Living in an old house or buying real estate 50 years or more old has its upsides and downsides. Old real estate is like an ancient heritage – but this ancient heritage might need lots of repairs and renovations, which cost money.
Sometimes you might need renovations, but few houses need complete rebuilding, and sometimes it is really hard to decide between rebuilding vs. renovation of real estate. It is a tricky question, and the wrong answer might lead to financial disaster. That is why you need to consider lots of facts before making a decision.
Here we have collected a list of things you need to consider before deciding on renovation vs. rebuilding. So let's get started:
Time to live in the place:
The time you want to spend in the house effectively impacts the decision. If you are looking forward to living in the house for decades with your family, and you have money in your pocket, it is better to rebuild the house and use the house's material to do it economically.
On the other hand, if your plan includes selling the place in a couple of years, it is better to renovate it accordingly. The renovation will make your house livable, and you will save lots of money.
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What's your budget?
Start renovation or rebuilding according to the budget. Rebuilding is not an easy task in Pakistan with the continuously increasing price of construction material. So, if you do not have that kind of amount, stick to the renovations.
Emotional attachments:
Sometimes people are emotionally attached to the houses. If there is a case with your house, then renovations might help you make the house livable. Rebuild a few corners if necessary and make sure only necessary changes are done so the structure stays the same.
Amount of the change needed:
Living in the house for a long time you might feel a need to change. Examine your house thoroughly. If possible, you can call the house inspection team, who will inspect the house and tell you if you need any rebuilds or renovations will do the job.
Living in an old house or buying real estate 50 years or more old has its upsides and downsides. Old real estate is like an ancient heritage – but this ancient heritage might need lots of repairs and renovations, which cost money.
Sometimes you might need renovations, but few houses need complete rebuilding, and sometimes it is really hard to decide between rebuilding vs. renovation of real estate. It is a tricky question, and the wrong answer might lead to financial disaster. That is why you need to consider lots of facts before making a decision.
Here we have collected a list of things you need to consider before deciding on renovation vs. rebuilding. So let's get started:
Time to live in the place:
The time you want to spend in the house effectively impacts the decision. If you are looking forward to living in the house for decades with your family, and you have money in your pocket, it is better to rebuild the house and use the house's material to do it economically.
On the other hand, if your plan includes selling the place in a couple of years, it is better to renovate it accordingly. The renovation will make your house livable, and you will save lots of money.
What's your budget?
Start renovation or rebuilding according to the budget. Rebuilding is not an easy task in Pakistan with the continuously increasing price of construction material. So, if you do not have that kind of amount, stick to the renovations.
Emotional attachments:
Sometimes people are emotionally attached to the houses. If there is a case with your house, then renovations might help you make the house livable. Rebuild a few corners if necessary and make sure only necessary changes are done so the structure stays the same.
Amount of the change needed:
Living in the house for a long time you might feel a need to change. Examine your house thoroughly. If possible, you can call the house inspection team, who will inspect the house and tell you if you need any rebuilds or renovations will do the job.
Do not start anything unplanned; examine the house, see your budget and then plan accordingly to get the best results. Sometimes a color change and little repairs are all you need to make the place livable.
Do not start anything unplanned; examine the house, see your budget and then plan accordingly to get the best results. Sometimes a color change and little repairs are all you need to make the place livable.
