With increasing real estate prices, buying a new property is getting increasingly difficult for homeowners. If you already have a home, you can make the smart choice of demolishing the old building and constructing a new one. Since available land is limited and highly expensive, this is one of the prudent ways of minimizing your expenses. In this post, we’ll talk about the simplified process of reconstructing a new house in just a few steps.
Demolish the old building
As mentioned earlier, real estate prices are high, and instead of making two investments, it’s wise to demolish the older building to make way for a new one. Clearing land to build new homes is a necessary choice in many cities because homeowners are not keen on selling their properties, and therefore, there are fewer homes on sale.
To demolish your building, you can hire a demolition contractor, who will check the necessary aspects and offer a quote. The contractor will also procure the necessary permits and licenses to complete the process.
Get an architect
If you’re on a tight budget, you can’t afford to put your new investment at risk. It’s a good idea is to get an architect for the job. You need someone who’s experienced and can help with your requirements.
Once you have a plan in place, you can reconsider the budget and other aspects in detail. Typically, people build a new home with the intention of using it for at least a decade. If you’re planning to sell the house within the next few years, it’s wise to compare current construction and demotion prices with the expected future sale price.
Deciding the budget
First things first: you must have a budget in place, which should be realistic and practical. After the architect’s plan is finalized, you can consider talking to a construction contractor, so as to know the cost of the main structure. Depending on your décor goals, you must also talk to an interior designer, as well.
Let’s say your budget is X dollars from the start. On the safe side, you should keep X + 25% in your account. In case you’re taking out a loan, consider the additional 25% as your contingency fund.
The real construction process
The assigned construction contractor will start the process as soon as you give approval, but do take your time to evaluate everything. Procurement of materials, use of labor, and other aspects must be checked and monitored at a personal level. If you don’t have the time for all that, you can hire a supervisor, who can report to you on the development and possible lapses in the project.
During the first steps in the demolition process, you should be present at the site to oversee the work. Make sure that the demolition contractor is taking the necessary steps to avoid possible accidents and hazards. If done right, your new home should be ready within six months to a year, depending on the interior work and other additional construction hassles that are quite common in this industry.