Many homeowners wish they could renovate their homes and increase their value. From custom additions to new kitchen cabinets and retractable awnings, homeowners are doing anything to enhance the look and feel of their homes. However, there are cases when salvaging a less than desirable property is simply not worthwhile, and ambitious developers can choose to actually rip it all down and start from the beginning. When you consider the potential added value from replacing an outdated property with something inherently more modern and flexible, this can prove worthwhile if you have the required funds to get going.
The practice of knocking down homes and rebuilding has been in existence among large-scale developers, but an increasing trend also involves private homeowners who purchase older homes, perform the renovation, and incur all the risk. They undertake house demolition projects just to design and set up modern-day, energy efficient residential homes. Constructing bespoke homes and houses in super-exclusive locations can be very lucrative, although it can involve a lot of work when an existing property is already taking up that valuable space.
You will have to seek demolition consent as well as planning permission for the new build. For the lucky ones, planning permission may have been secured. If you live in an area where home prices keep rising, you can make quick money by utilising your land’s full potential, as long as it seems profitable to do so. The general rule of thumb is to spend a third of your money on the plot and old house, another third on the renovation, and pocket the remaining third as profits. If you’re able to come up with a realistic plan that fits this bill, you might be in luck and decide that going for a full rebuild is the best choice for you.