Renovate or Rebuild
Whether you’ve outgrown your existing home, or perhaps have your eye on a particular suburb or street to buy into, the big decision remains; should you renovate or rebuild? It is easy to get caught up in the romance of renovating, particularly with the media’s focus on DIY projects, but there are some genuine benefits choosing the knock down rebuild option.
Why are you better off with a knockdown and rebuild project?
1. Cost – Renovation or Rebuild?
The question is often asked, is it cheaper to renovate or rebuild? For most of us, our home is our biggest asset, which means you may need to put some emotion aside and think practically about the cost of any improvements you make to it. The key fact is, more often than not, knocking down an established home and rebuilding a brand new home will cost you less per square metre than a renovation project. This is the case because bespoke building that is specific to your existing property is a time consuming and labour intensive project, while brand new homes use readily available materials and proven systems for efficiency. Check out our knockdown rebuild calculator to assist in determining your knock down rebuild costs.
2. Less risk
Many renovation projects end up blowing out in cost or going way over the time allocation because as the project progresses more challenges are identified. Whether it be unstable foundations, unsafe wiring or damaged plumbing, there is always the risk of the unknown. With a knockdown rebuild home, before construction commences you will have a fixed price and a contract commitment for the building timeline. This means you have complete confidence in your planning and budgeting.
3. Energy efficiency: Knockdown or Renovate?
If the home in question has seen better days, or is clearly the worst house in the best street, its original orientation may not be conducive to energy efficient design. Brand new homes focus on maximising efficiency through six-star rated orientation and use of materials, to make the most of natural light and keep your energy bills down.
When planning a renovation or rebuild project a key consideration is how long will I need to find temporary accommodation. While living with family is nice at the beginning, if your project timing doesn’t go as planned, it can be a significant strain on everyone. A major advantage of the knockdown and rebuild process is that you have transparency across your building timeline from the beginning of construction, which means you can start planning your move in advance, and not cause any family feuds!
5. No compromise
While the idea of retaining some charm and character of an older home is important to some homeowners, you could compare this to the idea of achieving all your home living dreams in one go. A brand new home, that no one has ever lived in, with just the right amount of the right sized bedrooms, storage to die for, a modern kitchen and even smart wired for the tech savvy families – it is the clear the winner.
By staying in your current suburb you can continue to be part of your community with no need to move schools or change your shopping routines, which means less stress on your family. If you have chosen to buy an established home, to demolish and rebuild,
in the location of your dreams, you have probably already made the decision based off an established infrastructure and reputable school zone!