Ok so you’ve bought a fixer-upper - Now what?
Regardless whether you’ve decided to spruce up your home to get a fresh, new look, or add extra space for a growing family you really need to plan all your trades and there are some components you just CAN NOT do yourself.
While you may visualise your perfect home, there are a lot of questions that still need answering.
Do you knockdown and rebuild, or do you renovate?
Is one option cheaper than the other?
How long will either option take?
To help you with your decision, here are some important factors to consider when deciding between renovating versus rebuilding.
1. What really needs to be done?
Consider what areas of your home really need to change. Will it be just an update to an existing bathroom, adding an additional room, or completely changing a whole section of the house?
Before deciding on an extensive renovation project, consider how much time you’re willing to put in. Do you work full time? How much time do you actually have to complete your project. If you don’t have a lot of spare time, rebuilding could be the better option.
2. What's the cheaper option?
Small renovation projects around your home, like upgrading floors, a kitchen or bathroom upgrade are obviously much cheaper than rebuilding. But, if you’re planning an extensive renovation of your home, upgrading almost every room, structural changes - it can be cheaper to start entirely from scratch.
A kitchen reno costs anywhere from $10,000 to over $50,000, while an average bathroom reno can be as low as $5,000 and upwards of $30,000.
The Housing Industry Association estimates the average cost to build a house from scratch on a 243 sqm block to be under $300,000, that’s around $1,183 per sqm. If you were after an architecturally-designed home, smart home or unusual materials, the cost skyrockets to around $2,152 per sqm. But you also need to consider future costs.
A new home is obviously going to be easier to maintain, and less susceptible to termites, concrete or wood rot and will be built with newer building materials, with better insulation, difficult to implement in an older home.
3. What's the age of the home, block conditions, council restrictions?
If you purchased your home because you fell in love with the style, story, or history of the home, you’re probably NOT going to want to knock it down. A renovation that preserves its character is more often the decision, particularly the case of our iconic Queenslander-style homes.
Heritage homes tend to have beautiful architectural ceiling designs, timber flooring, classic fireplaces, and the like. The heritage look can be priceless and is well-regarded by potential buyers, so if your home is heritage, consider a renovation.
But if that beautiful home is full of termites or wood rot, and starting to fall apart structurally, there may be no other option than a knock down to rebuild.
Check council restrictions as some councils prohibit houses of a certain age or heritage from being renovated or knocked down. Furthermore, the council will also examine the conditions of the block. If your house is on a flat block of land, a rebuild is more likely to be accepted rather than one on a sloped block.
Permits may also be required if you’re looking at removing vegetation or trees on the block. By contacting the local council before you make any plans is definitely a smart move, they vary in their ideas of what can and can’t be done in your area.
4. Timeframe
Are you wanting the home to be completedwithin a certain time frame, for a family event maybe? Or are you happy to take as long as needed to have the job done properly?.
Renovating a small room, it may only take a couple of weeks, while a kitchen reno can take anythin from 2-9 weeks.
A knock down and rebuild would typically take between 8-12 months. And keep in mind that the current trades and material shortage crisis could extend the time of either renovating and rebuilding.
Is it better to knock down and rebuild or renovate?
At the end of the day the decision lies with you. Renovating and rebuilding both have their own set of pros and cons that need serious consideration.
If you are looking at upgrading almost an entire house, altering the layout and floorplan, a rebuild will likely be cheaper and while using modern building materials and practices, a longer term solution.
No matter which you choose, it’s important not to overcapitalise, where the costs of a rebuild or renovation outweigh the market value of your home. And it’s important not to skimp on good trades. A qualified electrician and plumber for instance can save you a fortune in unwanted mistakes down the track.
So in summary, if you’re planning on renovating your current house or building a new one, it’s a major decision and an expensive one to fix if something goes wrong. Do your research, talk to experts, requesting quotes, and getting detailed costing information.
Give Luke a call to request an inspection and quote either way. And when you’re ready to start building or renovating, we’ll be there for you.
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