There’s no denying that times are challenging and the dollar no longer goes as far as it once did. Contributing factors such as interest rates, property prices and economic influences - all play their part in how far you can stretch your dollars.
With this level of necessary caution, you’re likely to be considering your options to renovate/extend, knock down to rebuild (KDR) or possibly sell up and move.
Property ownership is likely the greatest investment in your lifetime and further investment or lack thereof should be carefully considered. Before you do anything it’s crucial to be informed, so that you can make the right choice for you and your family, for maximum lifestyle enjoyment and appreciation of your property’s value over time.
The questions you’ll likely be asking yourselves…
- Let’s look to sell – what are our options? To stay in the same area or move out of the area.
- Do we stay and renovate/extend to achieve the ideal property?
- Do we knock down and rebuild (KDR) which doesn’t always fit all situations with extra costs to consider.
- Do we move out of the area we love? If you love where you live, relocating suburbs with your family has legitimate challenges.
- Can we find a property that ticks all the boxes, which can feel like finding a needle in a haystack. Everyone lives differently and finding the perfect property isn’t easy.
- Is the cost of selling and moving (which can be upwards of 150-200K) the right decision? Money spent would normally go to agent’s commissions and government taxes. That is valuable capital that could potentially be invested into your existing property, in the form of a renovation/extension or KDR to benefit your family’s lifestyle and future.
Potential considerations to be taken into account when assessing your options may include agent fees, stamp duty, the state of the property market and possible heritage overlays.
The condition of your home can impact the feasibility and cost of a major renovation or knockdown rebuild.
If your existing home is in good condition and requires only minor repairs or updates, a renovation can be more practical and cost-effective. When considering whether to renovate/extend your home, it’s important to consider if it’s possible to achieve what you want, how long it will take, how much it will cost and also the logistics and expense of whether you need to move out during the build. Which will be the case in order to undertake the works safely.
However, if your existing home is in poor condition or requires extensive repairs and you have flexibility with your budget, then a knockdown and rebuild may be the better option, pending any council property overlays that may require planning.
It’s important to be aware that not all sites are suitable for volume builders. Their preference is for a flat block, so anything with a slope isn’t ideal and they will likely require a large excavation which can potentially cause drainage issues and additional costs. The value with a volume builder is in their pre-design and ‘off the shelf’ pricing. The downside is that every site is different with different orientation and site conditions, so one size doesn’t always fit all. Volume builders are less flexible with change as it falls out of their systems and structure.
Another option on the table is to engage a Designer to achieve your desired result. The problem with this is that they don’t factor the build into the price and quite often you will end up with a design that you love, but can’t afford once the builders pricing comes in.
A custom design and builder have their eye on the project from day one, through the design documentation and construction phase, right through to completion. They offer unique design solutions with the ability to work with your requirements and budget in an honest and upfront manner throughout the process.
We understand…and we can help.
Here at Sherbrooke Design and Construction we’ve been an active player in the market for over 30 years and we’re equipped with insider expertise and first hand advice.
We pride ourselves at Sherbrooke Design and Construction, as custom Builder specialising in both large scale Extension renovations and Inner suburbs new home builds. We offer a boutique building experience with a personal approach.
We also offer friendly, no obligation advice to assist you in your decision making process and we have the ability and flexibility to customise any project, whether that be an extension/renovation or a new home.