Cost effective and time efficient, knockdown rebuilds are becoming increasingly more popular, especially in the inner suburbs near larger cities. While home renos may appear less intimidating, they actually carry a higher risk for unforeseen costs, disruptions and construction problems.
Expenditures for a knock down and rebuild are subjective, considering it is dependent on the size of your current home and the home you wish to build. However, before beginning the sometimes long and tedious process, it is important to understand what kind of costs you will encounter throughout the entire process so you can better prepare for this life-changing decision.
You cannot build a new house without knocking the old one down. The cost to knock down your current home will be significantly less than what the rebuild will be, however it is important that it’s done safely and correctly to avoid problems later on down the road during the building stage.
The average price tag for knocking down a three-bedroom house is about $17,000, but additional factors could affect the price, running you as much as $40,000. These factors include the size of your property, the foundation your home is sitting on, what type of equipment is required, tree and pest removals, potential presence of asbestos and mould, additional structures you may have on your property and permit costs. Typically, you can expect to pay between $40 and $65 per square metre to remove a house.
Additional excavation charges may apply, including $140 per hour for a bobcat and tip truck. Other specialised digging equipment can cost you $100-$500 per day.
Once the land is cleared and ready, it’s time to start rebuilding. The main costs are accrued during this phase of the process and are dependent on the size of your new home, the materials used, the structural designs and the fittings and décor chosen at the final stage.
The easiest way to work out structural costs is to calculate the dollar per square metre. For example, if your home is 250 square metres and the cost range per floor area is $1,550, the estimated cost of building a house is $387,500. The cost range per floor area depends on what state and city you live in, all the way down to the block your home is situated on. For a clearer picture of what your rebuild may cost, it is best to request quotes from various builders in your area and compare.
The design costs of your new home can vary by up to 20%. Depending on the style you are going for, different pricing will apply. The building materials you select for your new home are also an integral part of the rebuild. Depending on your budget, you will want to set aside money for durable, high resistant materials to ensure your house is not only stable but will also hold up against inclement weather over the years.
Finishes and other minor expenses should also be incorporated into your budget. Depending on the builder you choose, some may have a ‘basic’ layout to follow, and any additional finishes may accrue additional costs. While you want to have the opportunity to customise your new home as much as possible, it is important to understand what your builder will be providing at base cost and what additional features are extra.
Considering knocking down and rebuilding your home? Achieve Homes can help you turn your dream home into a reality. Visit our website for more information on our quote and build service.
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