Renovation or Rebuild?
Deciding between renovating an existing home or tearing it down to build new is a significant decision many homeowners face. While both options have their merits, the right choice depends on various factors unique to your situation.
As a seasoned home renovation business, we guide clients through this crucial decision-making process and provide honest advice. If we think it is beyond saving, we will say so!
Understand Your Neighborhood
Preserving Character and Charm
In areas rich with historical significance and architectural charm, such as Perth’s inner suburbs (Mount Lawley, Mount Hawthorn, Wembley, North Perth, Nedlands, and Claremont), renovating is often the preferred choice.
Maintaining the character of these neighborhoods can enhance property value and contribute to the area’s unique appeal. Future buyers often seek these locales for their historic charm, making a well-renovated home a valuable asset.
Evaluating the Future of Developing Areas
Conversely, if your home is in a suburb undergoing significant redevelopment (e.g., Innaloo, Embleton, Morley), a rebuild might be more practical. These areas may benefit more from modern constructions that align with the overall development trends, potentially offering better returns on investment.
Calculating the Costs
Hidden Expenses of Rebuilding
Rebuilding will include temporary relocation costs such as renting a home and storage fees for your belongings. These costs can add up quickly. For example, a six-month rental at $800 per week for a family home totals over $20,000, not including storage expenses.
Living Through a Renovation
Renovation, on the other hand, often allows you to stay in your home. While it may involve some inconvenience, the cost savings are considerable and given how difficult it is to secure a rental property, it really is worth putting up with some inconvenience. This is especially critical if you’re on a tight budget.
Navigating Council Regulations
Heritage Protection and Building Restrictions
Before deciding to renovate or detonate, check with your local council regarding heritage protection zones.
In areas like the City of Stirling, heritage bylaws might prevent demolition, making renovation the only viable option.
Comparing Costs: Renovation vs. Rebuild
Detailed Cost Planning
A comprehensive cost analysis is essential for both renovation and rebuild projects. This includes hidden costs such as landscaping and painting.
Engaging with a professional designer and a professional builder (for either the renovation or the new build) is essential to get accurate pricing for your specific home and location.
The Value of Professional Renovations
Professional renovations ensure that your project stays within budget and meets your expectations. Our expert team is equipped to handle every aspect of the renovation, from design to construct, ensuring a seamless and stress-free experience.
Future Value and Capital Gain
Long-Term Investment
The future value of your home is a critical consideration. Character homes often retain their appeal and value over time, while new builds might appear dated within a decade.
Consulting with a real estate agent can provide insights into the potential capital gain of a renovated versus a newly built home in your particular area.
Energy Efficiency and Modern Standards
New builds can offer advantages in energy efficiency and modern amenities, which might appeal to future buyers. Consider incorporating sustainable practices and smart home technology to enhance both the functionality and value of your home.
Conclusion
Choosing between renovating and knocking down and rebuilding requires careful consideration of your neighborhood’s character, costs, council regulations, future value and what is best for you and your family right now.
At Amerex Renovations, we provide genuine advice about your building and renovating options based on 30+ years of experience.
If you choose to build as an Owner-Builder, it is unlikely you will achieve a total cost that is less than as a professional Builder that has access to trade rates and is experienced at scheduling and managing complex building projects.