As time goes on, the number of vacant lots available in popular suburbs is becoming sparse; and when there is a vacant lot available, they get snapped up in a matter of days. If you don’t wish to be part of this rat race, but still wish to build your own home, then a great alternative is knocking down and rebuilding a home. In addition to the sparsity of vacant lots, other factors that may deter you from purchasing land is due to their diminishing size, yet dramatically increasing price. This blog will outline the 101 of knocking down and rebuilding a home – everything you need to know.
The benefits of a knock-down rebuild of one’s own home is that the owner can remain in the location they wish, whilst being able to reap the benefits of a brand new home. Knock-down rebuilds also benefit those wanting to build an investment property or purchase an investment lot. This is because old homes are generally located on large lots and therefore most of their value is held in the land. A common misconception is that knock-down rebuilds are difficult and expensive, but that is often not the case. Not only can they be cost-effective and timely, but this process can also provide you with complete creative control from start to finish.
Most knock-down rebuilds take between 8-12 months. In saying this, the factors listed below can delay the construction process and cause setbacks, but this will be different for each individual project.
OTHER FACTORS THAT MAY ALTER THE TYPICAL TIMELINE:
- Obtaining the required permits
- Potential setbacks, such as asbestos being present on property
- Issues with drainage, plumbing, electricity and wiring
- Soil testing
- Earth works
- Financial delays
- Check for any heritage listing or tree preservation orders
Whilst knocking down and rebuilding is a great option, it’s up to each individual to weigh up whether it is the best option for them. To help with your decision, below are the pros and cons of knocking down and rebuilding compared to renovating / purchasing an existing home.
- Often a more cost-effective option (no nasty surprises that may pop up with renovating an older home, e.g. unsafe wiring that needs to be replaced)
- Gives you the ability to build a home that matches your lifestyle perfectly
- No need to accommodate previous designs or structures
- Your builder can just build, without having to make educated guesses about the quality of the original old home
- New homes are often more structurally safe
- It may be quicker to knock-down and rebuild, compared to renovating / remodeling an old home (usually because there is a lot to repair/ check over with old homes)
- Potential Hidden costs (e.g. Aboriginal Cultural Heritage Assessment Report, a bushfire report, etc.)
- Lengthy council approval process (taking into consideration any design or heritage restrictions)
- Unable to move straight in, like you would with an established home
- Needing alternate accommodation while your home is being built (if knocking down the home you live in)
So there you have it, the 101 of knocking down and rebuilding. A great option for those that want to live in a popular suburb, yet are unable to find a vacant and affordable lot in the area, or those who are happy with their home’s location and want to upgrade. Not only this, but knock-down rebuilds give you complete creative control AND are cost effective.
In addition to all of this, if there is one thing to remember, it is the importance of choosing a knowledgeable and reputable home builder as this will be pivotal in the success of your knock-down rebuild. Think reputable builders, think Lofty.