The realtors have always said: when it comes to buying a home, it’s all about location, location, location. Many homebuyers prioritize finding an area in which they prefer to be or a lot that catches their eye over the house that goes along with it.
Unfortunately, growing needs and situations often undermine a homebuyer’s efforts over time. Growing families or improved income can necessitate a different living space. If you want to stay in the same area and have little room for renovations, a demolish and build approach might be for you.
What is Demolish and Build?
Demolish and build is as it sounds – you destroy your old house and have a new one built in the same spot. This is a viable option for people with growing families in a desirable area, rather than looking for a larger home in the same school district. Demolish and build is also an option for someone on a small lot that has limited room for renovations or those who wish to add a second floor to their current abode.
How Does Demolish and Build Work?
The first step to having a demolish and build completed is to figure out what you want for a new house. For example, if you’re looking at replacing your single-story house with something larger, you’d look at various display homes to see which style appeals to your desires and requirements. Having an idea of what you want will open better channels of communication with the contractor handling the project, which leads into the next step.
To handle a project of this magnitude, you’ll need to find a contractor who has ample experience with demolishing. This is integral if you want to maintain the quality of your current lot and ensure the project is handled correctly.
A reliable builder will talk to you about your goals, take the time to look at the space before providing a quote, and provide you with a complete outline of costs and time expectations. They may even be able to walk you through the process of obtaining approval and remaining in adherence to community bylaws and regulations.
The Pros of Demolish and Build
The main benefit of the demolish and build process is the ability to keep your land. Highly-desirable areas fill up quickly, driving market prices sky-high. If you’re in an area that’s convenient for commuting to work, getting your children a quality education or has sentimental value, a demolish and build project can help you get your dream home without moving away.
Another benefit of this process is that it’s efficient. A skilled builder will set up the project timeline so that the demolition is being handled during the preconstruction phase. That way, when you receive building approval, the lot is ready to go.
The Cons of Demolish and Build
The primary concern when conducting a demolish and build is cost. You can expect to pay more for this approach than you would for building from scratch. That being said, it may be more cost effective to do this than to move to a new home in a highly desired area. Furthermore, the demolition may not cost as much as you would expect.
The other con is that people often struggle with the idea of knocking down a sturdy house to replace it with another. It can seem wasteful and unsustainable. Fortunately, there are a lot of nonprofits (such as Habitat for Humanity) that can use leftover construction supplies and scraps. Think about it: all the appliances, doors, door handles, windows, fixtures, etc. can be given to these organizations rather than heading to the dump.
With land costs on the rise and people flocking to already populous areas, the demolish and build approach to homeownership is becoming more popular due to the many benefits for homeowners.