want to make some minor tweaks here and there, a renovation will be a more appropriate choice.
Cost to Renovate vs. Cost to Demolish and Rebuild
Many people assume that renovating a home is less expensive than demolishing and rebuilding a house. But, in Toronto, an extensive renovation project can actually cost far more than rebuilding a home. On average, knocking down a house in Ontario costs between $3,000 and $35,000 – this includes the cost of debris removal.
Building a custom home in Toronto costs between $375 and $550 per square foot. How much you spend on a custom home will depend on the size of your new home, how complex the new design will be, the quality of materials and the finishes you choose. So a 2,000 square foot custom home will cost you anywhere from $750,000 to $1.1 million, on average.
Having a good understanding of how much a demolition and custom build will cost you vs extensive renovations is important. Extensive remodels require calculated planning and careful execution to ensure that the structural integrity of the home is preserved while adding the new features you desire for your new home.
Advantages of Rebuilding
Demolishing your current home and building a custom house comes with a number of benefits. Rebuilding gives you a chance to start over and redesign your home with complete control of the final look. Rebuilding can be completed in less time than renovations and can be less expensive.
Another benefit is that rebuilding a home allows you to build it using the latest advances in building materials and technology, meaning you can build a more energy efficient home and enjoy other perks that advanced technology brings. This is particularly appealing if your existing home was built with cheap materials or corners were cut during construction.
To renovate or to rebuild. Carefully considering the information above is a great starting point and can help you determine which of the two is the right choice for you and your family.
Black Pearl Custom Homes is here to help you with all your home renovation needs. Still unsure which is the best course of action for you? Give us a call today and will be happy to provide you with more information on home renovations and custom homes.