Etobicoke’s real estate market is vast and diverse, where you can find everything from luxurious executive homes along the waterfront to beautiful heritage Victorian and Georgian residences. Many older homes have been extremely well-maintained. Unfortunately, other buildings are run down and need so much work that tearing them down and rebuilding is often easier and more cost-effective.
It turns out that’s exactly what many home buyers are doing. When you find the right location and the perfect lot size, a complete teardown allows you to build the home of your dreams to your exact specifications. Unlike buying pre-construction, your home will be in an established neighbourhood, complete with mature landscaping. And when the owner wants to sell as-is without taking the time to renovate, you can often find excellent prices even in Etobicoke’s fast-growing market.
Should you consider a complete teardown and rebuild? Here are a few factors to keep in mind.
Your Budget and Financing
If you find an older house that needs a lot of work, you can often get it for much less than the average price in the neighbourhood. However, you have to factor in a lot more than the cost of the house.
Every step in the process will have the expense of labour and materials, including:
- Tearing down the old house
- Environmental and disposal fees
- Permit fees
- Architectural design costs
- Contractor and material costs
And, of course, you can’t forget the usual moving expenses and closing costs that always accompany the purchase of a new house.
Before deciding on a teardown, it’s wise to talk to a real estate professional to get an idea of your budget and how much financing you can qualify for. Still, you may be surprised. In some cases, it can cost less to demolish and rebuild than to renovate a home that is too far gone.
Finding a teardown is only one option for landing an ideal home in Etobicoke. Here are some other ideas you might consider:
- Should You Lease a Luxury Home in Etobicoke?
- Finding Your Diamond in the Rough: A Guide to Full Renovations in Etobicoke
- Buying a Home in Etobicoke in a Shifting Market
You’ll Need to Be Flexible With Your Timeline
There is always a delay between your purchase and move-in date, even when buying a turnkey home. Though closing can be as little as two weeks, 30 to 45 days is typical.
When you plan to tear down and rebuild, you should be prepared to add months to your timeline. In the meantime, you may need temporary accommodations, which is something else to work into your budget.
The other thing to consider is that you can plan everything to the tiniest detail, but delays can still happen. There are many factors outside your control that you may need to be prepared for.
Designing Your Layout
Now that you’ve considered the financing and timing aspects of your teardown, the fun part can begin. It’s time to decide what layout and features you want your new home to have. At this stage, your creativity and sense of design can come into play.
Your contractor may have an architect who can create your blueprint. If not, you will need to find a third party. When designing your home, you should be mindful of the neighbourhood you are building in. You might love an ultra-sleek modern look, but it could stick out like a sore thumb in an enclave of historic Victorian homes. And if most of the houses are bungalow styles, you likely don’t want to build a sprawling 3-storey residence. It’s not just to keep peace with your new neighbours. Overbuilding for the neighbourhood is a frequent mistake buyers often make when demolishing and rebuilding. The expense is not likely to pay off in terms of the value appreciation of your home.
Once you’ve decided on a layout, it’s time to design your interior. Here are some ideas that might help:
- Lighting Techniques That Instantly Give Your Home a Facelift
- Redesign Your Home With One Trip to Your Local Hardware Store
- 6 Design Trends Making a Comeback in 2022
Check Your Zoning Laws and Get Your Permits
Before investing in building your dream home, check in on the zoning laws to ensure you’re allowed to follow your vision. In addition, you’ll want to know if a homeowner’s association in your neighbourhood might restrict you from building to your desired specifications.
You want to be sure you can get all the required permits to perform the teardown and rebuild.
Lastly, talk to your real estate agent about what upcoming projects might be in store for the area. This step can save you a lot of heartache if you’re intent on buying a home in a quiet neighbourhood–but there’s about to be a noisy highway constructed a block away.
Finding the Right Contractor
You’ve found the perfect lot in an ideal location. That’s the good news! Now, you’ll need a team of tradespeople with different skill sets to perform the actual labour of your rebuild. How can you find contractors that you trust? Online research is a good place to start. Once you’ve narrowed it down to your top choices, you can schedule a consultation. Questions to ask include:
- How skilled are your project managers?
- What do you estimate the overall budget to be?
- Are there any unexpected costs I should be aware of?
- Will you get the required permits, or will that be my responsibility?
- How quickly do you think the project can be completed?
- Do you offer a warranty on your services?
- Who can I contact when I have questions?
Yes, a Local Real Estate Agent Can Help
Keep in mind, all real estate transactions are legal contracts, and total teardowns can be even more complex. A local real estate agent with teardown experience can be the difference between failure and success with your project. They can help you locate hard-to-find listings within your budget that are ideal candidates for a rebuild.
A local professional will also have access to the best contractors and tradespeople in the area who are already vetted and qualified for your project. With a true expert by your side, your journey to finding and creating your ultimate dream home can become a joyful and exciting experience.
Is a teardown and rebuild the right path for you? We have taken several clients through the process over the past few months and would love to help you. Feel free to reach out to us with any questions or to start searching for your potential new home today.