Many smart investors bought property in and around Toronto many years ago and have been successfully enjoying the fruits of their labour in the form of rental income from those properties for many years. With more and more industry experts predicting a serious decline in housing prices in the coming years, some investors are hoping to cash out and weather the storm in other holdings.
Upon trying to take back those properties to get them ready for sale, some homeowners are uncovering a nasty surprise. These investment properties, their so-called golden eggs, are often in far worse condition than they might have expected. Turning them around for sale then becomes something much more involved than a fresh coat of paint on the walls and a sign on the lawn.
Renovation or demolition?
In nearly all cases, renovation and rehabilitation will be less expensive than complete demolition. A qualified environmental remediation specialist working in tandem with an excellent contractor can do more than one would ever imagine possible to restore a derelict property to its former glory. Before you make the final call on tearing down an existing property, make sure this last resort is truly the best available option.
However, if it has been determined that the property is just too far gone for rehabilitation, or it has been contaminated beyond salvation (e.g., those who have discovered their investment properties once housed illegal drug operations) it’s time to consider a plan for the last resort: demolition.
Things to consider in demolition
Perhaps you have inherited property and you have decided the way forward is a fresh start with a brand new structure, or maybe you can’t find your dream home in your dream location. In these cases, you may or may not need to go to the drastic step of a total tear down. Consider different options and discuss them with your demolition specialist:
- Interior Selective Demolition only partially dismantles a structure to prepare it for extensive renovations. You may see projects of this kind where the exterior of the house is left braced and standing, or where one wall is left standing at all times. One advantage to this type of demolition is that permits from the appropriate municipal authority may be more easily obtained. If the exterior of the building is in reasonably good shape, this may be the way to go.
- Complete Structural Demolition is what you may more typically think of as demolition. If the exterior structure is so damaged that there is imminent danger of collapse, a complete structural demolition may be the only option.
No matter what course of action ultimately ends up being the best choice for your specific needs, checking for hazardous substances like lead, mould or asbestos and appropriately addressing those hazards is a must. The reasons for demolition are as varied and complicated as the process itself. Ensuring you work with a demolition company that has the knowledge and experience is the key to a successful project.