Is restoring an old house worth it?

If you're looking for a true fixer-upper, you'll likely pay less than you would for a new home. And if you do the renovations yourself, you can save thousands of dollars in the long run and you'll end up with a great investment.

familyhandyman.com - The Pros and Cons to Renovating Old Houses - The Family Handyman

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You found the perfect house. Well, it will be the perfect house once it’s renovated. Buying old homes can be a gamble, and when you add in a renovation, things can get tricky. Before you sign on the dotted line, here are some pros and cons to renovating old houses. These 12 tips will help you get the most out of your home inspection.

Pros

1. Old houses can be bought for less. If you’re looking for a true fixer-upper, you’ll likely pay less than you would for a new home. And if you do the renovations yourself, you can save thousands of dollars in the long run and you’ll end up with a great investment.

Here are 32 ways to save during a remodel.

2. An old house has plenty of character. There will likely be old woodwork, intricate details in the moldings and quirky light fixtures and hardware. Even with renovations, you’ll be able to keep some of the uniqueness while bringing it up-to-date and making it your own.

These are the 12 home renovations you’ll likely regret later.

3. When it comes to the building blocks of an old house, you know what you’re in for as these homes were built to last. While you may have to update plumbing and electrical, the structure of the home is usually solid.

Cons

1. The price for renovating an old house can be steep. Some of the most expensive areas for renovating an old house can be found in replacing the roof and foundation, electrical and plumbing and updating the HVAC system. Be sure to get a thorough inspection before buying so you know what you may be in for price-wise.

Check out these 20 tips for planning a successful house remodel.

2. Old homes can harbor toxins. Materials such as lead and asbestos are common in old homes and can be a health hazard if they aren’t dealt with properly. Having them professional removed can make the cost of your renovation skyrocket. 3. Renovations could take more time. Since old homes aren’t generally cookie-cutter, unexpected surprises are often found during renovations. Your plans, price and timeline will likely change, and most of the time it’s not for the better.

Here are 17 smart renovation and home improvement tips you should know.

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Is knock down rebuild worth it?

While demolishing and rebuilding your home has plenty of financial benefits, this building approach has a positive impact on your lifestyle, too. KDRs are a great option for families who love where they live and are loath to leave, but are in desperate need of a new home that better suits their needs.

houzz.com.au - 7 Reasons to Consider a Knockdown-Rebuild | Houzz AU

Have you outgrown your home? Or maybe it’s gotten shabby and no longer suits your needs? While renovating your existing digs, selling up and buying, or building elsewhere are three possible solutions to these common housing conundrums, there’s a fourth option that’s also worth considering: knocking down your house and building a new one in its place.

According to the most recent

HIA

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teel Housing 100 Report, which measures the building activity of the 100 largest home builders in Australia, 10 per cent of the total number of new homes built by these companies in 2013-2014 were knockdown-rebuilds (KDRs). T he Housing Industry Association (HIA) predicts that more and more homeowners will choose to go down the KDR path this year. Given the many advantages of tearing down your home and starting afresh, it’s not hard to see why this is an increasingly popular solution. If you’re not clued in on the benefits of this building approach, read on and then weigh up whether it’s the right option for you.

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