Whether you are thinking of renovating an existing house or building a brand new home it is important to do some research before you decide. You may find that your original ideas change once you have done your homework.

For example, if you want to build a house but there are budget constraints, is renovating your existing house an option?  Or maybe building a ready-made project home is the answer if you’re time-poor.

The following may provide some guidance and could help you decide:

  1. Estimate Costs

Renovating is usually cheaper than building a new home. However, renovation costs can easily blow out due to unforeseen problems that arise along the way. If you’re planning an extensive renovation with a lot of structural changes, it can definitely be cheaper to knock the house down and build a new house. One of the advantages of a building a new home is you can ask your builder for a ‘fixed price contract’.

  1. Location can be key

Renovating is a good option if you like your current location. Knocking down and rebuilding is more popular in locations where there is a lack of vacant land and in sought after areas close to the city, beach or bay, where there is hardly any risk of overcapitalizing. However, house and land packages may only be available in new estates in outer suburbs.

Anyhow, if you’re unsure what to do it is always a good idea to get some advice from a local real estate agent. It’s also important to check local council requirements to find out what you can and can’t-do under the local planning scheme.

  1. Home Design to suit lifestyle

Sometimes it is easier and cheaper to start from scratch rather than trying to fix an unworkable floor plan by extending or raising an existing house. Rebuilding allows people to choose a home design that suits their needs and requirements. The new home design plans are normally also proven as they have been built before. You will have a fair idea of what your home will look like by visiting a display home. However, it is essential to choose a new home design that makes the best use of aspect and shape of your land.

  1. Budget for ongoing expenses

Generally speaking, new homes are easier to maintain, less susceptible to termites and more energy efficient. Building practices and regulations are also much better now and a new home comes with the added peace of mind of a warranty on the construction.

  1. Hassle of renovating?

If you work full-time or are raising a family, you need to ask yourself whether you want to spend most weekends working on the house. Renovating can be very disruptive, often requiring the homeowners to move out for a period of time. If you are building a brand new home it can be built to ‘turn key’ stage which can give you peace of mind but you will also need to live somewhere else while building.

  1. Consider the age of the home

If you have lived in a character home with old timber floors and decorative ceilings, the renovation will obviously be the best way to go, even if it is more costly. Rebuilding is not an option if your home has period features.

Making a decision on whether to renovate or build a new home it is a big decision and an expensive one. Whichever way you go, it’s essential to do your homework first.

For more building and renovation information read the following article: