So, you’ve been living in the same house for 20 years and you suddenly want a change in scenery. Maybe your kitchen is out of date, or your bathroom is looking a little old and tired? Maybe you’re looking to extend up or out?
Sooner or later the questions start to pile up and you’re thinking, “do I just move and try and find the perfect new home in Perth somewhere? But I love where we live and I don’t want to move the kids from their school.”
It’s tricky but have at least two options if you’re happy where you are…you can either demolish and rebuild on your existing land or you can opt to renovate. Here are some tips and tricks in deciding whether to demolish and rebuild or renovate your existing home.
1. Determine your budget
The first step in making any changes to the home is to figure out your budget. It might sound obvious, but working out what you actually have to work with will help you determine what is doable and what is not. It ‘s important that you factor in important to consider how the costs will play out in the future too. Once this is sorted, then you can begin to make the necessary changes to the home.
2. Find out if demolishing and rebuilding is doable in your current location
If you’re set on rebuilding in your current location, you need to make sure that is doable in the first place. It could be cheaper to build a new home on flatter land, so if your existing block is sloped and difficult to access, you might be better off finding a more suitable block of land in or around Perth. Some local government areas may not even allow you to demolish your home, especially if it is in an area where heritage preservation is important.
3. Is renovating going to get you the outcome you want?
Thinking about renovating the home is easy enough, but putting the plan to action might be a bit more difficult than you initially think. You need to ensure that your home is able to be reworked and that the structure of the home won’t be changed too much or damaged. If the structure of your home needs to be changed significantly to make sure renovations are possible, then it could be quite costly and you are better off looking at a rebuild instead.
4. Check the property market in your area
You need to take into account the property market and the value of not just your existing home, but any value a renovation may add, or the difference between that a a rebuild. You need to make sure that you won’t be overcapitalising and in turn potentially losing money.
The choice to demolish and rebuild or renovating your home can be a difficult decision. But with these tips and tricks in mind, the decision hopefully gets easier and suits whatever you wanted from this process.
Stuck on whether you should demolish and rebuild or renovate your home? If you have any questions or would like some advice get in touch with our new home consultant by phoning 0424 537 437 or hitting the contact us button below.
