The house is getting too small but you love the area, what are your choices? It’s a common problem facing growing families: what to do when they outgrow the home? The debate on building VS renovating gives you a few options to consider. But what is your better option?
If you choose to move, you will be faced with all those associated costs such as stamp duty, solicitor’s fees and moving expenses. You could renovate the home by adding bedrooms, living spaces and changing kitchen and bathrooms to meet current trends. This can get costly. At times renovating seems the best bet rather than building an entire home from scratch, but is it? This is something that many people are asking today.
Here’s a third option: Why not just knock the whole place down and build a completely new property on the existing site? You already have a great block of land, why not utilise it? Re-building on your existing property could be beneficial in the long run, financially and logistically – short term pain, for long term gain.
The most important first step in deciding whether it’s re-build or renovate is to do your sums:
- Consider the sale price of your home as is and relocation to a home you aspire to in the area. With stamp duty and legals included – what would it cost?
- With that budget, could you renovate to achieve your goals? Will a renovated home in your area fetch the resale price you hope for – is it a good investment?
Traditionally knocking down and rebuilding will cost a little more – but a brand new home in an established area is gold. If you plan a long-term stay there is no better investment.
Benefits of a knock-down re-build
- Stay where you are in a beautiful new home, with all the modern trimmings.
- No compromises, choose a design to suit your needs.
- New everything! No maintenance hassles.
- Great resale value
Some helpful tips
- Shop around. Some builders state they are specialists in knock-down rebuilds, however most project home builders offer this service as well.
- Get a few quotes for the demolition yourself and include the application to Council.
- Budget for a period of short term rental
- Be ready to move! Your builder will want to start as soon as the applications are approved. You’ll be surprised how quickly the time comes you’ll need to be packing.
When considering building VS renovating, don’t forget the option to knock-down and rebuild. If you are established in an area, a rebuild could be worth considering! Have a look at Allworth’s design options before you make a decision.