Have you outgrown your current home? Is it in poor condition and no longer suits you and your family’s needs? If yes, it’s probably time to take action. You could renovate, sell your property and buy a bigger one, build your new dream home in another place, or demolish the existing house and build a new one. The fourth option is called a knockdown-rebuild project, and it’s getting more and more popular amongst Australian homeowners.
According to the Housing Industry Association (HIA), many homeowners today think that tearing down their old home and building a new one is advantageous.
Here’s some factors to weigh up before deciding if this option is the right one for you:
1. There are fewer surprise costs
Old buildings can have secrets and there’s a high chance that you’ll uncover them during a renovation. Issues like old faulty wiring and leaky pipes need to be fixed. And if your contractors find asbestos, it needs to be removed immediately. Fixing these unforeseen problems can turn a simple renovation into a stressful, costly, and lengthy nightmare.
Expert tip: The final cost of a renovation project is hard to determine during the design phase. You need a contingency fund to cover surprise costs.
Some builders include the contingency budget in their contract bit it could be too much or too little. It’s still best to have your contingency budget, so you have a fall back in case funds are insufficient.
When you choose to tear down the old house and rebuild, you don’t have to worry about fixing previous construction errors or surprises. You’re also less likely to go over budget and won’t need such a big contingency budget.
2. It could be a smart financial decision
An extensive home renovation and extension project can cost more than a new home project. There are cases when renovators spend 50% more because their project required careful demolition of the structure and time-consuming design adjustments.
You’re starting from scratch here and making the process more cost-efficient.
Yes, there are cases when the new home project turns out more expensive, but this usually happens when the owner decides to build a bigger home with high-end features.
3. No need to move
Knockdown rebuilding is perfect for families who love where they live and don’t want to move to another place. This option allows you to build a new home that suits you and your family’s needs in the community you’re familiar with. There would be no drastic change in your lifestyle and your kids won’t need to move to a new school.
4. …or move in the neighbourhood of your dreams
A lot of homeowners grab every opportunity to move into well-established suburbs and inner-cities. They buy an older house, demolish it and rebuild their new home on the same lot.
Expert tip: Properties near the metropolitan areas are expensive, even if they are worn out. Before you spend your money on such property, think about the costs versus the lifestyle benefits. Is this purchase worth it once the demolition and the rebuilding are done?
5. Design freedom
Renovations require you to work with existing structures. A knockdown-rebuild offers design freedom because you start with a clean slate. There are fewer compromises to be made. You have more options when it comes to the size, layout, and style of your home. You can choose to construct using modern building materials. Above all, you can design to budget.
Design freedom is crucial, especially when you’re dealing with a sloping or uncommonly-shaped site. It ensures that the new house suits the location.
6. Better access to the construction site
Site access is always an issue for constructions in high-density areas. It’s harder for renovations because the builders have limited access to the site.
A knockdown-rebuild improves the builders’ site access, helping them finish the job faster. Improved access increases their productivity and can reduce the overall cost of construction. It makes them more efficient.
7. Sustainability and energy-efficiency
When you opt for a knockdown-rebuild project, you can build a sustainable and energy-efficient home. You can create a house with better orientation, layout, window and door placement, natural cross-ventilation, and daylighting. Plus, you can choose eco-friendly building materials.
Design a home that is well-shaded and cool in the summer but allows maximum sun exposure during winter. And reduce your home’s carbon footprint and cut the costs of running your house — including electricity and water bills.
Lastly, you can incorporate new technology in your home to make it a smart home.
Tell us. Are you taking the knockdown-rebuild path?
Are you sold on the idea of taking on a knock-down-rebuild project? If you are, we have a few more tips for you. Read this blog to get our final pieces of advice.
If you’re ready to start your project, we can help you. Get in touch with our senior design consultants. Request a consultation and get a free quote.