So you’ve decided that your current home isn’t working for you or your family. Now what? If you don’t want to leave the area, your two options are to renovate or knock down and rebuild. Here’s what to consider when making your final decision.
1. What’s your current situation? How much do you want to change?
What is the design of your current home? Does it need many modifications, or would you be happy with expanding your living spaces, adding a new level or simply replacing cabinetry and flooring? If it’s the latter, a renovation could be the better option.
However, if you want to make extensive structural changes, or there are multiple repairs to be made, knocking it down and starting again could be the right move. This also applies to orientation changes – if you want to alter the direction of your home, it may be worth considering knocking down as it may be too difficult and costly to renovate.
2. What’s your budget?
Renovating and knocking down and rebuilding can widely vary in costs. On one hand, keeping the basic features intact means you could potentially save money on elements like external walls and new foundations. On the other, newer homes are generally cheaper to maintain and aren’t liable to insect infestations, such as termites.
The end cost is going to depend on your design – if you’re looking to make dramatic changes, then it may work out cheaper to start from scratch. Things to consider when include the type of land your home is on (challenging or flat) and access to amenities like electricity and water.
3. Do you have permission?
Should your home be heritage listed or of historical significance, the decision to renovate or knock down and re-build may be taken out of your hands, as you may be limited in what you can demolish. Generally, it is also easier to get planning permissions for alterations than it is an entire new home.
4. What’s the return on investment?
While we’d like to think your new home will be yours forever, it would be remiss not to consider the return on investment should you look to sell it in the future. Will the total costs of renovations match the total value increase? What about when compared to the costs of a new home?
Understanding the market value and how much you could potentially add through both methods will assist you in making a decision.
Whether you decide to renovate or start fresh, Redchip Constructions can help! As Brisbane’s luxury home specialists, we can help bring your unique vision to life.