In the Victorian sea side village of Penarth,(South Wales) also known as Garden by the Sea ,there are rumours spreading questioning the sanity of its residents.
Is it age or maybe the sea air that is effecting their logic? For in Penarth over the last year alone residents of the sleepy seaside village have witnessed no less than four seemingly good houses demolished and rebuilt on the same footprint as the old property.
Are these people crazy? What is the logic in taking down a perfectly good structure?
Economics is driving them sane
The truth is that these people have researched well.
Consider, they have just bought a property in an area they love or have lived in it for a long time and don't want to leave the area. Due to the age of the property, it is in need of an upgrade. It will require new windows, doors, re-wire, re-plumb, a new bathroom and kitchen.
When all of this work is being carried out the plaster will be hacked off to renew the services and the floor boards lifted. Undoubtedly their will be unforeseeable damage which the builder will claim EXTRA's for!
Then there is that little bit of re modelling required to modernise the living area. Maybe two rooms into one ? or a small extension and orangery? The roof may be OK for now however it will need attention in a few years and they have been informed by the surveyor that there are signs of wood worm and no felt under the slates.
The amount of work needed dictates that they will have to vacate the property for a few months and further more they have to get the improvements passed through planning control.
They then calculated that after all this work that they will do (probably funded by a top up mortgage or loan) they then have to consider their fuel bills when they finally occupy the old house.
So What is left of the old property before all of these improvements are made? An old shell, a shell that is inefficient energy wise. The new improved property will look superb but will cost a fortune to heat.
20% paid by taxes
The people in question above have looked more closely into the finances. They realise that to demolish the old house will only take a week. It will only take a couple of weeks to re build completely in STYROSTONE. BUT THE MOST IMPORTANT FACT is that by building it from new they are eligible to reclaim all the VAT @ 20%. They also now have a brand new super insulated energy efficient house that will cost pennies to run. The VAT reclaim along with the disposable income provided by energy savings will more than pay for the cost of the styrostone shell.
Not so crazy
They are now the owners of the most valuable house in their areas.
Older properties were built with much larger gardens than today's properties in order that the occupants could grow their own produce.
Why not stop looking for that small plot tucked away between other properties and look at the viability of buying an older larger house with a big garden and go CRAZY!