My wife bought a house when she was 19, back when we weren't married. We've lived here for four years, and I'm starting to wonder if we should renovate what we have or just tear it down and start fresh. The house is over 141 years old, and it's showing its age: the floors are really uneven, I found some rotting in one of the bedrooms along with mold, and the foundation looks pretty rough. We're looking at a ton of issues, like needing all new windows, rewiring, and fixing various cracks. The only good thing is that we have a new furnace and central air. Money is tight, and we can't really afford major renovations without affecting our savings for retirement. Is it worth it to invest in renovations, or is tearing it down a better choice?
3 Answers
Honestly, tearing down and rebuilding could end up costing you way more. Sure, you’ll get exactly what you want, but if you can manage some gut renovations, it’ll likely be cheaper, especially if you DIY. First thing's first, get that foundation checked out – you need to know if it's stable before you sink any money into renovations.
It’s really up to you and your wife. Think about how much the house is worth now compared to what similar renovated homes go for in your area. Have you checked the costs of repairs? You might be surprised by how repair costs stack up against the value of a new home. Plus, how long do you plan on living there?
It sounds like getting an engineer to evaluate the structural stability is the first step. If your house checks out, start on repairs in stages. You don’t have to do it all at once! Things like plaster repair or replacing windows can be manageable DIY projects, which will save you some cash. Just take it slow and make a plan!
That's a good idea! I think we can handle some minor repairs ourselves. Right now, we’re mostly just trying to get a grip on how much everything would realistically cost.
Yeah, the foundation is my biggest worry. If that's messed up, I fear we could be in for a hefty bill we can't afford. It’s also interesting; we ended up here because my wife wanted to live closer to her family and this house was cheaper at the time.