I did this several times, and for dynasty players there is no alternative cause there is no access to Edit town for that reason.
I would also chose this if there is a garden with moneytrees, cause it is a long process of finding and growing lots of moneytrees, and if there is already stocked pond (even if new pond can be restocked too). You can always send your Sims to comunity lot and none will be in the way. Fill their personal and family inventories with everything you want to save, like portraits, photos, collectables, LTRs etc and then demolish and built. Once you pick the hammer tool, it is very quick to demolish whole lot.