Sometimes it pays to raze a house and build a new one.
Is your house 80 or 100 years old and seriously damaged, but in a location you love? You might be better off knocking it down instead of trying to remodel or buying a house somewhere else.
Tearing down a house is a good idea when:
* The house has rotted beams and antiquated wiring or plumbing.
* The foundation is faulty.
* A renovation that solves all of its problems would be too expensive.
* The house is on a large or attractive lot and you like the location. Sometimes the land alone would be more valuable that the house on the land.
* The house has structural problems and is less valuable than others in the neighborhood.
Tearing down is a bad idea when:
* The house has historical value or features that would be difficult to re-create.
* You can get the updates you want with a modest renovation.
* If you aren't sure you will stay long enough to justify the effort and expense of a teardown.
If you decide on renovation:
* Never start a renovation yourself if you don't already possess the skills and time to finish it.
* Never count on an interested party to help you with renovations.
* Plan for at least three to four months in renovation mode for a room.
* For whole house projects, plan to live somewhere else.
* Reserve at least 20 percent over your budget for unexpected problems.
* Leave serious structural issues to a professional.
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.