There is no denying that the cost of home renovation can be very high. Given the price of materials and rising construction costs, refurbishing your house could be very expensive. Additionally, some who have inherited grandma’s home or another older property often find that the land is worth more than the structure. Whether your house needs major renovating or you have inherited an older home, you may have options that make more financial sense.
A knockdown rebuild can prove more financially viable than purchasing a new home or even renovating your current house. As the name suggests, the process involves the demolition of a current structure and the construction of a new house on the same property. If you love where your old house is located, but renovating will not be worth it, a knockdown and rebuild might be the solution. Let’s take a look at this process and how it can help you get a new home.
What are the benefits?
Given that the cost to build a new house in Australia is around $320,000, it might be financially beneficial to demo your old house and rebuild a new one. In some instances, the rebuilding cost could be less than the price of major renovations to an old building. Additionally, knocking down an existing building to rebuild another one gives you complete control, flexibility, and better options for creating a home with a more functional design. You can consult with builders about new layouts, floor plans, square footage for a home that will better fit your needs. You can also add more energy-efficient technology into the new home to save money and use less energy.
How do you start the process?
Before you make any plans for demolition, it’s important that you check with local authorities and builders to ensure that your property is suitable for new construction. You may need to speak with the local planning board to get the appropriate certificates and approvals before you begin. You will also need to address any water, sewer, and electrical issues involving tearing one house down to build another one.
Once you receive the appropriate permissions and clearances, you can begin to consult with contractors and builders. Ideally, you will want to find a company that can knock down your old house and build a new one. If you cannot find a contractor or builder who can do both, you will need to hire separate companies.
What are your options?
Once you decide that a knockdown and rebuild is the best option for you, it will be time to start planning your new home. You will want to meet with builders, visit display homes and do your research to be sure that you get exactly what you want. There are several steps to a successful construction project, and you’ll want to be sure that you are organized and have the right builder for your situation.
Outdated homes and reduced functionality are common reasons many people choose to tear down a home and build a new one. To remedy these issues, you’ll want to ensure that you have selected the right floor plan with enough square footage for your needs. Additionally, you may want to reposition the home to capture different views or select a different access point. Whatever you decide to do, when you are building a new home, options are only limited by your budget.
If you require major home renovations, it might be more financially beneficial to knock down your older home and build a new one. While this may seem counterproductive, in many situations, major renovations could be more expensive than the cost to rebuild a new home. With some time, planning, and research, you can make the best home construction decision for your situation.
