Many homeowners have difficulty deciding between knocking down their current home and rebuilding or simply renovating. Every client will be different, so the answer is not simply one way or another, however, there are a few things all homeowners should consider before making any decisions.
Before signing any contracts, you must consider your personal needs, your homes age, local zoning laws, the cost and much more.
For example, if your home is quite rundown, renovation is likely going to be extensive, therefore, it may be more efficient to consider a knock down and rebuild. From our experience, building a new home may be a better option if a renovation will be in excess of $250,000. On top of having a brand-new home that fits your needs, you can completely design the layout and add modern features that you may have been lacking in your current home.
We have comprised a list of some negatives that come with renovating your home:
You must expect a level of mess with any construction site, but when renovating, you typically still live in the home. No one likes to come home from work to mud, dust and debris every day.
Lack of Privacy
When renovating your home, there will always be contractors and builders present. Not only is there the constant intrusion of your privacy, but there is a constant stream of loud power tools, deliveries and commotion.
Major disruptions are a part of any renovation, especially if you live in the home during the process. Living in a construction zone can add significant stress on you and your family. In addition, you have a reduction in amenities you can access.
When renovating any existing home, there will be unexpected costs and problems that will arise. You cannot plan for everything, especially for things such as asbestos, non-compliant electrical wiring or sub-standard plumbing.
These potential issues can be enormously strenuous on your allocated budget, turning your dream home renovation into a stressful nightmare. While you cannot plan or these things, it is beneficial to have a contingency plan in place to cover any unexpected and costly issues.
In addition, you may want to consider selling your existing home and building a new home on cheaper land. Before you choose to renovate, be sure to determine the worth of your home pre-renovation to determine the viability of the work.
On top of this, we have comprised a list of what you must consider before choosing to build a new home:
- Renting a home while the construction occurs.
- Whether your existing home is heritage listed, eliminating the option of demolishing.
- Local laws and planning regulations.
- The cost of demolition and services.
- How many stories you require – this is important for siting on your new block.
- Ensuring your façade is your dream but also fits with your neighbours.
Designing, planning, specifications and permits are all necessary no matter what option you choose, so it may be beneficial to seek out a rough cost comparison for building and renovating to make your decision easier.