After living in the same home for many years, many people start looking for a change. They want a different look and feel to their home, more functionality, different styles, more space or better use of space, the list goes on.
Then they start considering, do I move to a home that has all this? Or, can I do a large scale renovation on the kitchen, bathrooms, bedrooms? Could I just knock down this home as it’s a bit old and build a new one?
These are all very common thoughts. You think about moving but, you love the area you live in. Renovations can cost thousands of dollars to complete and you may not be able to simply knock down the existing home due to local council regulations.
In this post, we look at the options of Knock down, Rebuild or Renovate and things to consider for your situation.
Budgeting
This is probably the most important thing to consider when deciding on a course of action. We all have big dreams but they come with a cost. Spend the time considering what you can and could comfortably spend on all three of these options.
Do some basic research on the costs to knock down, remove the debris and rebuild. Look at costs on materials and the builders time to renovate and cost to build a new home on existing land.
Once you have a better idea of the costs, you will be able to make a better decision on the overall plan.
Check You Can Knock Down The Home
As mentioned, you may not be permitted to knock down the existing home due to council or government regulations in your area.
Speak with these bodies to find out if this is a possibility at all. Another consideration is the land. If it is a sloped block, this may incur more cost to rebuild a new home on. Speak to your builder about the options on this type of land and potential costs.
Can I Easily Renovate
Another consideration is renovating the existing home. This may include a rip out and installation of a new kitchen, bathroom or you may wish to create new living areas, larger bedrooms or outdoor area.
Some discussion with your builder is important here as there may be considerations in changing the existing structure. This may include modified roofing, removing existing walls plus new plumbing and electrical requirements.
Secondly, if the home is older and contains asbestos, this will need to be removed by licensed professionals at additional costs. Your builder can advise on this.
Also, it’s important to review the local property values and sales in the area. While it will be enjoyable while you live there, it’s easy to over capitalise on a home with little return in future sale of the home.
HomeBuyer Grant
We recently wrote a post on the Australian Governments HomeBuilder Grant. This is something to revisit if you’re looking at building a new home or completing significant renovations. You can find out more here.
Book A Consultation
You can book a free consultation with us here to discuss Knock down, Rebuild or Renovate and look at the options available.
