Navigating the Crossroads: Renovate or Rebuild?
Whether you’re purchasing a home ripe for renovation or you’re feeling the squeeze in your current space but love where you live, the choice between renovating, extending or a complete knockdown rebuild is a common dilemma for homeowners.
This decision is weighty and requires thorough consideration. Various factors, including the home’s current condition, position on the block, site features, your long term goals, the changes in the neighbourhood, your budget, timeline, relocation feasibility, and your level of involvement versus hiring external help, all influence the decision-making process significantly.
At Eltcon, our team can assist you in navigating this decision based on your unique circumstances. With extensive experience in knockdowns, rebuilds, custom homes, renovations, and extensions across Melbourne, we offer valuable insight to help guide you. Below, we outline a few scenarios:
Why Renovate?
There are a few different reasons why renovating your current home may be more beneficial. These have been outlined below:
To preserve the history and character of your home
Melbourne presents unique challenges due to the stringent regulations governing heritage-listed properties and the specific guidelines are in place when it comes to altering the home. With over 7,000 properties protected under the Heritage Overlay, homeowners face restrictions on alterations and must obtain permits from the local council before proceeding with any work. These constraints may prohibit full demolition, making renovation or extension the most viable options.
The structure of the home is sound and land is available:
With a sound structure in place and available land for expansion, homeowners have a solid foundation for undertaking a renovation and extension project. This advantageous scenario not only ensures cost-effectiveness by minimising the need for extensive structural modifications but also offers flexibility in design choices and customisation. By leveraging these assets, homeowners can create a tailored living space that meets their current needs while preserving the integrity and character of their home.
Why Rebuild?
Now let’s look at the reasons when knocking down the existing home and rebuilding may be more beneficial:
It will give you full control over design:
Rebuilding offers the freedom to design your home from scratch without constraints imposed by the existing structures. Whether it’s optimising space, layout, or orientation, starting anew provides complete creative control. There is also no consideration required in how to blend the older home with the new to create a cohesive space. And the opportunity to incorporate smart home technologies and sustainable initiatives.
To optimise property orientation:
Rebuilding allows you to reposition your home on the plot for better sunlight exposure and improved spatial dynamics, something often unattainable through renovations alone. The increased natural light not only improves the livability but also impacts energy efficiency.
What Are The Key Considerations When Deciding Between the Two Options
The scope of work required
Before determining the best course of action, it’s crucial to fully comprehend the scope of work needed. When discussing new home requirements and the necessary changes, and modifications required, this often reveals the best course of action.
Cost considerations:
Budget holds significant importance for homeowners aiming to renovate or rebuild their homes. Although renovating/extending might appear to be the more cost-effective choice initially, the additional contingencies needed to safeguard the existing structure during renovation can often result in costs comparable to or even exceeding those of a complete knockdown rebuild.
Budget allocation:
Following on from the above, thorough planning of your budget is crucial. This can be achieved through discussions with your bank and collating accurate quotes from builders (keeping in mind that generally quotes that you have paid the builder to obtain are more accurate than those provided to you for free). Also talking to people who have recently gone through a similar renovation or knockdown rebuild to gain an understanding of what it cost them to design and create their new home can be helpful. Prioritise expenditures based on project phases to optimise your budget effectively.
Quality focus:
Whether renovating or rebuilding, prioritising quality is essential for a lasting investment. Get advice from your builder or designer on what aspects to invest in and where you can save.
Professional assistance:
Collaborating with reputable builders can help streamline the process and minimise costs. With expert guidance, you can navigate potential pitfalls and ensure efficient resource utilisation without compromising quality.
Essentially, the decision between renovating and rebuilding hinges on various factors, the location, the site, budget, design preferences, and long-term goals. While there’s no one-size-fits-all answer, consulting with experienced professionals can provide clarity and help you make informed choices.
Eltcon are available to chat through your circumstances- contact us.
