Renovating versus rebuilding
10 questions to ask first
Deciding whether to renovate your current home or embark on the journey of building a new one is a significant decision for homeowners. In this article, we'll explore the key factors to consider and provide expert tips to help you determine the best option for your unique situation.
Renovating versus rebuilding
Money and planning
Money Talks:
Your budget plays a crucial role in determining whether renovating or rebuilding is the best option for you. Try these steps to help you decide based on your budget:
- Assess the sale price of your current home and the costs of rebuilding to your dream home vs knock down rebuild or even building on new house and land.
- Determine if renovating your current home to achieve your goals is financially feasible and talk to a real estate agent to understand if the resale value would justify the investment.
- Compare the renovation costs with the expenses of knocking down and rebuilding on the same site, considering the long-term investment potential.
- Factor in cost to live somewhere while rebuilding and for unexpected costs during a renovation.
Planning Is Key:
Seeking professional advice during the planning stages is essential, especially if you're considering renovating your current home. It's crucial to objectively evaluate your current home's suitability for renovation, considering factors like layout, design, and structural integrity.
Renovating versus rebuilding
Pros and Cons
Renovating:
Pros:
- Preserves sentimental value and memories associated with your home.
- Potential to increase property value over expenditure if done well.
- Opportunity for personalisation and customisation.
Cons:
- Renovations can be expensive and prone to cost overruns.
- Unlikely to have a construction warranty.
- Challenges associated with existing building limitations.
Building a New Home:
Pros:
- Customisation options from the floor plan through the colour selections.
- Potential for long-term cost savings and energy efficiency.
- No constraints of existing structures or design limitations.
Cons:
- Regulatory hurdles and obtaining council approvals.
- Need to live somewhere during the construction process.
- Initial costs and financial considerations.
RENOVATING VERSUS REBUILDING
Making the Decision
Ultimately, whether you choose to renovate your existing home or build a new one depends on your long-term goals, financial situation, and lifestyle preferences. By carefully weighing the pros and cons of each option and seeking professional guidance, you can make an informed decision that aligns with your vision for your dream home.
Whether you're preserving cherished memories or envisioning a new beginning, your home should reflect your aspirations and lifestyle. Start by looking at Display Homes to see what new homes could look like to assess if your current home could reach this standard after renovation. Start a spreadsheet of everything you would like to see in your home and assess time and budget - making sure to discuss it in detail with any family members who might need a say. To keep this information top of mind we've created this handy infographic you can download to your device.
