Should you renovate or rebuild15th March 2023
Should you renovate or rebuild?
Knocking down and rebuilding a house is daunting to many. Though, just because it’s unknown and has the potential to go wrong doesn’t mean you shouldn’t consider it.
In fact, in many cases, knock-down rebuilds are more suitable than renovations.
Here are our top four to things to consider, when having the Knockdown Rebuild discussion.
1. The Cost
At Nostra, we offer customisable base plans, so home owners can tailor their home|to their needs, without needing to design something completely from scratch. There are a number of architecturally designed plans, which have been considered, maximising the use of light and space. This means it’s easier to discover a design that perfectly matches your desired lifestyle. Renovating, meanwhile, often sees a lot of compromise and can often be more costly.
The cost in the long term is an important factor also. Generally speaking, new homes are easier to maintain, less susceptible to termites and more energy-efficient, and also come with added peace of mind, in the form of a construction warranty. Which is why you’re probably better off knocking down and rebuilding, if you want to make significant changes to your home.
2. Consider the age of the home
There may be some merit to preserving a character building with history to preserve. Though lets face it, most of the time our homes don’t fall into this category. Often, the most suitable knockdowns are the ugly ducklings bought for little more than the value of the land or purchased years ago – sitting on the most prestige street.
3. Take into account market conditions
Knockdown Rebuild is a better strategy in locations where vacant land is scarce, years out from titling and in sought-after areas close to the city, beach, elite schooling. Here there is little risk of overcapitalising, where the cost of a new build may outweigh the market value it adds to your home.
4. Hassel of renovating
Think about the logistics of renovating vs knockdown rebuild. If you have a family and work full time, do you really want to live for a prolonged period with builders in the house renovating? A renovation may seem like the less drastic approach, however the added disruption to your everyday living may mean it’s not worth it.