A knockdown rebuild is when you knock down the house on your property and rebuild a new home from scratch. You are essentially reusing the land to create the home you want. This may be an alternative option to completely renovating the existing house or buying a different property altogether. There are many reasons someone may choose the knockdown route, opposed to their other options.
Perhaps, the property is exactly what they are looking for in the area they are looking for, but the house does not meet their needs. Maybe the place is unfit to live in and needs to be knocked down to start new. When a home is condemned or unfixable, the property will go for less, so it is possible to get a great property at a low cost due to the house that sits on the property. Another reason may be that if the home requires so much renovation, it is more cost-effective to knock it down and start over.
Many factors will go into the route you choose to take. These factors include the price and condition of the property. Is it worth going through the hassle of tearing down the current house and starting over? If you can buy the property well under value and it is exactly what you want, then the answer may be yes. Another factor may be the type of house you want to live in. If the current structure is nowhere near the home you wish to, try to renovate. It is a lost cause because, ultimately, you won’t be happy.
To gauge the cost-effectiveness of your plan, you may want to know the average cost of the proposed project. The problem is that the average cost is going to be as subjective as the project itself. Similar to renovation costs, you can’t go off an average because every project is unique.
Cost of Demolition
The cost of demolition will depend on the size of the house, the materials used in the place, and the location of the house. Expenses associated with the demolition include the equipment needed to demolition the house and the process you will need to go through to get rid of the house debris. For example, a one-story wood-frame house will be significantly less expensive than a three-story brick structure to demolish.
While this comparison may seem extreme, it illustrates the point that there is no clear average price. You would need to contact a demolition professional in your region to get an estimated cost based on the actual structure. You can then call around for multiple estimates to see what the average cost will be for your house.
Cost of Rebuild
The second part of the project is the rebuild. However, much like demolition, the average cost will determine entirely on the type of house you are building. A one-bedroom cottage is going to be considerably cheaper than a six-bedroom farmhouse. Once you have blueprints for the house you want to build, you can go to a reputable builder like Dennis Family Builders to estimate the cost. If you’re going to collect multiple estimates, you can ensure you are getting a fair price.
When looking at the property and the blueprints, the builder can also estimate other potential costs, such as grading the land or clearing away trees and brush. While there is no average cost to use as a rough estimate, you can get the estimates you are looking for before knocking down the house, so a decision can be made before a rebuild is your only option. If you also get estimations on renovation costs, you can determine which route is more cost-effective.