There comes a time for many homeowners when the house they are in no longer suits their needs. It may be that space is the issue, the decor is outdated or that priorities have changed.
This may see you embark on the exciting journey of home building – but is a knockdown rebuild or renovation right for you?
There are different factors to consider for both options, and which one is right for you depends entirely on your personal circumstances. At Ramsay Builders, we specialise in new builds so we’ve done the research for you to discover which option might work best for your needs.
If you love where you live, but not the home you’re in, a knockdown rebuild could be a great solution for your family. As the name suggests, a knockdown rebuild involves knocking down your existing house and using the land to build a brand-new home.
With a knockdown and rebuild, you’ll have the freedom to create a custom build to your exact specifications, while saving on the charges involved with building new, such as stamp duty and land taxes.
However, while you’ll be saving in a few areas, the cost of demolition can be high, which is something to factor into your budget. It’s also important to recognise that not all knockdown rebuilds run smoothly; especially when you’re dealing with multiple contractors and potential unexpected challenges.
You’ll have to deal with strict council approval, arranging temporary accommodation for your family and storage for your furniture, appliances and valuables.
Renovating your existing home
If you’ve ever dreamed of transforming your current home or uncovering a true “Renovator’s Delight” you may consider a renovation.
You’ll need passion and patience in equal amounts because renovations are akin to opening Pandora’s Tool Box! Existing frameworks can contain structural surprises, such as rotting trusses, out-of-date wiring and potentially hazardous materials in the most inconvenient places. And floorplans that are in place do not allow for full customisation to your lifestyle needs.
These potential hurdles throw in the risk of timeline and budget blow outs simply because of their unknown nature. Extensive excavations or other major works can delay and prolong building works, meaning you’ll have tradespeople in your home for longer which in turn pushes out your completion date.
Something worth noting is the rule of thumb that building a brand new, high-quality home attracts a higher resale price than other alternatives, and may end up being a better investment. This is generally due to the guaranteed structural stability – buyers understand that everything is new and therefore, shouldn’t require attention in the near future.
Whatever you decide
Choosing a trustworthy, reputable builder is an essential part of a successful knockdown rebuild or renovation, which is why you should look for a luxury builder who prioritises communication, so you know exactly what’s happening every step of the way.
If you’d like to chat to an expert about the different home building options available to you, get in touch with the team at Ramsay Builders today.