Living on your own is the first step towards adulthood, however, owning your own home is the mark, for some, of true independence. There are those, whoever, prefer to have the choice of freedom and decide to rent a house or a flat.
In this article we will break down some of the basics of the 3 most common approaches to homeownership in order to understand the matter more thoroughly.
What is the difference between renovating and demolishing
When on the market for a home, you are looking for a place where you can raise your family, create memories and foster a deep, loving bond. And then you come across a property that draws you in with its huge potential, itβs rough but it has potential.
And thus you have the choice of either renovating it or tearing it down and rebuilding it β which one would be more suitable?
The deciding factor here, strangely enough, is the condition of the house you have chosen β if its falling apart, foundations are failing and thatβs why you got it for such a good price β renovating might not be the right choice.
While you will be preserving the charm of the lot, you will be spending a lot of time and effort on something that needed it several years ago. On the other hand demolishing it and then rebuilding might be more time consuming and cost more than renovating.
Demolishing a house
This is a specialized process which needs to be done with the utmost attention to safety, there is no need for adventure. Demolishing a small 2 story house can be a quick process, depending on the building materials β wooden houses take the least amount of time, brickwork is quite more labor intensive.
If you are doing it on your own then it would be quite a lot of work, a demolishing crew would be required, but that is some expensive business. Then it comes down to disposing of the rubble which is also a hassle.
Building a house
Building a house is a lot more straightforward than renovating it because you start with a clean slate and can be fully confident in the structural integrity of your home. This, however, is a labor intensive and expensive process which might take up most of your spare time, unless you hire a contractor.
Renovating a house
Renovations, depending on the condition of the house, might be quick and easy β patch some holes, sand the floors and paint the walls and you are done. Or it might be a nightmare β crumbling foundations, leaking roof, windows need to be removed β it can become a mine field.
So when going for a renovation, always make sure to check properly what needs doing, and be prepared to be surprised later on, because no matter how well you prepared, there is always something waiting to surprise you.
Renting a house
From the sound of the aforementioned approaches, renting might seem the most convenient choice, and it is, for a time. While renovating and building a home can be quite cumbersome adventures, at the end of the day you are working towards something that will be yours.
Renting is living in a place that is not your own, spending money on rent while that money could be put towards paying off a mortgage of a house you can call your true home.
When approaching homeownership, be sure to do your research, make sure you check for the quality of the construction and then make a plan aligned with what suits you best β you know better than anyone.
