When your home no longer suits your needs or style, it can be tempting to consider a renovation rather than a complete knock down rebuild.
And there are certain circumstances where a renovation is definitely the right choice.
For example, if your home is structurally sound, you like the layout and only want to make small changes (i.e.: re-doing a kitchen or bathroom), then a renovation could be the way to go.
Also, if there is a strong connection to the house and a lot of sentimentality surrounding its original character and design, then a renovation (although generally more expensive) allows you to update the elements you love and remove those you don’t.
However if your home is old and tired, doesn’t suit your needs and you’re keen to capitalise on your location, a knock down rebuild is likely the right choice for you.
Here are a few things to consider about renovating:
- Are you compromising the way you really want your home to look and feel if you renovate?
- Are you sacrificing the opportunity to achieve better light, views, energy efficiency and structure?
- How many changes do you want to make? Are you going to be able to live in the house while the changes are made?
- Do you plan to DIY? If so, consider the fact that what often starts out as a great idea can takes years to complete.
- And you need to deal with the ongoing mess of living in the middle of a renovation project, amongst building materials and a ton of dust.
- Consider the time spent getting quotes, managing tradespeople, paying for rubbish removal, skip fees and more.
- What is your budget? Extensive renovations can cost upwards of $200,000.
- How much longevity will a renovation add to the house?
- Is the financial value of the home very important to you?
In the end, renovation versus knock down rebuild generally comes down to two factors: sentimentality and finances.
A connection to the design of the home you live in now can be very powerful, and if that sentimentality exists, renovation may prove to be the right choice.
Also, although almost always cheaper per square metre, a complete knock down and rebuild will cost you the full price of a new home. And if the additional mortgage repayments would cause a strain on your budget, a renovation may allow you to move room-by-room through the house until you have made the changes you need.
Alternatively, if neither sentimentality nor financial constraints apply to you, a knock down and rebuild offers the perfect solution to staying in a location you love, while rebuilding the home you don’t.
If you need help understanding more about whether a knock down rebuild would suit you, please contact Robert or Danny on 02 6247 4799 or email email@example.com for a free consultation.