Loving your neighbourhood and not your home is a common issue that plagues many homeowners across the country. The concept of location, location, location is not new – but the shortage of available housing within those locations is becoming much more common.
If you’re in this situation, there are two main options to consider so you can keep enjoying your lifestyle and start enjoying your home: to knock down and rebuild or to renovate your home. Both options will improve your home, but the details around cost, timeframe, and viability will make one better than the other.
We’ve broken down some of the most important considerations to help you decide between renovating and rebuilding.
If something ‘minor’ like an outdoor render or new cabinetry will be enough to bring your property into the 21st century – a renovation is likely to be the cheaper option.
However, if your renovation is planned to include major structural changes such as knocking down walls, raising the home or adding on a level – it can end up cheaper to knock the property down and start from scratch.
With major renovations, there is the risk for hidden surprises along the way such as termites, dry rot or asbestos that will make the process take longer and place a strain on your budget.
One of the best things to learn about a knock down rebuild is that you don’t have to worry about fitting a ‘square peg into a round hole’. You get exactly what you want from your home.
Lean more about budgeting for a knock down and rebuild here.
Some projects take longer than others, and it’s important to have a clear idea of how much time you’re willing to spend either working around renovations or living in temporary accommodation.
A knockdown rebuild will always require a period with your family displaced in a short-term living arrangement, whereas only the biggest renovations call for this. If you have a strict time frame in mind, we can suggest the best options to suit.
There is a certain charm with older homes that can’t be bought, however when it comes to their running costs, there is a lot that could be improved.
If your home is almost old enough to be heritage listed, chances are your pipes, connections and appliances could do with an upgrade. In instances like this, it is often easier, cheaper and quicker to knockdown your home instead of renovating it. Instead, start fresh with additions that will cut your household running costs in half and play nice with the environment.
If you’re considering a knockdown rebuild, chances are you live in an area that is well populated and highly sought. For example, Wollongong is a hot property market for investors and home buyers alike. If this is the case, there is little risk that you will overcapitalise and add more onto your home than you could receive if you choose to sell.
It is crucial to research this element with your local real estate agent who can offer the latest accurate market figures to safe track your investment down the line. If your area is small scaling and under performing in the market, a renovation might be a savvier solution.
Determining both the practical and emotional reasons around your decision will help to forge a clear path forward. It’s important to understand why you want to undertake major renovations or a rebuild, along with why the house is the way it is right now.
For instance, there might be a reason your house is built the way it is and knocking it down will only result in a rebuild of a similar style home. Approaching the team with a clear understanding of what you wish to achieve and – importantly – what you want to avoid in your build, can allow us to walk you through the best solutions for your situation.
Every home, family and circumstance are different, and the reasons for wanting to perform a renovation or a rebuild will vary between them. Whether you’re in the very beginning stages of your plan or if you have a well-documented binder chock full of ideas - we can help with our depth of experience, friendly team and problem-solving prowess.
If you live in Illawarra and are ready to take the next step, get in touch today by filling out an enquiry form here. Our team of Wollongong home builders will be in touch to discuss making your dream home come to life.
