If you’re settled and happy in the area you live in but feel like you’ve outgrown your home, then you have two options. Either you can renovate your existing home to update it to your current tastes or you can knockdown and rebuild a home from scratch.
It’s hard to know which will produce the best result with the least hassle and cost. But here are some helpful factors to weigh up before deciding.
Source: Bentley Homes - Knockdown Rebuild
Why Renovating May Be Cheaper
If you’re concerned that a rebuild might put you at risk of overcapitalization, then a small-scale renovation might be a safer option.
A cost-saving element of renovating or extending is that you can often continue to live in your home while builders are working on it.
However, renovating is not always the cheaper option. Pay attention to the tipping point at which the cost of renovating becomes comparable to a knockdown rebuild.
Why A Knockdown Rebuild May Be Cheaper
A knockdown rebuild means a more predictable cost with less risk of a blowout. For some, the overall cost matters less than avoiding the stress of unexpected costs along the way.
A knockdown rebuild can also be more worthwhile when you consider the resale value, or that a new energy-efficient home could save you thousands in heating and cooling expenses.
Finally, the cost of a knockdown rebuild could actually be cheaper than a renovation. Sometimes a renovation can be like fitting a square peg into a round hole. Working around an existing structure can come with costly complications.
Source: Langford Jones Homes - Knockdown Rebuild - Duplex
What Do You Value in a Home?
Renovating or extending an existing home means you can preserve the character, quirks and history of your current home. To some, the history behind their home is important and adding an extension feels like adding to the story.
To others, living in a brand new home that they can customise with very little compromise is more important. Perhaps you’d rather be completely in control of the layout and design of your home so that it is personalised perfectly to your lifestyle.
Renovating may mean you won’t have to move out of your home. On the other hand, a knockdown rebuild means you won’t have to live alongside builders and the chaos they bring for months on end. Whatever feels least disrupting to your way of life might help make your decision.
To eliminate the hassle even more, if you're considering a new build Homeshelf can connect you to your ideal new home builder and arrange floorplans & pricing for free. Enquire today for expert advice that brings you closer to your perfect home.