Though renovating can look exciting and glamorous (and also sometimes not glamourous at all) thanks to brilliant shows like The Block and Grand Designs, but it is not a project anyone should take on without truly thinking through the project and planning that process thoroughly.
Let’s break it down then. Should you renovate? Or should you detonate?
Renovate
The Pros
1. Renovating is very exciting; you are fully in control of what is changing and how much you want to change. This means that you can keep the original fireplace or ceiling roses if you want them but change all the tapware to be brushed gold.
2. Updating older homes in the more desirable suburbs can help relatively quickly add value to the existing property. Whether it is simply cosmetic changes to improve general appearances, or if you are tackling full-blown extensions, you can quickly see a return on your investment.
3. If you love a suburb but can’t quite afford a new build or newer home, this way can help you stay in the right location and over time bring the house up to speed. With limited blocks available in the longer established areas, you will not have to sacrifice on your lifestyle.
4. You can go big as adding another floor or a pool or you can adopt single room updates like a new kitchen or bathroom; or scale it back to just a fresh coat of paint and new throw cushions.
The Cons
1. The cost can quickly creep up, especially if you don’t have the experience or skills to be completing the renovations yourself. Some jobs still need to be completed by a professional.
2. It is often best to move out of the house while you are renovating, however that can often prove very difficult, as this is the home you live in. This is made even harder if kids are running about too.
3. For the most part, without confirmation from your shire and engineers, you can’t play too much with the layout of the house as well external structures such as pools, underground structures and more.
Detonate
The Pros
1. Building can be so rewarding as you know the finished product is going to be what you designed and picked, right down the very last door handle. You can create a floor plan that matches you family lifestyle, and interior finishes that compliments your personality without compromising to an existing structure.
2. Since you are building new, you have confidence that your home is structurally sound and ready to last the distance. Newer homes are also proving more efficient to run and easier to maintain due to innovations in the building arena.
3. Current government grants are making it even more enticing for people to be building their dream home. However, these grants have also bumped up competition in getting land.
The Cons
1. What to do with your current home? Do you knock it down or rent it out and decide to build elsewhere? Then you need to establish where you will live for the next year as your new home comes to life.
2. Stamp duty will come in to play if you are building on a new block of land, along with other fees associated with a new property such as design and engineering fees, building permits and approval fees. Knocking down and rebuilding also have an additional set of costs.
3. Building may be longer process than renovations, as the house is already standing. Where building is a much lengthier process, especially when you factor in the design, paperwork, and pre-start phases.
Before you dive in touch base with us for an appraisal; commercial and residential, to understand the current market expectations for your property or what affect a newbuild or renovation may have.
Whatever you decide, your prefect home may be just around the corner.
Excited? Find your next renovate or detonate here.