Rebuild or Renovate
Tired looking home, old cracking walls and floor, growing family etc…It’s time to think about a new look home. Renovate or rebuild? This is the big question with lots of factors to consider:
- Time and Budget: the first question homeowners should ask themselves is how much time will they need to complete the project and what is their budget. Keep in mind, that an extensive renovation could cost more than knocking down the existing house to build a new one. A unique and individual home could be time-consuming and labour intensive. Brand new homes can be built quickly, using systems and modern materials that maximise efficiency and save time.
- Check local council planning: homeowners should make enquiries with their local council, as certain planning regulations and overlays my prevent a house to be demolished or even significantly changed especially heritage listed property.
- How big is your renovation plan: If significant changes are required or structural changes to the existing house, the homeowner should consider whether a renovation is viable or economically the best investment.
- Check your end value: It is worth checking with your local real estate agent what the estimated value of the house would be after a renovation. It is common that with every single dollar the owner spends on the renovation, they would get $2 in value increase. This will give you a hint on how to set your budget, so you don’t overcapitalise. So do homework, get some sketch concepts of the works and estimate the cost.
- Due diligence check with the existing home: What is the access like around the home, and to the home? Where do the services run? Do you know much about the existing state of your home, and what you might potentially need repairs or replacement to make your renovation work? How costly will it be to renovate or to rebuild?