Upsizing your home – should you renovate or rebuild?

Have you outgrown your home? Want more room for your family but don’t want to leave your current location?

Choosing between renovating and knocking down and starting from scratch can be a difficult decision and one that can affect your finances and long term enjoyment of your home.

Both renovating and rebuilding have their pros and cons, but before you decide which option is best for you there are some considerations to keep in mind.

  1. Your budget

Budget is always a major factor to consider when it comes to renovating or building new. If you’re simply looking at a couple of small projects or an extension then renovating might be the cheapest option, however it’s easy for renovating costs to blow out.

Renovations can be particularly expensive for those planning to overhaul their entire property. It can take a lot of labour to rectify issues and get the old to mix in with the new and there may be hidden surprises in the property too. Older homes may have issues such as leaky pipes, dodgy wiring and undetected asbestos that need to be completely replaced.

Every property situation is different, but take a look at what you want out of a renovation and compare this with the cost to build anew. Even if it costs a little bit more to do a knockdown-rebuild it could be worth it as you’ll have brand new materials throughout the property and it may be worth more long term.

  1. The current condition of the property

The current condition of the property will help determine whether renovating or rebuilding is the best option. If the property is in bad shape and has major structural issues your decision may already be made for you.

Get your property assessed by a qualified building inspector and structural engineer to help you make an informed decision over the issues the property is facing. This can help you decide whether or not there will be any challenges with renovating and if the building is worth salvaging.

  1. The character or heritage of the property

Heritage plays an important role in property development. Some properties have planning controls that may prevent you from removing an old building and will restrict any improvements that can be made on it. Contact the Mid-Western Regional Council to find out what improvements can be made at your property and whether or not you will require approval.

  1. How much disruption you can handle in your day-to-day routine

There’s no denying that renovating can be disruptive if you live in the property while it’s undergoing improvements.

Rebuilding can be less stressful because you will need to move somewhere new for the duration of the build, however this will be an added expense you will need to budget for.

The decision of whether to renovate or knockdown will depend on a number of factors.

To help you make up your mind it’s a good idea to have a chat to local property experts such as builders and architects that can help you understand your options and to figure out whether or not your vision is suitable for your property.

Also feel free to get in touch with us at McGrath Central Tablelands for advice about what options are likely to help add the most value to your property.

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