Rebuild or Renovate? The Best Solution for Your Home

While owning real estate in India as in any other part of the world gives you a sense of security, making it livable and maintaining it costs money. When you begin to find your dream house too small for your family or looking rundown and beyond repair, what do you do? Renovate or rebuild?

Rebuilding and renovating properties is a difficult decision to make and many factors come in to play. Most people believe that renovating is a cheaper option but that may not be necessarily true. The biggest thing most homeowners consider when making a decision is, of course, the cost involved to do either. Here are some questions to ask yourself and tips that may help in making the decision easier for you.

Home Renovations

~ Will the cost of modifying and altering your house be more or less than the forecasted increase in your property's value?

~ Will the property you are renovating be the main residence for your family and you?

~ Will the house foundation be able to handle the structural changes you plan to make?

Rebuilding your Home

~ How much will rebuilding cost you?

~ Will you be able to save anything from your old house that you may be able to use in your new one – appliances, furniture etc.?

~ Where will you family and you live while your house is being reconstructed?

Whatever decision you make, it's important that you don't underestimate the logistics of either option.

When it comes to ascertaining costs and prices, we recommend that you be realistic and a buffer of at least 20-25% to your budget for unplanned and unforeseen events. These, most certainly, will happen so it's best to be prepared.

There are several beautiful houses in India and we all aspire to live in one of them. Whether you decide to work within the four walls that surround you or start afresh, remember that the project you take on is also going to be an investment not just of your money but also of your time and effort!

Have you recently renovated or rebuilt your home? Log on to www.proptiger.com and tell us your experiences.