Is it better to renovate your home or detonate and rebuild.
This really does depend on a number or factors. So it’s the renovators verse the re builders. If your renovation is below $50,000 then it is most likely that it is best just to renovate. However is there more to it than that?
Renovation Factors
- Will your renovation supply all the needs of your family?
- When the renovation is finished will the value of the property increase more than the cost of the renovation?
- Is the existing home worth renovating?
- Will you just end up with an old house that still needs a lot of work?
knock down and rebuild
Rebuilding Factors
- Do have the extra money to pay for moving and renting cost while the new house is built?
- Will the property increase enough in value to support a new home?
- Is it better to just move?
Do ex housing commission houses or very cheap project houses make sense?
These questions are important to answer in order to make a decision to renovate or detonate. Sometimes it just make no sense to renovate the property because when you are finished you still have a tired house that needs more work. Also if the house has been a house commission house or a very cheap project home you still have a ex housing commission or old project house. I have seen many home owners spend large amounts of money on ex housing commission houses and yes the house is better, but it still has some small rooms or looks like a ex housing commission house and is devalued because of this when compared with a normal house. My opinion is not against ex housing commission houses but to make the point that you can spend a lot of money on them to renovate and change only to still have an ex housing commission house. This fact will then be reflected in the real estate valuation of the home and so you may not get back what you put in.
Home under renovation
The top five tips before you renovate
- Make sure the renovation will increase the value of the home by the cost of the renovation (minimum) when finished – some people think it will but this is not always the case.
- The house must have a good structure to get a good result – it makes not sense to make a mansion out of a minimum spec. project built house.
- Vision – you must know what you want completely before you start.
- Make sure the house can take it without huge costs – cost like large drainage works, under pining on unstable sites, flood zone problems.
- Set a budget with 20% extra for the things you can’t see – these would be extra materials and labour costs, site costs, and building time over runs.
Rebuilding pros and cons
Pros:
- You get a new home at the end ready to live in
- Your home will have an energy rating built in (insulation) saving you money on energy costs.
- You can tailor the home to your families requirements.
- You can build all or some of the new home yourself saving you money.
- If you use a builder your home should be built quickly
- You don’t have to live in a construction zone like when you renovate.
Con’s
- Council and building fees
- site costs
- moving and rental costs
- Old house disposal costs.
- Architect fees
To renovate or detonate is a decision only you can make. Large renovations can be excellent and worth while but so can rebuilding. Generally, rebuilding does cost more however this really does depend on your existing house. So what do you think is best to renovate or detonate?
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Something else to consider is whether or not the current house has the correct solar orientation, and an efficient use of thermal mass. The new extension might solve a few problems and bring the house’s efficientcy up to date. If the house is a dodgy old thing thats had a few extensions added onto it before, perhaps it needs to be recycled into a new design with greater efficiency.
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