Knock down and rebuild!
Is it better to knockdown or demolish, rebuild, remove or renovate?
Is it a worthy home suitable for removal, with historical significance, such as a Queenslander with character? You may be able to offset some of the new home costs by selling this home to a removalist company, instead of spending money to demolish it.
New homes are easier to maintain and more energy-efficient, and also come with added peace of mind, in the form of a construction warranty. Which is why if you love wherever you live, but your home is no longer working for you and your family, you may be better off knocking down and removing your existing home and rebuilding.
There are so many benefits to doing a knock down rebuild. You get to stay in your favourite location, it may cost less than a renovation and it will increase your resale value. By avoiding a move, you’ll save on stamp duty, moving costs and real estate agent fees.
As a rule of thumb, renovations are often less expensive than building new. However, if you’re renovating a particularly old building that’s seen better days, this may not be the case.
If you wish to build a house, you must obtain planning permission from your local authority before you start construction.
The law requires that you need planning permission for virtually every significant development. … The overall plan for the area where you wish to build your home is called the development plan.
Demolition costs vary depending on the size of the house, access to the site, hazardous materials/asbestos removal, neighbouring structures, established trees and temporary fencing.
The Interest rate on a construction loan is generally 1% higher than a typical rate for mortgage loans.
If you have a house with an existing mortgage the bank has a rightful claim to your property that would be equal to the balance of your mortgage. Essentially, you cannot demolish your house if it is the property of the bank.
A demolition permit is necessary to completely raze or remove a structure down to the foundation in most municipalities. You need a separate permit for each structure to be demolished. You fill out a permit application in order to start the process of obtaining the demolition permit. You should also obtain a building authority approval at the same time.
The Knock Down Re Build process
- Select your home design. It starts with the fun part – choosing your dream home! …
- Council approvals. …
- Surveys and testing. …
- Preliminary contract and planning.
- Fixtures and fittings.
- Lighting and power.
- Final contract signing.
The reality is that the cost of building an average quality home on an average site on the Sunshine Coast could be $2000 per square metre. This cost continues to rise, in fact the average cost of construction has risen by 20 to 30% every year for the past 3 years with the current situation with material supply issues not helping.
1. Property prices are sky high
It’s no secret that property prices are at an all-time high. The demand from investors coupled with people looking to move interstate will continue driving prices and buyer competition up.
2. The cost of selling and buying
Conveyancing, agent fees, advertising and stamp duty are just a few costs associated with buying and selling that we often forget. Depending on your situation, renovating may prove to be more cost effective.
3. You love your home or suburb
If your current home makes you happy and you’re not ready to say goodbye, then renovating to add another room, change the layout or update the kitchen may be just what you need. It’s likely you will be adding resale value to the property if you sell later down the track, while also staying in the place you love for the time being.
4. Finding your dream home is easier said than done
Most people have priority features their dream home needs to have, but finding it is easier said than done. The time spent scrolling through listings and attending inspections can become mentally and emotionally exhausting with often very few properties ticking all the boxes for functionality, style and budget.
5. The stress of moving
Moving house can be quite an ordeal, particularly finding the time to pack and unpack if you also work full time or have children. While renovating is by no means free from stress, often the work impacts only a portion of your home allowing you to live your life around it until the work is complete.
Rebuilding a home can have a number of advantages over renovating ‒ it can give you a clean slate
and the ability to design a new home how you want it, as well as potentially having a quicker
turnaround time than a renovation. You will also be able to build a home with new materials, and
take advantage of structural warranties. Of course, there are also some disadvantages ‒ you’ll need
somewhere to live while the renovations are being carried out, and you’ll need to be careful you
don’t contravene local zoning regulations or heritage listing requirements.
A knock-down rebuild project could be the perfect answer for you! Rebuilding your home can mean a no-compromise finish, put walls and plumbing exactly where you want them, get that airy open planned Queensland living, make the laundry bigger and add in that ensuite and walk-in wardrobe that you always wanted. See you later 50’s floorplan and fittings!
A knock down rebuild solution will appeal if:
✔ You have always dreamed of building your new home and you don’t want to compromise on your vision
What are you waiting for? The house you’ve always dreamt of is waiting for you.
Get in touch with us to get a free consultation with our building experts.
Drake Home Consultants, we take the stress out of building your dream home