You may begin to experience persistent problems like cracks and creaks on your steps. Your window might be leaking rainwater even when you shut it tight, and so much more typical home owner headaches. Of course, this is but natural for all properties. They disintegrate and lose value in time.
So, how do your decide which is the better option for you? Do you knock-down-rebuild (KDR) or renovate? Here are some considerations:
Age of your home: The age of your home can be a determinant of how much work needs to be done in order to fix everything that needs fixing. So, the older your home, the more costly it is for you to renovate.
This does not mean you should KDR immediately. It could be that you bought your home for its character. The creaking floors and windows may be antiques that add value to your home. If this is the case, determine the value of your house’s “character,” and compare it with what you want for your home. Ask yourself: is it worthwhile to just fix things up so you can retain your home’s character?
Costs: Of course, this is one of the top considerations. Get a professional home builder to assess your costs should you do a KDR or renovate your old home. In most cases, it is cheaper to just knock-down-rebuild, especially if you envision a lot of structural changes. The cost of renovations may seem lower at the start. However, I can almost guarantee that this will blow up once you begin to discover structural problems. At least when you rebuild your home, you get an upfront total cost and can plan your finances around it.
Lifestyle: Your way of life also factors in. Have your kids moved away and you now want more space? Is it more convenient to live in a single-floor home rather than a two-story one? There are complications that come with renovating for drastic changes in your home design preferences. KDR might just be your faster and more cost-efficient alternative.
Location: Knock-down-rebuild is a popular choice in areas where there aren’t a lot of land for residential or commercial use. When land is scarce and you want a new home, go the KDR route. This is usually in places close to the city or the beach.
Your budget: Once you decide to knock-down-rebuild or renovate, you need to plan your finances around this. And surely, home development will not be your only ongoing expenditure. You have basics – like food, gas and shelter – and overheads to think about. So, before you make a decision on what to do with your home, draft a plan first, which should include your rebuilding or renovation schedule, the projected costs and your basic and overhead needs.
From experience, it is easier to plan around a KDR. Home builders in Brisbane and the rest of South East Queensland usually provide you with a flat cost for the work, service and materials. With renovations, expect a lot of surprises.
Your patience: Lastly, your ability to take all the hassles that come with rebuilding or renovating comes into play. Expect disruptions to your daily routine. It is worse when you share your home with children. Renovation is usually hectic and more trying on typical human patience. With KDR, you vacate your old home till you’re ready to move in – a convenience that many prefer.
So, what are your thoughts? Are you leaning toward knock-down-rebuild or renovation?
Feel free to get in touch with Ison Homes if you have questions. Call us at: 07 3207 4298