Should I Build, Buy or Renovate?
Deciding whether to build, renovate, or purchase a home can be a difficult decision with many elements to consider. In the end, everything depends on your own circumstances, but there are absolutely things you should think about and consider before making a decision. Lofty can help you answer the age old question – to renovate, buy brand new or build from the ground up?
To determine the best option for you, let’s have a look at some of the big considerations you will have to take into account before committing to anything:
Cost Effectiveness
A major determining factor for any construction project is the budget – you need to be realistic with what you can afford and what makes the most sense for your personal financial situation. Obviously we all want to get the best for the money we have to spend. When comparing home renovations and building brand new, as a rule of thumb, renovating a space is typically cheaper than building or buying new as you avoid fees such as stamp duty and an overall more complex scope of work. But it also depends on the size and scope of your renovation project. If you are planning a multitude of changes (an extensive renovation) which will result in structural alterations to the existing home, it can be quicker and easier to start from scratch. It is also easy for renovation costs to blow out, so you need to do your due diligence and plan properly, but even the best planning can’t prepare you for what you’ll find when you uncover previously concealed building elements. It also pays to ensure you don’t make adjustments and additions to the scope once works have already commenced as this is one sure fire way to lead to cost and time increases.
You not only need to consider the upfront costs associated with your potential purchase, build or renovation, but also how the costs will play out in the future too. New homes are generally easier to maintain, come with warranties and guarantees and are more energy-efficient. Do the math, will your renovation add significant resale value to your home? Is it a good investment? How does it compare to selling up and building or buying new when taking into account stamp duty, conveyancing fees and moving expenses? Overall, the cost will largely be determined by the extent of the renovation you propose and only you can weigh up what will work best in your circumstance.
Project Duration
The next big question – how long will my building project take? Obviously this answer varies depending on the scope of the project, what condition the site/existing home is in, whether there was a home previously or if it is a clean slate. Similar to the finance situation for new construction projects, they tend to be more costly and take longer. If you are not conducting too extensive of a renovation, established building elements can and will be easily integrated into the project, and having these vital elements already present will undoubtedly speed up your project. However, if you intend to make major structural modifications, this will take longer
However, with older and heritage/historical homes the length of a project can extend the time of a new building project due to specialised labour and materials, mitigating previous harmful building materials used in the past as well as outdated code violations for buildings. At Lofty, we offer the best of both worlds, you can knock down your existing property and build the perfect home in the perfect location and create a home that’s right for you.
Design
When going through the construction process, it is important that you are deciding on a design that you are happy with both inside and out and also in terms of functionality. If you are wanting to completely change your floor plan, designing a new home is ideal as you get complete control over how your home will look and function. Renovating is more restricted as you are working from a partially completed canvas that isn’t entirely blank and more structured. Although, if you’re wanting to keep the character of a home, or perhaps just like the repurposed/refurbished look, renovating is the better option for you. The importance of preserving history cannot be understated. The state of the block will also play a significant role here – it will be easier to knockdown and rebuild for example on a flat block as opposed to a sloping block. We recommend discussing your options and site with a qualified builder such as Lofty as ultimately that is the best way to find out what might work best for your site and project goals.
Convenience
Finally, add into the mix the all important logistics and possible emotional toll this whole process will take. If you choose to renovate, chances are you will be able to continue to live in your home throughout the process, but this means becoming accustomed to living in a construction zone and having tradies and their tools as a permanent fixture for some period of time. It’s not uncommon for sections of your home to be left wide open so beware if your renovation will run through winter too. Living on site during the renovation does allow you to save money while also keeping the home more secure, as you do not have this option with a new build thus incurring additional rent or temporary accommodation costs. At the end of the day, its about what you can live with.
It all comes down to you!
Building a home is too often a stressful experience, filled with uncertainties and mounting costs – deciding what is right for you whether it’s to buy, renovate or to start from scratch at the end of day always comes down to personal preference and individual circumstances. However with costs, construction time-lengths of projects, design preference and convenience in mind – it might help make the decision process a little simpler. Here at Lofty, we want it to be easy – we ensure projects are delivered on time, within budget and with a level of quality and service that is simply unmatched.
