Many people will initially explore the pros and cons of renovating their home before deciding to demolish and rebuild. Unless your existing home holds significant sentimental value or is in very good condition and is well suited for renovation, it may be much more expensive to renovate. The key aspects of the house such a bathrooms and kitchens need to be located for efficient re-design of the dwelling otherwise the cost of relocating these rooms can become very expensive. Renovating an old home may have the potential to undervalue the property by comparison to a brand new home on a well located block.
Often a renovation will uncover unexpected surprises such as asbestos, roof leaks, plumbing, drainage and electrical issues where one small repair can require a complete re-do for the building work to comply with modern day building laws.
The benefits of rebuilding include having a brand new energy efficient new design that can be customised to suit your lifestyle. Rebuilding will allow improvement of the home’s position on the land to maximise solar gain. A new home is less likely to require as much maintenance such as the hidden squeaks and creaks that a renovated home may retain. Research shows that the cost per square meter or building square to renovate an old home, can blow out to as much as double the cost of rebuilding a new home.