So, your current home isn’t looking too dapper, but you've decided that you don't want to compromise your location for a new one. If this is the case, you may be thinking about whether the best option is to knock down rebuild the whole house and start from scratch or whether it's worth giving it a bit of a reno makeover. Our advice? Let's just say this isn’t a black or white answer and that there is a list of things you’ll need to consider relative to your budget, time and attitude. So, let’s get into it!

One simple way to determine whether it’s worth knocking down your home is by considering its age and character. Generally, older homes are built at a might higher quality than new ones and hold many historical attributes that can’t be replicated. These homes are usually worth renovating and are guaranteed to sell at a much higher price. Alternatively, if you currently have a crumbled home that’s worth little more than the land itself, the cost to fix up the house isn’t worth doing and knocking it down is more suitable.

You may be wanting to either knockdown your existing home or renovate it to create a better suited home for your lifestyle although, you’ll need to consider the project will comply with the planning regulations in your area. So, contacting the local council before you make any plans to renovate or rebuild is imperative as certain councils may prohibit houses past a certain age or heritage from being renovated or knocked down at all. The council will also assess things like how the project will affect your neighbours, the conditions of the block and area restrictions. For example, some estates have a certain look and feel therefore some drastic home changes may not get approved by the council as it will affect the overall look of the area.  You will also need to obtain a permit if you’re looking at removing vegetation or trees on or around the block.

Before you make any decisions, the first step you will need to take is confirming whether you can knock-down or renovate your house on your property. If your site is situated on a flat block of land and the soil quality is looking good, then you may be able to get away with both options. Alternatively, if your block is sloped and in a complicated location then this may cause some problems for you. Some locations may have heritage protection regulations and there may be legalities that prevent you from demolishing and rebuilding on your land. Speak to a site advisor to get your answers - only then, you can weigh out your options.

To put it bluntly, renovations are cheaper than rebuilding a property in its entirety, however many people find that the measure of renovating tends to exceed the cost of a knock down rebuild. It's common for the renovation to come with more complications, relative structural problems and hidden costs, however, the site costs for knocking-down your property may be pricier if your land is a little more complicated. To get a clearer idea about this, do your research and fish out some quotes from site inspectors.

Many people generally decide to knock down their existing property if land is scarce in their area and they want to preserve their location; however, it’s always worth ensuring that knocking down and rebuilding doesn’t run the risk of overcapitalising on your property. The last thing you want to do is spend money on your rebuild if it eventually outweighs the market value of your home. We recommend always speaking to an advisor about this before making any decisions!

It’s worth noting that this point is obviously relative to your renovation plans, however, the average duration for home renovation takes between 4-8 months. Alternatively, to knock down and rebuild your property, this would generally take around 8-12 months. It’s also important to consider that unlike renovations, you won’t be able to live in your home during the rebuilding process and will need to find another place to stay during that time.

One of the main things you should consider when impending changes is whether you are willing to deal with all the trades independently or whether you would prefer to put the responsibility into someone else's hands (such as a home-building company). Renovating your home gives you the platform to take control and execute every step of the process on your own terms. Although this may be ideal for some people, for others the thought of knocking down the house and allowing a company to take hold of the building journey may seem like a much more viable option.

Pros

• You choose the elements you want to improve in your home and keep the aspects you love
• You can avoid having to relocate whilst renovating by doing sections at a time.
• You can keep the character of an older home.
• For resell purposes - some buyers prefer an already established home.

Cons:

•  Renovating is costly. 
• You can be limited to what you can renovate due to council restrictions or older homes. 
• You can easily exceed your initial budget with extra fixes that may come up throughout the renovation or underestimate certain costs. 
• You could overcapitalise and potentially lose money on the home.

Pros: 

• You get to choose your own home design that better suits your needs.
• Everything is BRAND NEW.  
• You could potentially save costs.
• Potential to build an energy-efficient home to save you costs later down the track.
• Fewer maintenance issues in the long run.
• Great investment opportunity – House flipping.

Cons: 

• Higher upfront payment instead of increments.
• You’ll need to relocate during the build.
• Can be more time consuming. 

If you've decided that knocking down and rebuilding a brand new home on your land is the right decision for you, you can read all about the Knock Down Rebuild Process with Domaine Homes.

Ultimately, we know all these points leave you with a lot to think about, but big changes require big decisions! At Domaine Homes, we're always here to help you with our team of experienced professionals and longstanding experience as home builders. To gain some more insight and advice, you can contact us today to get on your way!