Renovate or detonate?
So, the home you have isn’t quite what you want it to be, but you like the location. It begs the question: do you renovate or detonate?
Should you start with what you have and make some improvements, or take things back to a blank canvas and start all over again?
It’s a big decision to make so let’s consider whether to renovate or detonate…
What’s involved?
How do you get from where you are now to what you want your property to be? In other words, what exactly would a renovation or rebuild involve?
Because somewhere in there is a tipping point where it becomes more cost effective and efficient to start from scratch rather than navigating and working with an existing structure.
For example, if creating your dream home just involves adding an extension to the rear of the property, that might be feasible. But if you need to knock out multiple walls, reconfigure the property and complete a complex extension, then starting from scratch might be a better option.
Meanwhile, what is it that you are looking to salvage in a renovation? Some properties simply do not lend themselves to the renovating process, but others might have character, charm or the great bones that make the idea of renovating a no brainer.
The cost factor
Renovating and building both cost money and the price tag can be significant.
Don’t be afraid to bring in some experts to gather ideas about how to best achieve the outcome you’re after – whether that’s an architect, builder or property expert.
They might be able to offer some clever ways to improve the property without costing you a fortune, or they may be able to offer some advice on parts of the property you can work with to lessen the detonation and rebuild cost.
Meanwhile, if you’re weighing up whether to renovate or detonate then rebuild, cost should be one of the big factors you look into carefully prior to making any decision.
It’s also important to weigh up whether the renovation or rebuild is worth it in the long term, or could you be overcapitalising on the property?
Time
Time is also a cost when it comes to renovating or rebuilding, and that’s worth taking into account.
In the case of renovating, the time spent living elsewhere might be shorter, or perhaps you could even reside at the residence during the renovation.
If you’re rebuilding, however, you will need to find somewhere else to live during the knock down and rebuild process.
Red tape
Regardless of whether you are rebuilding or renovating, you will need council approval for your new-look home.
And in some cases, that approval might be hard to get or you might have restrictions as to what you can do to an existing property due to heritage status or environmental considerations.
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