The Value of Restoration
An old building is worth more than a new one. Many old buildings used higher-quality materials and offer impressive architectural design. In fact, a century-old building will likely outlast a new one. Plus, a prominent story could add value.
Reasons to Restore
Here are 10 reasons to restore rather than tear down:
- To maintain the unique design.
- For heritage reasons.
- Buildings age and need renovation, repurposing, or demolition.
- Restoration can be sustainable and save money, time, and effort.
Restoration Costs and Benefits
Costs to restore a 2,500-square-foot home range from $15,000 to $200,000.
- Low end: $15,000-$45,000.
- With full kitchen renovation, homeowners recoup 59%.
- A new master suite returns 50%.
Experts agree kitchen and bathroom remodels are the smartest moves. Kitchens cost more but yield better returns. Tackle the roof and gutters first in an old house.
Benefits include:
- Lower pricing for older homes needing fix-ups.
- Every house has a story; preserving it adds value for generations.
- Improvements maintain original character while modernizing.
Renovation Considerations
Renovating 80+ year old spaces is a big commitment financially and emotionally. Those who chose history over modernity share insights. After renovations, whether it’s worth it depends largely on the individual.
Assess the house condition first. Turn it into a great investment. Renovating increases resale value but is costly. When restoring, consider adding on if more space is needed.
Disadvantages of Renovating
One major disadvantage of renovating a home is the time it can take and the disruption to life it can cause. Ask an interior designer for advice before you start the renovation.
Frequently Asked Questions
Q: What are the most expensive parts of renovating a house?
A: The most expensive room to remodel is the kitchen since it includes extra plumbing, HVAC, electrical, appliances, and planning.
Q: What renovations boost value?
A: Kitchen and bathroom remodels are the smartest moves, as these renovations typically yield better returns.