To Renovate or Rebuild

With pros & cons on both sides, deciding between renovating and rebuilding can be difficult. Here’s a few points to consider:

✳️ Review The Costs – Start by considering the type and amount of work you plan on having done and of course, your budget. If the changes are mostly cosmetic, then renovating may offer a great money saving solution. If however, you intend on making significant structural changes, knocking down and rebuilding may be a cheaper option and will also give you the luxury to build your dream home just the way you like it! As a point of reference, you can build a new single-story home for approx $200,000 / a 2-story home for approx. $250,000. (Obviously this is a guide only and prices can be influenced by a number of factors including the slope of the land etc.). The long term expenses should also be considered – as new homes are generally cheaper to maintain.

✳️ Check with the Boss – Before plans are put into place, it is important that you check with your local council and ensure there are no restrictions regarding changes on the property. If the property is heritage listed for example, rebuilds may be out of the question and the type of renovation you are looking at may also be impacted.

✳️ Preserving The Character of your Home –
With the intricate detail of stunning period homes rarely replicated in today’s fast passed world; renovating may be the best option to preserve their beauty. While it is noted that period homes do cost more to renovate (due to materials being unique and labour hours greater), your property will always stand out with it’s unique character charm.

✳️ Consider Market Conditions – If your property is in a suburb with a slower growth, a renovation may be the way to go to ensure your re-sale value will outweigh your expenses. On the flip side, if your property is in a sort after location (i.e close to the city CBD, or beaches) or in an area where land space is limited and you are not at risk of over capitalizing, rebuilding will be a more valuable approach. Your advocate or agent can provide advice on the current market conditions to help your decision.