Save up to 50% when you renovate rather than knock down and re-build
You may have had your eye on a shiny new home, but amidst this whirlwind of change in the world from Covid-19, renovating could now be your best option.
Take for instance this lovingly renovated Edwardian home in Hawthorn which is simply too good to detonate. It oozes character, style and added more value for the homeowners than a new home would have.
Sherbrooke Design and Construction project development manager Paul Utting said renovating an existing space instead of knocking down and rebuilding can save you up to 50% and the project could also be completed in half the time of a new home build.
There are also less complications in town planning (where required), which means council approval should be obtained much quicker. In some cases families can live in the home which is being renovated and save money on rent.
“A lot of homes in established suburbs have ‘good bones’, which means they are structurally sound,” he said.
“But the most valuable asset of these homes is their character, if you embrace that character you will find that you can actually add more value to the property than if you knocked it down and rebuilt.”
Mr Utting said he saw $500,000 wiped off the value of a property in East Malvern, which was in one of Melbourne’s most prestigious streets, because the homeowner opted to knockdown and rebuild a home with poor character when they should have renovated.
“At the time a home renovations Melbourne would have cost them $20,000 more than knocking down and rebuilding, so the owner opted to go with a volume builder.
“The property was sold 12 months after the home was built for $1 million, whereas other homes on the same street which were renovated and preserved the character of the home sold for $500,000 more.”
He also said, most older homes have established gardens, so there is no need to add on the cost of landscaping. There is also often no need to upgrade services to the property.
“When you renovate and extend, you can go two ways with it. You can match the extension to the existing home and ensure character is preserved and seamless through the whole home or you can add on a modern look and feel while preserving character in the existing building,” he said.
To learn more about what can be done with your home contact the team at Sherbrooke Design and Construction on 9594 8400 or email [email protected]