Rebuild or Relocate?
When you think of building a new home, do you automatically picture it on a new block of land too? Somewhere you’ve never lived before? A place that’s far away from your favourite coffee shop, park or shopping centre?
It doesn’t have to be that way. These days more and more people are opting to stay put and knock down and rebuild on their existing site instead.
It lets you stay in the street you love
Rebuilding on your existing site means you stay in the suburb (and street) you love. There’s no need to find new schools for the kids, change your gym, or lose contact with the neighbours who are now your friends.
If you have lived in your house for a while, you may be surprised by the changes in you suburb’s property values when you start looking to upgrade. One way to avoid a hefty increase in your mortgage is to rebuild instead.
Rebuilding can often be cheaper than renovating
Renovating can be expensive, especially when you start getting rid of walls, changing the layout of rooms or lifting and building underneath. Extensive renovations can easily add up to more than starting from scratch and rebuilding. Plus, if you do rebuild you can design the home that you really want. There’s no need to worry about matching existing materials or retrofitting features. You can get the size and layout that’s going to best suit you and your family into the future.
Save on stamp duty and other fees
Buying and selling property attracts a wide range of fees and charges. Rebuilding on your existing site means you can side-step the real estate agent’s fees and stamp duty normally associated with building a new home and selling your old one.
Sounds good, doesn’t it? But before you book in the demolition crew, keep in mind not everything is always straightforward.
Building on an existing site can sometimes be more challenging than a flat block in a new estate. It may be narrow, have restricted street access, or the orientation may be unusual.
Additionally, not every design will work in these situations. Make sure you choose a builder that can accommodate your requirements so you still get the house you’ve dreamed of, not one that simply ‘fits the space’.
Your dream of a modern home in the inner-city may not fit with how the council wants your suburb to look. Often there will be regulations and guidelines on the type of building, its facade and sometimes even its colour and materials. Make sure you thoroughly understand what you can and can’t do with the design.
The flip side of saving on buying and selling fees is that you will have to live somewhere while your new home is being built. So when you are working out your costs, make sure you factor in some temporary accommodation for you and your family for the period of the build. You may also need to arrange storage for your furniture and anything else that will be in the way.