Deciding whether to renovate/extend or relocate is a highly emotional decision. Both choices have their merits, so it’s usually a case of considering which suits your lifestyle and budget best. 
The first thing to consider is whether a house is suitable for an extension. Some homes (just like food) have a use-by date and are not worth the cost of renovating. A discussion with a builder experienced in this type of work will help avoid over-capitalising on our land. A knock-down rebuild may be your best option in this case.  
In some cases, a renovation may be the best option when items like existing heights or setback limits are considered. It may not be possible to retain these limits if a knock-down rebuild is undertaken.

Other considerations for renovating or extending are:

The location and neighbourhood
No real estate/stamp duty costs
Re-location costs, moving etc.
Avoid unsettling children with school/friend changes

In contrast, the disadvantages could be:

More expensive to build per square metre than a new build
May have to move out while extension is underway
Contaminated materials i.e. asbestos, lead paint etc.
Risk of over-capitalising 
Potential for unforeseen costs

On the other hand, new builds give you a fresh start, with no limitations from an existing house layout. 

Advantages of a new build include: 

Usually costs less per square metre to build
The materials used should be more modern and safer than older houses
You will have less costly variations as unforeseen items will be limited
May be eligible for government grants when building new


It certainly comes down to a personal choice, but either way, a builder should be consulted as early as possible so you have a clear idea of costs, potential design and any foreseeable problems. 

To find out more, get in touch with the expert Integrity team today.