When thinking about improving one's standard of living, making changes to one's home would be the first thing in mind. In this aspect, there are a lot of questions on whether it would be better to renovate a place or just demolish it in preparation for a new one. Which would be more economical? Which is more suited for one's intent? Which is better?
Before making a decision, one must understand both sides of the argument. Demolition, in this sense of the word, involves taking down a structure completely. Renovation, on the other hand, involves making changes to the current structure without taking down its foundations, mostly to fix current problems or just making improvements from the old structure. Contrary to what one might think, demolition is not always more expensive. There are times where the desired changes by owners are too expensive to just renovate, in which case a demolition would prove to be more economical.
Renovating a property has both advantages and disadvantages. In terms of sheer monetary factors, it would be cheaper to just slap on something to the property to improve or repair it. It takes less amounts of cash outlay to perform and would require less time than demolishing a structure. Most people prefer renovations because the one-time cash outlay is not that substantial, making it more affordable and more feasible at the time. However, renovations do not work a hundred percent of the time. There are chances of insufficient repairs due to underlying problems which could not have been solved by renovating properties. In this case, the amount spent on renovating the property, even if it is cheaper than rebuilding, would be considered wasted and hence, would be more expensive.
Demolition, on the other hand, involves more cash outlay from the beginning to the end. It requires hiring a full team of contractors to work on building the foundation of a structure, up to the desired design of the house. It would also require a lot of other expenses such as building permits and other professional services which may be needed to guarantee the quality of the new structure. However, rebuilding properties often have longer lasting effects than renovation. This is because the potential problems which cannot be detected during renovations are considered inexistent when rebuilding from scratch. It also helps update the design of the structure, in line with modernizations in today's technology and information build-up.
When choosing between demolishing and renovating, it would be advised to look at one's needs and have the costs estimated by professionals for each option. This way, there would be a link between what one might require and what one might afford. Having the costs estimated for each option would also help in creating a budget for the project. This way, the workers involved with building or improving the structure would have an idea of what to do with the project. It is also important to note the time involved and the logistics of the structure. Would a long-time construction be feasible for the homeowners? Would there be a need to rent a new home in the mean time? Would there be further plans for the building? Answering these questions would help in assessing whether one would need a renovation or a demolition project.