KNOCKDOWN REBUILD OR RENOVATE – WHAT SIDE OF THE FENCE DO YOU SIT?
Whether you should knockdown and rebuild or renovate is a hotly debated topic amongst many Australians and it can mean the difference between adding a few extra greys and making your bank manager smile. So let’s take a look at the advantages of each option…
Knockdown rebuilds are a good idea when…
- You need to work to a fixed budget: renovations are renowned for uncovering hidden issues within a structure, leading to unexpected costs. As you probably know, whenever you are renovating you need to have a contingency amount put aside, and sometimes even that won’t cover it. With a knockdown rebuild you know exactly what the final cost will be from the outset.
- Your suburb is undergoing a housing transformation: If the façade and size of your house is out-dated and smaller than surrounding homes, then your overall property value could be affected. This is not about keeping up with the Jones’, but ensuring your home is capitalising on the street value and not dragging it down.
- You want to downsize and/or upgrade without having to leave the neighbourhood: a knockdown rebuild can open up many options. As well as being able to build out and up you can also subdivide your block of land and sell off part or build a duplex. Essentially, a knockdown rebuild means you can create an income and upgrade your fittings and fixtures, without having to leave the area you know and love.
- Maintenance issues are increasing: patching up an ageing home can feel like you are chasing your tail; new roof and guttering, wiring, plumbing, even foundations can need replacing as your property Fixing problems as they arise may spread the cost out over time, but if you add up the expenses, on top of any renovations you may be planning, then your mortgage will most likely be suffering.
- You need to move major services in your property if you renovate: moving services that are required for a kitchen and/or bathroom, such as gas and plumbing, can add significant costs to your renovation budget and can quickly blow out. If you can’t avoid such moves it may pay to price up alternative options such as a knockdown rebuild so you have a clear understanding of all costs before making a decision.
- You want to do more than simply add solar panels to reduce your energy costs: new homes are built to be environmentally sustainable and energy efficient. Improved building materials, quality insulation, passive solar design, water tanks and solar panels are now part of new home designs as standard features – not just tacked on at a later date.
- Carrying out major extensions require new foundations and rooflines: Starting fresh can be a wise solution to ensure your home foundations are exactly what you are after and of course structurally sound. If you are going to be investing a considerable amount in this project then you want the finished home to be exactly what you want without having to compromise due to existing foundations and rooflines.
- Your home is screaming ‘demolish me’: sometimes you won’t have a choice: fire, termites, fallen trees, and a million other scenarios, may take the decision out of your hands and there is nothing left to do but call in the bulldozers. Knockdown rebuild professionals can take all the stress out of that process for you by arranging everything from demolishing your property through to quality construction.
One the other side of the real estate spectrum, renovations can be an attractive option when…
- You are a qualified tradesperson: If a renovation is within your skill level (and you have the time) then it may save you money to renovate, as well as give you a sense of personal and professional achievement.
- You live in a heritage listed home: sometimes knocking down a property and starting from scratch isn’t an option. Besides the fact that you may love the period features and original charm, there may be legal requirements restricting what changes you make.
- You only want to make small tweaks here and there: if your home only requires putting up a few floating shelves and a lick of paint, then obviously renovate away. Cosmetic renovations are essential for homeowners to put their stamp on the space and also keep it up to date with the latest colours and styles.
- You don’t have small children, a demanding job or plans to relax on weekends: while the financial costs may be significant with a larger style renovation the other big cost can be time. Instead of the streamlined construction, typical of new home builds, you will need to manage many different trades, budgets, schedules and of course be able to commit your own time.
- You have deep enough pockets and big ideas: like all things in life, sometimes you have to follow your heart. If you can’t think of anything better than whipping out your hammer and paintbrush and giving a DIY renovation a go, then of course go for it. All we can say is please do your homework first, get experts involved where possible and good luck.
Want to know more about knockdown rebuilds?
Valley Homes has been completing knockdown rebuild projects in Maitland, Newcastle and the Hunter Valley for many years. Our experienced team will take care of the entire process for you, from council approvals, demolition, custom design and construction. If you would like to discuss anything about getting your own knockdown rebuild underway, talk to us.