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When is it best to renovate remodel or demolish an old building?
Wiki User
∙ 12y ago
There are so many variables involved with this question...the simple answer is: If the cost output to renovate is less than demolition and rebuilding, taking into account your emotional attachment to the structure and what you would potentially rebuild in its place.
If a structure still has good "bones" (framing, beams, foundation, and general squareness of structure) then you might ant to renovate. Big ticket items will be: Foundation work $20,000 to $30,000 on an average house, Electrical Upgrade $5,000 to upgrade the service panel from fuse to breakers, $10,000 to $20,000 to re-wire the whole house, roofing $10,000 to 20,000 depending on square footage and materials...so you can see how it adds up. Good value Reno projects are basements, kitchens and bathrooms...if they are crappy, gut them and replace with new stuff. Upgrading windows and doors, upgrading insulation etc. in old houses adds huge value.
You could easily sink $100K into an old house to bring it up to modern standards (insulation, mechanical, electrical) plus whatever you have to repair on the exterior. In the end it comes down to your budget and what your plans for the house are....
And don't forget to take into consideration the zoning ordinances and property restrictions. It may be cheaper to demolish and rebuild, but the difficulties in getting permission could make it a much longer process. Buildings on waterfronts and in historical areas are often restricted.
Wiki User
∙ 12y ago
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