Deciding between a renovation and a knockdown rebuild takes several factors into consideration. Factors like timeframe, budget, the condition of your house, compliance and regulation, and return on investment all need to be considered.
Understanding the difference between renovation and rebuilding expenses, the potential for increasing your property value, and the benefits and drawbacks that come with each are important to making a final decision. If you’re torn between taking on a renovation or starting with a clean slate, keep reading for reasons why you should consider a knockdown rebuild.
1. The cost to knock down and rebuild a house is lower.
The costs of renovation could be more expensive than a knockdown and rebuild. There are several costs to factor into a renovation, including labor, materials, permissions and approvals, design and demolition, inspection costs, and any finance payments you took out. Knockdown rebuild packages organize everything for you, like builders and tradesmen, and offer more flexible home designs. Starting from scratch eliminates the possibility of finding structural issues and infestations. Not only do these issues cost money that eats into your budget or contingency, but addressing them can delay your timeline and mean more money toward labor costs.
2. There are fewer surprises.
Staying in the same location means fewer surprises. A knockdown rebuild means you can stay in the same school zone, remain a member of a community you enjoy, and have access to the amenities you are accustomed to. Many homeowners find they outgrow their old house but not necessarily the community.
Taking on a home renovation could turn up unforeseen problems and surprises that impact your renovation budget, especially in an old building. Structural issues have to be addressed to maintain the safety of your home. When building a new home from the ground up, such surprises aren’t an issue.
3. You can stay in the same neighborhood.
Location is one of the most common reasons homeowners choose to buy a property. A knockdown rebuild allows you to stay in the same neighborhood while getting into a new home that better suits your lifestyle. A renovation may help you realize the home of your dreams, but being able to additionally live in your dream neighborhood can only happen with a knockdown rebuild.
Dennis Family Homes understands how important it is for homeowners to upgrade their family’s lifestyle without compromising on location. Looking for an alternative to renovating an existing building or increasing your property value? An expert new home consultant can walk you through the entire knockdown rebuild process to ensure you have a memorable experience. Dennis Family Homes have received numerous industry awards for design and quality as well as several customer choice awards.
4. You start with a clean slate.
A knockdown rebuild offers more design freedom than renovating. Since you are starting with a clean slate, there’s no need to work around existing structures. Building from the ground up means fewer design compromises, the ability to explore new design ideas, and no limitations due to an existing layout. Building a new home allows you to customize everything from the number of bedrooms and bathrooms to the style of fixtures and the quality of materials.
5. You maintain your equity.
Think about the equity and capital growth you have built over the years in your existing home. Moving into a new house in a different location means walking away from the equity you have gained. Building a new, larger house on the same plot of land will increase your property value and its potential for capital growth.
Renovating your existing home can mean months of having a builder on-site daily. Balancing work and family life while going through a home renovation isn’t a decision to make lightly. Opting for a knockdown rebuild means minimal disruptions to your lifestyle. For example, living off-site while rebuilding means not adjusting to living in a construction zone where there is a constant flow of workers and interruptions from contractors regarding surprise structural issues or last-minute design changes.
Taking on a knockdown rebuild allows you to build the house of your dreams from the ground up. With minimal surprises, lesser costs, more design freedom, the ability to keep your location, and maintain your equity, why not take on a knockdown rebuild?