Are you already planning to make a few changes in your house? Maybe the current home design does not sufficiently meet your needs, or you have simply outgrown it. And you want a house right there, without having to give up the community you love.
You have two different options here. You could either knock down the whole thing and rebuild or just renovate your existing house.
But it is a difficult decision to make. Your budget is not the only thing that could make this decision for you. It would also depend on how you think, what you consider important and the limits you encounter during construction.
So in the question fo which is better, let us take the various possible situations and factors that might encourage you to go either way.
1. Bringing the Home to Current Standards
In most cases, it is indeed possible to renovate your home with all the modern facilities. That is why many cities still have kept their old buildings intact, while the interiors are changed entirely.
If it is an individual structure, then today it is even possible to raise the ceiling height. However, what would make you reconsider knock down rebuild is when the final estimate of the renovation exceeds the budget. You might think, at this cost, you can build a new house from scratch. It depends on how much you want to alter your current home or whether you be rather willing to move to a new one, and ultimately, your budget.
2. The Plot Size and Foundation Strength
If you are looking to expand the existing house or build a bigger house, the first thing you have to consider is whether the plot can accommodate a bigger home.
If you are expanding your house or adding another floor, you need to make sure that the foundation can withstand the load of it. If the building is old, you might not have foreseen such a requirement, and the foundation might not be able to support one more floor. Though there are ways now to add a level that supports itself, it might not be plausible in all cases.
In such cases, the only way is to knock down and build a new house, that could fit your needs.
3. The Project Time
Many choose house renovations over rebuilding because renovating could be done in different stages, while you can still reside in the house. It could be done part by part or even floor by floor. This way, you can also control the cost by staggering it and you don’t have to have all the money at once.
4. The Character and Condition of the House
It is always the case that you already love how your house is. It has a character that has developed over the years by its inhabitants. Few find it difficult to let go of this charm and choose for renovation. If you don’t need any alterations and the condition of the house is solid, then you can easily bring in any feature you want in an old house.
5. Unexpected obstacles
One reason many people do not go for renovation is the unforeseen things that come along the way. Renovations, almost in no case goes exactly as planned. Neither does building a new house. But it is much better to prepare for things while a new construction rather than even to know what to expect while renovating.
This means that you need a solid contingency plan for renovations. Building a new house usually, needs one for at least 10 or 15 per cent. Whereas for a renovation, you are safe with a 20 per cent contingency. If you don’t have to use it, then better, but it’s best to be on the safer side.
6. The Building Code Does not Allow Much Improvement
The regulations in your area might have changed since the time you built the house. Or it simply does not allow for any more expansions that you would require sufficiently. The decision about this could be taken only after factoring in what kind of standards are there and if there are ways to work around them.
Not every square feet and portions in the floor plan get added up to the footprint of the house. But if there is no way around it, then your only option may be to build a new house adhering to the building codes.
On the other hand, in many areas, there are even bans on tearing down and rebuilding. So it could go either way depending on these external factors.
7. The Cost of Insurance
The Insurance of a new house is less compared to an old house. Like touched upon before, the new building codes might have altered the requirements, and you might need insurances based on that. This could, in turn, be a considerable sum over the years.
8. Adding value to the House
If you study the market, the new homes have much more value than an old house, even if it is completely refurbished. But it might again depend on the buyer and how you market the house design.
The other deciding factor would be how much mortgage can you get for either. A refurbishment might not be able to get you the amount you seek while compared to building a new one.
This is a tough decision to make that requires a discussion with your broker and real estate agent.
9. Choose Better or Cheaper
The final decision all comes down to the cost. You might be able to design home renovations for a cheaper rate, but for the long term, you have to consider which one brings you more value, in terms of cost and standard of living.
The most important thing for both the options is to find the right team for that. With the right architect and builder, you might be able to solve problems you thought impossible and in cost-effective ways. There is a need to knock down rebuild only if it is absolutely necessary and the best team could make all the difference in choosing the right way to proceed.
Take your pick from home builders Brisbane by contacting TrustCo to proceed.