Should You Buy an Old Home Just to Knock it Down?
In many areas, there are many older homes for sale, some of which can be a bargain. However, these homes may often need a lot of work, from redecorating to fixing structural problems, so you may be reluctant to take them on. However, some people buy older homes simply to demolish them, and then rebuild on the land. So, if there are some cheap, older homes in your area, should you undertake this kind of project?
It can be cheaper than a new home
Buying a brand-new home with all the mod cons from a developer can be expensive, so when you compare that with knock down rebuild prices Canberra, you may find the latter option more appealing. Older homes are often closer to town and city centres too, so you get a place in a prime location without the big price tag.
You get modern features
While old homes can be full of character, they often don’t have modern features, and it’s impossible to add them.
This could be things like:
- En-suite bathrooms
- Cinema rooms
- Playrooms
- Power showers or jacuzzi baths
If you want a house with modern features, it may be worth considering a full demolition, as it’s much easier to build them as part of a property than to add them in later. Plus, you get creative control over the project so can plan your home as you like.
Some older homes can’t be renovated
Some people object to the tearing down of old homes, but the sad truth is, many older homes can’t be saved. There are lots of homes from decades past that have damp, structural issues or asbestos, and fixing them would either be impossible, or cost more than the home is worth. In these cases, it’s often better to tear the homes down and use the land to build something new. The main issue is getting planning permission. You should make sure that the home you buy isn’t protected under law, as some homes aren’t very old, yet it can be difficult to get them torn down as they are interesting or unique in some way.
Buying an older home to tear down can be an excellent way to get land to build on. If you’re thinking of building your own home, take a look at some cheap, older properties, as a knock down and rebuild project can be an excellent way to get the home of your dreams.
