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.