This post focuses on the pros and cons of building, renovating or buying an established home. This is based on personal opinion and circumstances and will differ from one individual to another.
Deciding which step to take can be a stressful and complicated decision. We hope this article helps decipher what the best option is for you.
You want to build the home you have in mind and call it your own. You may not be able to find anything suitable in the established market and have your own ideas as to what you desire. You don’t want to settle for ‘almost’ perfect and have passion in producing a home suited to you and potentially your family.
You may want the satisfaction of knowing you built this home and were the first person/people to live in it. Every decision that went into making this house a home was your own. There is certainly something special about choosing your own design, putting your own personal touch on it and producing something that is going to stand the test of time.
Choosing to build a home is a big step, but the end goal is most rewarding.
Take a look at some of the benefits of building your new home as opposed to buying an established property.
Building a new home
- It’s brand new
- Under warranty
- Takes approximately 12 months to complete
- You save approximately $15,000 stamp duty
- The price can be cheaper than buying an already established home
Buying an established home
- It’s older and somebodies chosen design
- You can’t make changes without renovating
- Renovating can be timely and expensive
- No warranties
- You will pay additional stamp duty
When it comes to renovating a new home it depends on what changes you would like, how much money you want to spend and how much time it will take vs how much time you can provide.
Is it worth renovating the home or is it past its used by date?
This decision varies from one home to another. The best place to start would be by getting a quote on renovating. It may come as quite a shock as it can add up very quickly. When you consider that older areas of the home may need to be demolished (requiring tradesmen) and re-built, these areas (which require tradesmen once again) will add to the price tremendously.
Once this is done you may need to insure the home in case you or the builder makes an error and there are irreparable damages.
Take a look at the reasons why you should renovate:
- When you have a home with character – a particular style that is not commonly constructed anymore. Federation style, tuck pointed, or Californian bungalow for example. It can be very costly to recreate these designs and they may not suit the remaining street scape.
- You may be in a shire area with a home that is heritage listed. You cant demolish these homes and there are strict rules to follow.
- When you are simply re-doing the inside and don’t need to add an extension or make any major structural changes.
- When you love the home you’re in and only need an extra room or bathroom.
- When you have a block that slopes drastically or is difficult to build on.
You should think about demolishing and building a new home when:
- Your home needs more than just a makeover. It needs an overhaul. Designers are able to come up with a great plan that suits your needs when there isn’t an existing layout in the way.
- If you are doing major extensions. Have this and building a new home quoted. You may find that starting with a new design is a better option.
- When you can’t stand clutter and intend to live in the home while it is being renovated. Tradesmen going back and forth throughout your home is unsettling.
- If your house will take a lot of work to look fresh, inviting or sell-able. Demolishing might be the best option.
If you need help with your decision, visit Ventura Homes Demolish and Build webpage for help and guidance on what you can do.