October 1, 2019
It's no secret that many homeowners prefer renovating. One of the major reasons for this is that people believe renovating is cheaper than knocking down and starting from scratch. Although renovating may seem like a cost-effective solution, more often than not there are obstacles that homeowners aren't aware of, which can lead to a steep hike in the price.
While a renovation can include repairs to structural deterioration, it's not necessarily a long-term option. Many homes constructed before the Building Act were very poorly built – we see countless examples of cracked walls in older homes and even more commonly, clients who have tried to cover these with render. While cracks may disappear with a lick of paint, they will not be repaired, and 'out of sight, out of mind' definitely does not apply in these circumstances. Sometimes $3 spent on a new build, is far better in the long run than $1 spent on a renovation.
For investors, there's the temptation that this is someone else's problem, because they are simply dressing up a home for a sale, but this can have ramifications that many are not aware of.
There are also many cases where renovating isn't an option, since the pre-existing foundation is not strong enough to carry your vision. Or sometimes the orientation of your house does not help you to take advantage of solar energy. The possibility of integrating new technologies is also something that might not occur without a big investment and several headaches.
Knocking down an existing dwelling and choosing to rebuild is definitely on the increase. More and more homeowners are learning the advantages of having an upgraded, more modernised home, all while retaining the location they have established an emotional connection with.
Rebuilding allows you to maximise all the space you have on your block, all while keeping in line with your budget. Plus, you won't have to worry about costs blowing out from structural issues that you weren't aware of.
By capitalising on your land, you can get help for your finances and you can view it as a blank canvas, where you can decide the perfect layout to accommodate your needs, whether that be a large kitchen, because you're a big entertainer, or a large living space so you can enjoy a lot of family time.
To learn more about the pros and cons of renovating vs demolishing and rebuilding, or if you’re looking for a building quote, get in touch with the team at Milara Building & Development today.