How to maximise the value of your block of land
There comes a time for many homeowners when they need to sit down and consider the question: should I knock down my house and rebuild? If this is to be your forever home and it’s in a location you love, then it certainly is a worthwhile question to ask. What’s more, experts predict Australian property prices will rise to record highs in 2021, so staying put and starting afresh is becoming an increasingly attractive option.
Once you’ve decided to knockdown your existing property and build something from scratch, the next step is to closely evaluate what it is you want in your new build so you can maximise the value of your block of land once construction on your home is complete. Here, we share three top ideas to consider.
Also known as dual occupancy, duplexes are increasing in popularity as homeowners and investors realise the financial appeal of a double house combined with the aesthetic and liveable features of a standalone dwelling. A duplex is a residential building with two dwellings sharing a common central wall on a single block of land. Each side is a separate home with its own entrance, amenities and yard.
While the initial outlay costs to build a duplex might cost more than building a standalone house, knocking down your house and building a duplex will certainly maximise the value of your block of land. Simply put, land costs a lot, and with two dwellings on the same block, you’ll be saving those costs and putting them towards that new sofa instead.
More inspiration: Your questions answered about knock down rebuilds