Many Australians are buying blocks of land with old houses which they can renovate and call their own. However, renovation is not the only option on the table. In some cases, a knockdown rebuild project makes more sense.
Let’s discuss the edge of knocking down the old house and rebuilding — also the situations when you should consider it instead of renovating.
No more compromises
You select the block and house to suit you and your family’s needs. When you decide to rebuild, you get both the lot and the home you want. You get to build the house of your dreams, on the location you already know. There is no need to compromise your lifestyle. There is no need to move your kids to a new school.
A chance to build a bigger home
Working around an existing structure imposes many limitations and compromises. You might encounter surprise expenses too, and these might push you to stretch your budget.
Things are different when you choose to rebuild.
Rebuilding allows you to start from scratch. You get to build a larger home and make greater use of the land. You get to build more spacious interior rooms and wider outdoor entertainment areas. Ultimately, it is more cost-efficient to demolish the old house and build a new one that’s twice or thrice the size of the first one.
Freedom to build a more modern design
Styles and trends are always changing. Most of the time, homeowners who bought an old home update the facade of the structure to make it more modern.
When a simple facelift isn’t enough, you should consider rebuilding. It is more cost-effective to knockdown rebuild. Because you will start from scratch, there are no compromises to preserve the original structure. You get to build a new, modern home with a spacious open floor plan and stunning outdoor entertainment areas. You get to build a more sustainable and energy-efficient home too.
Option to cut costs
Based on experience, a renovation can cost more than a knockdown rebuild. The cost per metre of a renovation is higher than a new home project.
Before deciding to renovate, consider other factors such as labour expenses, council fees, permits, building materials needed, and inspection costs. You should consider replacing old electrical wiring, plumbing, and drainage systems too. New systems are more reliable than old ones. When the final costs are way over your budget, consider building a new home instead. Rebuilding, when organised, is less stressful and more budget-friendly.
Opportunity to grow your investment
Building a brand new and bigger home on the same block of land will increase the value of your property. If your goal is to have a steady capital growth, a knockdown rebuild project is the way to go.
Not to mention, new homes come with warranties. A two-year non-structural defect warranty, a six-year structural warranty, plus post-completion maintenance for three to six months reassure your investment.
Knockdown rebuild or renovate?
Choosing between a renovation and a knockdown rebuild project is a difficult decision to make. There are a lot of factors to consider:
- the current condition of the house
- ongoing expenses
- future building costs
- possible surprise costs
- your budget
- building code regulations and compliance
- return on investment
- personal preferences
- structural changes
- emotional turmoils, stress, and more
You need to be realistic about the renovation expenses, including the unexpected costs, in comparison to the return on investment. If the costs of the renovation turn out greater than the future value of your home (that you're hoping for), consider a knockdown rebuild.
Talk to your designer about your plans.
Design and build your dream home with Superdraft
When you've decided that a knockdown rebuild is worth more than a renovation, we are here to help. Get in touch and consult with our professional building designers in Brisbane.