When your Home starts to show its age, you may wonder if it’s time for a change. After all, a fresh start can be invigorating – and it will likely add value to your property. But should you Extend and Renovate or Rebuild?
In most cases, it’s simple. Homes often have useable structure and innate character that is worth preserving. Typically, we find that the cost of Renovating and Extending will be around 50% the cost of Rebuilding, to achieve the same outcome. We also think of the waste caused by the building industry and minimising that by reusing what we can, is a great outcome. At Capital Building, we make old homes new again and so with character, your budget, and the environment top of mind.
As experts in house extension and renovations across Melbourne, our team at Capital Building have compiled some points to consider on whether it is better to Extend and Renovate or rebuild.
Factors to Consider Before You Decide to Rebuild or Renovate
Understand the Costs
One of the best rebuild or Extension and Renovation tips we can offer is to first understand the costs involved in both. Depending on the scale of work you are interested in pursuing, the associated expenses will naturally vary, so it helps to have an idea of the areas in your Home you’re looking to upgrade, repair or replace.
For example, if a slew of structural changes are required, it may prove more affordable to begin anew. If you are looking to simply upgrade a few rooms or add an Extension, it is far better to Renovate than to rebuild.
Think About the Aesthetics You Want for Your Property
Modern Homes are quite different to the designs of old. If you have a property exhibiting fine details and architecture of eras gone by, you will hopefully not only what to protect that heritage, but in Melbourne will be in most cases required to do so.
If you are in a more modern property, or perhaps a property that has fallen into complete disrepair, a knockdown rebuild could prove more cost-effective for a complete rehaul. But, we find in most cases an Extension and Renovation is the most efficient use of time and money.
Review the Conditions of the Wider Real Estate Market & Construction Industry
Is there vacant land going scarce nearby your property? Are you located close to desirable locations, such as the beach or the city? You may find that a rebuild is a preferable option as there is little risk of overcapitalising (in other words, a situation where the expense related to rebuilding will surpass the value added to your property).
If not, deciding to Extend and Renovate may be more prudent to maintain substantial equity in your property.
Consider Your Block
Not all blocks are created equal. If yours is completely flat, then a knockdown rebuild can be a straightforward process. If your property is located on a sloping block, however, or on an uneven surface, there can be complications with both the knockdown and rebuild section, limiting the potential for your new designs, and adding to the overall cost of the project.
Decide Whether You’re Open to Relocating
Naturally, if you are knocking down your property to rebuild, you will need to relocate, albeit temporarily. Do you have the budget to cover this accommodation for you and your family? This could be across several weeks, months or even years, depending on the scope and design of your new project.
When you choose to Extend and Renovate, usually only segments of the House will be unavailable and for certain periods of time. You and your family can usually continue to live at home during the project, whilst works are being performed.
Benefits of Home Extensions
Advantages of Extensions and Renovations
- You can live at home during construction and will save money on renting elsewhere.
- Can often prove more cost-effective, particularly for smaller scale projects
- Preserves the broader character of the original property
- Existing Homes can be more attractive to buyers as they demonstrate being well-looked after and hold character
- Renovating requires far less new materials and creates less waste being sent to landfills, becoming the more sustainable option
- Faster completion rates, allowing you to enjoy your improved home sooner
Know Where to Start When Renovating with the Team at Capital Building
Looking for some key Home Extension and Renovation tips and tricks? Need reliable Builders you can trust to take on your project once you’ve decided to rebuild or renovate? Contact us at Capital Buildings today for more on house extensions and renovations in Melbourne by calling 03 9857 9200 or submitting an online enquiry form.