In deciding whether to replace an existing house with your dream home, the best place to start is to make sure your plans are commercially viable.
It's a bit of a myth that the house you are buying holds the value and often, especially with dilapidated properties in good areas, the value remains with the plot and knocking down the house will make no difference to its worth.
That said, you should consult a qualified valuer to make sure this is the case before you commit to buy!
Before you buy the plot...
Have a good idea of what you want and how you want to builld. At this stage, you don't need firm plans but just enough information to be able to work out the end value and construction cost of a suitable new home.
Our Ideas Book and Price Guide are great tools to help you do this - Download them here.
When you build a new home, you can also reclaim most of the 20% VAT which is a significant saving compared with carrying out an extensive refurbishment which does not have the same benefit.
Once you understand the value of the plot and the cost to build, you can simply add these together and compare them to the finiished value to make sure your project is viable. Hopefully, as many of Potton's customers discover, you will find a healthy level of equity and will want to get started by working with Potton's Architectural designers
to create and individual house design that complements you and your plot perfectly.