Renovate or Rebuild- Which is right for you?
The age-old question of whether you should rebuild or renovate is one that plenty of Australian homeowners have had to ask themselves in the past, and more and more are faced with this question daily.
Renovating or rebuilding, there’s no right option, neither is there a wrong option; it all boils down to your particular scenario and your needs as a homeowner.
We created this piece to help guide you on your decision and ensure that you go with the option that works best for you.
REBUILDING
Cost
When rebuilding from scratch, it’s easier for you as a homeowner to get an accurate estimate and finalise expenses a long time before you decide to make changes.
Due to the nature of renovating, getting a precise estimate can be tricky as prices can change suddenly.
Old Meets New
If you own a considerably older house, you may encounter issues when you try to mix new, state-of-the-art equipment with the older ones you currently have.
As a homeowner, you need to decide whether you want to overcapitalise your property with changes that’ll result in more issues.
Future
More often than not, renovations are temporary, and we get to enjoy our renovation improvements for a couple of years at most.
By rebuilding, you’re creating a structure that’s ready to accompany you into the future. That being said, rebuilds are more permanent when compared to renovations.
Market Conditions
When rebuilding, you need to consider market conditions. It’s smarter to rebuild in areas that are in high demand, where you stand a lower risk of over capitalising your property.
If you live in an area where the cost of rebuilds doesn’t outweigh your homes eventual value, then you should consider rebuilding.
New Space
When discussing whether to rebuild or renovate, we tend to forget the third option, building entirely new rooms or spaces in your home.
If you live in or around Newcastle, one common choice of fellow Novocastrians is to undertake home extensions to create new rooms, entertainment areas, and spaces to accommodate a growing family.
RENOVATING
Price
The single most significant downside of completely rebuilding when compared to renovating is the fact that renovating is usually cheaper.
More often than not, it’ll be more cost-effective to renovate than rebuild—at least in the short term. If the price is a real issue, then renovating might be perfect for you.
Block
Sometimes, the type of block you live on helps you decide whether to restore or rebuild; some blocks are trickier and harder to build on than others.
Rebuilding a property on a flat block is more convenient than rebuilding on a sloping block. So if your property is on a sloping block, renovating might be easier for you.
Age
It’s not hard to come across homeowners or enthusiasts that claim that we don’t build structures like we used to.
Renovating a building with significant history might be the best way to preserve the originality, uniqueness, and characteristics of the structure.
The importance of preserving history cannot be overstated.
Location
When it comes down to it, renovating is perfect for you if you live in a property that you plan on moving from in the future.
If you live in a suburb and cannot decide whether rebuilding a part of your home will result in overcapitalisation, then renovating is the way to go.
Preference
As we said, there’s no right or wrong option in the discussion of rebuilding or restoring. It all boils down to what works for your peculiar situation.
