Your home is not just a building made of bricks and mortar, but it is where you have made countless memories with your loved ones. It is your sanctuary, your safe haven, and your place of comfort. However, over time, the wear and tear of everyday life can take its toll. Families grow, and homes are outgrown leaving you with a big question, should I build new or renovate my home?
Renovating: alterations and additions to your home
Renovating your home means upgrading and updating your existing space without tearing down the existing structure. It can involve anything from updating your kitchen to adding a new room to your ground floor or adding another level to your home. Here are some pros and cons of renovating your home:
Pros of Renovating:
Cost-effective: Depending on the scope of works and the condition of your existing home, renovating can be less expensive than rebuilding from scratch. You may be able to keep the existing foundation, which can save you money on excavation, foundation work, and possibly wall structures. Your existing home may also have a favourable building footprint, which means new council or building regulations may limit your buildable area if a new home is constructed. This is a common issue with established Sydney areas including eastern suburbs, inner west and the north shore.
Preserves history: If your home has historical or sentimental value, renovating it can help you maintain its character while updating it to modern standards. Some classic designs can be hard to replicate, sometimes these classic features can add glamour to your home.
Cons of Renovating:
Limited customisation: Renovating your home means you are limited to the existing structure, which can restrict your customisation options. Whether you are extending or just refreshing your home, the existing building elements must be structurally adequate to sustain any design decision.
Hidden costs: Renovating can uncover hidden costs, such as structural damage, outdated electrical or plumbing systems, and other issues that may require additional work and expenses. It is highly encouraged that a professional service such as Home Building Advisor review your intended plans and advise of any potential design or construction concerns, before you open the can of worms!
Limited lifespan and home value: While renovation can help extend the life of your home, it can only do so for so long. Eventually, your home may require a rebuild or general maintenance. It’s also worth noting that a renovation is still not considered a new home, newer is always considered more desirable to potential home buyers.
Rebuilding your Home
Rebuilding your home means demolishing the existing structure and building a new home in its place. Here are some pros and cons of rebuilding your home:
Pros of Rebuilding:
Complete customisation: Rebuilding your home gives you complete control over every aspect of the design, allowing you to create a home that meets your exact needs. You decide on layout and specifications without limitations of the existing foundation.
Possible cost saving: It is worth noting that cost per square metre rates can at times be lower for a new home build, as there are less unforeseen contingencies to plan for. Depending on the scope of your new home, you may find yourself with a cheaper quote for a brand-new dwelling, which is always worth exploring when making this decision.
Increased value: A new home can increase the value of your property significantly. You would also have the benefit of modern building materials and designs.
Cons of Rebuilding:
Possibly higher costs: Rebuilding your home can at times be significantly more expensive than renovating, as it involves tearing down the existing structure and building a new one. Without a trusted building partner or professional service, this process can also be overwhelming at times.
Could be more disruptive: A brand new home may take longer to reach the move in stage. This could mean you will need to consider alternative living arrangements for a little longer than a renovation.
Final Thoughts
When deciding between renovating or rebuilding your home, it is not a one size fits all answer. It comes down to your budget, needs, existing site conditions and council guidelines. Renovating your home can be a cost-effective way to upgrade and update your existing space, while rebuilding your home gives you complete control over every aspect of the design. Consider your options carefully, consult with a professional service like Home Building Advisor, and choose the option that makes the most sense for you and your family. Whatever you decide, remember that your home is more than just a building – it’s a reflection of the life you wish to lead and the people you wish to share it with.
“I can't change the direction of the wind, but I can adjust my sails to always reach my destination.”
