There are countless paths available to you in the pursuit of your dream home – it’s simply a case of choosing which one works best for you. Building a home from scratch on a new plot of land is a popular option, but it’s not the only one. If you currently own a property you’ve outgrown but love the area you live in, a knockdown and rebuild may be a better option.
There are different factors to consider for both, and which one is right for you depends entirely on your personal circumstances. Read on to discover which option might work best for your needs.
A knockdown rebuild involves demolishing your existing home to make way for a new house on the same plot of land. There are lots of benefits to choosing this option – you may like the area you’re already in and not want to move away, or perhaps avoiding the paperwork of finding a new home from scratch holds a certain attraction.
With a knockdown and rebuild, you’ll have the freedom to create a custom build to your specifications with minimal disruption to your family. There’d be no need to change schools or commutes and you could temporarily stay in a rental property until the work on the new property is complete.
You’ll also save on certain charges involved with building anew, such as stamp duty and land taxes. However, bear in mind that although you’ll be saving in this area, the cost of demolition can be high, which is something to factor in in addition to the cost of the build. You can learn more about potential site costs here.
Building a new home means starting from scratch: a new, custom property on a new block. This could also mean moving away from the area you currently live in, which of course, may be part of the overall appeal. You may have in your mind a completely fresh start or a different area for your new dream home – and the options are endless when you’re starting with a blank page.
Stamp duty and potential land taxes are something to consider when creating your overall budget plan, in addition to design, labour and materials.
You’ll need to purchase a block of land and have it assessed for its suitability before building can commence. But this process needn’t be daunting if you work with an experienced builder.
Choosing a combined house and land package can make things easier – especially if it’s your first foray into home building – as this means your builder will have fully vetted the block before commencing with the project, minimising the chance of surprises.
If you’d like to chat to one of our friendly team about your options, give us a call on 1300 234 432 or submit an enquiry here.
Want to know more about the knockdown rebuild process? Download our free guide.
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