Like everything else, houses wear down and start to fall apart, particularly if maintenance has been neglected. Sometimes a home just needs a little TLC and sometimes it needs plenty of help. When faced with a house of this type, there are two basic options. It can either be renovated or torn down and rebuilt. There are things to consider to make this decision.
Consider Local Laws
Before embarking on a major project such as an Arlington County home tear down and rebuild, check local laws. Some municipalities forbid tearing down houses that are historically significant or that were built before a certain year. In that case, renovation is the only option.
Consider the Real Estate Value
How the house in question compares to others in the area in terms of real estate value is another factor to be considered. If it rates near the top, a tear-down not be the best move. A renovation will likely increase the value. However, if the house has a value considerably lower than average, tearing it down and rebuilding it is a preferable option.
Consider the Size of the Renovation
Smaller renovations improve a house while maintaining its current style and character. Bigger projects, such as a major expansion of space could significantly change the house and leave very little of the original intact. In this case, a tear-down and rebuild is advised.
Consider the Cost of Renovation vs. Rebuild
Renovating a house is not always the more affordable alternative to demolition. A renovation takes extra labor to match the new construction to the existing house. If there are foundational issues with the property, it may save money in long run if you tear down and rebuild the home. New builds start from scratch and can be constructed using modern materials and techniques, which may be a better long-term solution.
When a house needs some help, it can either be renovated or torn down and rebuilt. These considerations can help guide the owner to the best option.