Do I renovate or knock down and rebuild?
If you have outgrown your house, it no longer suits your needs, or it is in dire need of major repair, whether to renovate your existing home or knock it down and rebuild the perfect home in its place is a common housing conundrum.
Knock down and rebuild has become an increasingly popular solution, and it is little wonder why the HIA predicts that more and more homeowners will choose to go down the knock down and rebuild path this year. There are many advantages and considerations when deciding to renovate or rebuild. Knocking down your existing home and rebuilding can sometimes be more cost effective than a major renovation, considering the design restrictions when working with the existing house is key in understanding whether this is a viable option for you. It sometimes becomes apparent early on in your considerations that working with an existing home may in fact be counterproductive to what you want to achieve as well as a more costly option than a new build. However, there are some situations where in which it is more advantageous to work within the skeleton of an existing structure and therefore this may be the best way forward. Herringbone will guide you through this process and help you evaluate the options and outcomes as we understand the intricacies of construction in both scenarios.
When comparing the cost of a renovation to a knock down or rebuild, you should compare size for size, and find out the real cost. In a renovation, existing house structural components are concealed before a renovation begins and can lead to additional cost to replace and to re-engineer the existing structure. There is little choice than to update these older structural components of the home and thus it results in cost increases to the owner. Therefore, usually renovation contracts sometimes contain variable allowances to account for the unknown, but in turn does not give you, the owner a fixed idea on price. Whereas in a scenario where knocking down and rebuilding is a viable option, there is more of an opportunity to design from scratch and take advantage of the specific site, the orientation, your personal needs, your lifestyle and this is often the best solution long term.
In contrast to a renovation, a new home building contract is typically fixed price and it is easier to quantify the final price, unless there is something underground that is unforeseen, or where the builder must dig deeper footings to obtain the right foundation. A well designed new home can often be the most efficient to live in long term, as it can be more efficient in terms of both design and having the latest technology and equipment, thus being more ecofriendly. This combined with a quality construction can increase the value of your property, far greater than that of a renovation and have a greater lifespan.
Contact Herringbone to arrange an obligation-free design consultation meeting with specialist Herringbone consultant.