Which is Cheaper, Renovating Your Home or Knocking Down and Rebuilding?
Deciding between renovating your current home or knocking it down and rebuilding all together is a big decision. While renovating may seem less intimidating, it can actually end up costing more money and time than knocking down and starting fresh.
Doing your research, talking to different builders and getting a general idea of what’s best for not only your home, but also your family is very important. If you are weighing your options, consider getting plans done to help you formulate a better idea of what each option would entail. It’s difficult to say definitively which is cheaper, considering the cost largely depends on what kind of work you are looking to get done.
Before deciding on rebuilding or renovating, do the following to better assess your options:
Compare the costs
Firstly, you should evaluate what you are willing to spend. If you are planning a renovation with extensive structural changes or one that involves many different rooms of your home, you may want to consider starting from scratch.
Depending on the builders you choose, a brand new single-storey home can cost anywhere from $200,000 to $250,000 to build. Generally speaking, a full house renovation could run you almost double. Obviously, if you are looking to just remodel the kitchen and bathrooms, then a reno may be less costly than knocking down your entire house.
Consider your home and block
It’s important to consider the structure as well as the history of your home. If your house is on its last legs and will likely require structural changes to be made during the renovation process, it may end up costing you far more money to make these changes than to rebuild new.
However, if your home is a character building with rustic timber floors and detailed crown mouldings, you may want to consider a renovation instead to ensure none of that historic charm is lost. It may end up costing more but preserving a heritage home can yield breathtaking results and returns on investment.
Before making a decision, you will also want to evaluate the block your house is situated on and the neighbourhood you live in. It is much easier to build a new home on land that is flat than land that slopes down or is uneven. Each council also has planning laws that differ slightly, such as bushfire zones and heritage overlays, that may affect the changes you can legally make to your home. Find out what these are before you choose to rebuild or renovate as they could change your decision.
Evaluate your commitment
Making changes to your home, big or small, require a large amount of patience. Understanding where you and your family stand on the matter is important and is definitely a decision you must make together. Working full-time or raising a family can be challenging with builders in and out of the house for long periods of time. This is something you must consider before committing to a renovation.
If you plan to knock down and rebuild, you will likely need to find alternative accommodations during this time. Depending on the size of the renovation, temporary relocation may also be required. This is a costly consideration you must also make.
At Achieve Homes, we take the stress out of knocking down and rebuilding. Talk to us and learn more about how we can help you build through our efficient quote and build service.