Renovate Or Rebuild?

Renovate or rebuild? This is a common question that many homeowners must face when purchasing a new property. Customising what you’re buying to suit your needs is needed to feel comfortable in their home. However, you can like plenty of features that the house already has and knocking it down won’t be required to get the house of your dreams. So, how to know when it would be better to renovate instead of rebuilding?

There are many factors to ponder for this decision, like your budget or the time you have available to set in on your new property. Luxury home builders or architects can give your further advice on which scenario will work better for you; nevertheless, you can answer the following points and acknowledge the best choice for your case.

What would be cheaper?

You might think renovating can be the cheapest option for the property you want to modify, yet it can be the other way around. You must think first about how extensive the renovation would be. For instance, if you’re only looking to make one more bedroom, then a remodel will do, but if you want to change the house orientation or do structural changes, then rebuilding would be your guy. 

Some other issues can affect the budget, like termites on wood, defective pipes, wiring, etc. When major structural problems show up, it would be very expensive to try to fix them by doing a renovation. So, in summary, for small changes, a renovation will do, and for a major improvement, a rebuild would be better.

The age of the home

There are old houses that have valuable features, like an antique façade, great timber floors, or decorative ceilings. In this case, knocking down a character-building would be a big no. You won’t only be getting rid of amazing characteristics, but you’ll also be destroying a piece of history and a house with a story to tell. Renovating will help you retain its charm while getting you what you need to feel comfortable on the property.

Also, consider that properties are not built like they used to, which means that an old house that has been properly taken care of will perfectly stand the test of time. In addition to that, we can assure you your house will stand out from the rest of the others if you let its antique attributes be.

Market conditions

Have you ever heard about the word overcapitalising? In case you haven’t, then it’s time that you get familiar with the term because it can be an important matter for renovating or rebuilding. Overcapitalising is a phenomenon that occurs when the cost of rebuilding the property outweighs the market value it adds to your house. That sounds like a scenario where you don’t want to see yourself, right?

If you rebuild in inner-city areas with high demand, then you’ll have a lower risk of overcapitalising. So, getting to know the area's market would be a must to know if rebuilding would be a better solution or not. You can get the advice of a local real estate agent that is fully aware of the local market tracking. 

The block

Think about the conditions of the land, like if it’s a flat area or a sloping block. Rebuilding in a flat block will be a piece of cake, but sloping areas can make things more difficult, which means it will be more expensive. As well, you must acknowledge the council regulations that will impact your building. For example, there can be some restrictions that won’t allow you to do a rebuild, and you’ll have to go for renovations. 

You can approach a professional in the field, like luxury home builders, contractors, or architects that will know the neighbourhood's restrictions or will help you to get the information you need. 

Is the orientation of the existing home workable?

Sometimes mistakes are made while planning constructions, and properties end up having an orientation that will be a big turn down. The best orientation for a property is that you get the north/easterly or northern sunlight for the living areas, like rooms. That means that you’ll have more hours of sunlight going into the windows, and it will mean that you have a house full of natural light. 

If the home is not at an orientation that can be workable, then the best would be to demolish the property and do a better design.

Don’t forget to ponder other factors, like if you’re willing to live together for a while with builders that would be doing the renovation. As well, think about if you love the house the way it is, and you only want to do some small changes to make it perfect or if it requires major improvements. Those would be the things you must think about. So, this will give you a general idea of the type of undertaking that would be better for your property, nevertheless, asking for professional advice would be a must.