Should I renovate or knockdown-rebuild my house? This will help you decide
- 868 Views
- Chirag Shah
- 15th June 2020
- Real Estate
Home is a place where memories are created. Perhaps that is the reason, people do not prefer moving houses frequently. When you stay at a place for a long period of time, you get comfortable in the neighbourhood and the city you are living in. In several cases, it may also happen that you love the area you are living in but your house is not comfortable anymore and it needs a makeover. You have two options- whether you can get it renovated or knockdown-rebuild the house on the same parcel of land. It is a difficult choice to make. Asking yourself some right questions will help you arrive at the right conclusion.
What is my budget?
Trend of knockdown and rebuild in Adelaide is becoming popular. As shared by the Housing Industry of Australia, about 33% of new detached houses are knock down rebuilds. The cost of building a brand-new single-storey home is around $200,000. For a two-storey home, the cost goes up to $250,000. If your house requires a major renovation and several structural changes, it is better to opt for knockdown-rebuild. From the maintenance perspective as well, new homes are easier to maintain and far more energy efficient. Take all these costs into consideration while making the final decision. The biggest benefit of knockdown-rebuild is that you are well aware of the construction cost from the very beginning. The cost of renovation can unexpectedly shoot up due to issues like termites, rotting timber, complete replacement of pipelines etc.
How old is my home?
The older the home, the more the renovation required. It is likely that even after spending a huge amount after renovation, your home might not give you the feeling of living in a new home. From ceilings to walls, home electrics to plumbing, if everything needs fixing then knocking down and rebuilding the home is a better idea. You will get to live in a custom home in Adelaide that will up your modern lifestyle.
What is the current market condition?
If you are living in the prime area of the city where the vacant land is scarce, knockdown-rebuild is a smart option. A local real estate agent can help you track the local market and have a fair idea of the future valuation of your property. If you live in suburbs where the real estate market is growing at a snail’s speed, then renovation is a cheaper and smarter option. Also consider demolition restrictions, design limitations and heritage listings in your city before making up your mind. This may further prevent you from a complete knockdown.
Is my block suitable for rebuilding?
It is important that you consider your block before taking any decision. If your block is sloping, then you will have to spend extra money for rebuilding since it makes construction more difficult. Boundary setbacks, vegetation, local planning laws are some of the other aspects you need to consider before entering into the designing phase. This will make it clear whether you can make significant changes to the building’s structure or for that matter completely knock down the house and build from a scratch. When you choose a builder or architect for your project, show them your block. They will give you a professional advice which is a better option for you- a renovation or a rebuild.
Am I mentally prepared for renovation?
Admit it, renovation is a tiring process. It demands great physical, financial and emotional involvement. If you have a hectic job or small children, you should think twice before making the decision to renovate your home. Ask yourself how long do you want to stay in the same house? If it is not for long then minor renovation will do. If you are planning for a prolonged stay, then knockdown-rebuild is a smart and cost-effective option. Also consider the time involved in the process. Rebuilding a home from scratch will take a longer period of time in comparison to renovation but it will give you the satisfaction of moving into a brand-new home. On the other hand, renovation is just like giving your old home a facelift which equally demands time and money.
As mentioned before, this is indeed a tough decision to make. Weigh your options well and choose what suits your current and future requirements and needs the best.