All too often, property owners are dazzled by the prospect of living in an all-new structure fitted with the latest fixtures and appliances. Opting for the wrecking ball and starting anew is tempting given the options available with improved materials, creative finishes and green opportunities. However, homeowners need to step back and study all the aspects of such a drastic move.
As a Mississauga real estate agent for 25 years, I have gained some insight regarding the advantages of strategic renovation versus demolition and build out. With 25 years of real estate experience in the local market, I know of many home improvement stories.
The Case for Residential Renovations
For homeowners who need to stay in place, a well-planned renovation may be the best option because it won’t require them to move out during construction. A renovation project can be scheduled in sections so that other parts of the home are still livable during the process. The project can also be scheduled over time, with breathing room in between phases, to make the construction mess more tolerable and budgeting more streamlined.
Any experienced Mississauga real estate agent will advise that the biggest upside to this choice is preservation of historic properties. Regulations are in place to prevent wholesale destruction of historic homes, but none exist for homes without the historic designation that harbor historically significant architectural details. These features, when identified, can be integrated in the home’s redesign by a skilled architect.
Teardown to Build Up
Undoubtedly, there are instances when the home is so functionally obsolete that tearing it down is the sensible option. Be aware of regulations that will come into play with a demolition. In many cases, zoning restrictions that grandfathered certain accommodations for a standing structure will not transfer to a ground-up build out.
However, building a completely new structure will give property owners the freedom to construct a home following their preferred footprint and square footage. The layout of the new home can be entirely different from the original structure as access to plumbing, gas and electrical wiring will not limit the placement of rooms and appliances.
The most significant advantage of building from scratch is the ability to create a green home that will reduce maintenance bills and reduce the owners’ carbon footprint.
Consult Local Experts
The choice to tear down or rehabilitate a property is not a simple matter of preference and budgeting. It calls for a lifestyle adjustment, commitment to neighbourhood standards and mindful application of new building technologies to create a livable and environment-friendly home. It is also important to ensure that project costs do not make the property excessively overpriced compared to other homes in the neighbourhood.
As a Mississauga real estate agent with in-depth knowledge of local market trends and home values, I can help homeowners make this difficult decision. Please contact me at 905-502-1500 or visit www.mcdadi.com, for more information.