Things to be Aware Of
Renovating can be an attractive option, versus a knock down rebuild or a new build on a new block. However, there are some things that you need to keep in mind before making a decision. Some things you should be aware of include:
- The current condition of your home may dictate what can be achieved.
- Budgets can blow out if problems are found with existing structures such as poor plumbing, dodgy electrical work or pests such as termites.
- Some areas of the structure, such as wiring, water pipes or insulation, may be difficult to access.
- Local planning laws may not permit some parts, or all of, the renovation.
- If the renovation includes extending, then it is important to understand if your block can accommodate the proposed extension.
If you love your location but still want a more modern home, but don’t want to knock down rebuild, or build a completely new home, then renovating is for you. You won’t have to leave your neighbours, your great street or move the children away from their school and friends all just to settle for a smaller block.
A general rule of thumb is that if you are thinking less than 50% of your home needs upgrading then renovating may be the most cost-effective and interruption free option (compared to knock down rebuild or building on a new block).
If you are thinking of renovating more than 50% then we can still help, and want to stay where you are, we can still help with our knock down rebuild service which you can learn more about here (link to KNRB).
Some of these issues can make it difficult to determine both the viability and the total costs of the renovation because the issues are not uncovered until work begins. Don’t worry though, it’s our job to help you navigate all of that and we will help you make the best choice for your situation and budget. That’s why an important step in our process is to thoroughly assess your current home so that you can make an informed decision as to what is the best option for your family.
Another key element of making a decision is to have a local real estate agent value your current home and then compare it to the projected values of both your completed renovation and a Knock Down Rebuild.
Benefits vs. New Block or Renovating
- you won’t need to try and secure a block of land;
- you won’t have to compromise on block size;
- you’ll stay in the area you love;
- you might spend less than a knock down rebuild;
- less disruption to your family life;
- the capital investment adds equity to your home;
- you can save on agent fees, moving costs and stamp duty;
- renovated areas built to latest regulations and building standards;
- appliances and fittings are all under warranty;
- increased energy efficiency; and
- less maintenance.
Want to discuss a possible Contract Build? Contact us today for a no obligation discussion.