Renovate Or Build From Base? Consider These Factors
The home that you have been living in is an old property and given the heavy rainfall this year, it now needs a complete makeover. So, should you renovate or construct a new property from scratch? This is a question that arises in the mind of many who plan to revamp their plotted development.
MakaaniQ lists factors that could help you take a decision of renovating the property or building it from the base again:
Know your budget
How much do you plan to spare for the property is one of the first factors you need to consider. While constructing from scratch can be an expensive deal, renovation, when the work begins can burn a hole in your pocket, too. Hence, if you consider renovation, list all that needs to be revamped. In case you end up listing a change of everything, how about considering a new construction?
Know the age of the property
The age of the property can be one of the key reasons based on which you should consider renovation or construction. In case the property is decades old, it is time to construct a new one. Why? What if the old construction doesn't withstand new equipment or renovation? What if while you are breaking or dismantling certain spaces, it damages the other spaces? But, in case your property is newly built, a small renovation plan is worth every penny.
A new lifestyle
New entrants to the family, children growing up or need of a bigger garden among others call for an additional space in your existing property. Can you achieve this with the renovation? For instance, you want to add another storey to your decades-old property, renovation won't help. Consider reconstruction of the property from scratch. But in case taking up some more space for your new garden on the base, a small renovation could work.
Consider post-renovation/construction expenses
After the property is renovated or constructed it requires maintenance. A newly-constructed property might not require expensive maintenance. But, if you add a new equipment to an existing property or renovating a certain space, you might have to spend a good sum to maintain it or address continuous blocks once installed.
Location is important, too
In case your property is located in a prime location, reconstructing it would be a great idea in case you are looking at future returns. Moreover, a well-located property can also be a good rental option, too.
Also read: Tips To Save Money When Shifting