If you are planning to do major work on your home, the ultimate decision is whether to renovate or knockdown rebuild. The choice will determine how profitable your property investment will be in the long run. In either case, you have the potential to reach your desired outcome and add more value to the property.
Should I renovate or knockdown rebuild?
Home renovation is the process of updating the look and feel of rooms and space – or an entire structure without changing its intended purpose.
A knockdown rebuild involves knocking the whole place down and build a completely new property on the existing site.
Here are the major differences you should be aware of before you decide.
- Budget
The first and most important factor for many homeowners is the overall cost. Renovations can be a great way to improve the value of your property on a limited budget. Updating the outdated and dysfunctional kitchen and bathroom can be smaller projects that will not blow the cost, but can still add value to your home.
If you are looking to make a number of structural changes to your home you may find that it is more financially beneficial to knock down your home and build a completely new property on the existing site.
- Planning and duration
The second major difference between a renovation and a knockdown rebuild is the amount of time it will take. This is usually dependent on the scope of work and nature of the changes you would like to make. For example, if you are altering the fundamental layout and main structure of the house, the demolition and construction could be more complex and time-consuming. This could lead to a longer project timeline. If time is your top priority and concern, realistically identifying the scope of work can help you make the choice between renovation and knockdown rebuild.
- Style and objective
Many homeowners who choose a home renovation are in love with a certain period or original features in part of the home, but just need to update and revitalize some of the rooms and space. You risk losing some irreplaceable original features if you do decide to knock down and rebuild.
On the other hand, if you own a home that lacks integrity and with limited identical features, you may be leaning towards a full rebuild to build a completely new property on the existing site.
- Consider your goals
Whether you choose to renovate your home or completely knockdown and rebuild, either option has its pros and cons and it all depends on your primary goals. If you already had a great block of land and you want to make full use of it, re-building on your existing site could be beneficial in the long run, financially and logistically – short term pain and pressure but come with the long-term gain.
Diversely, you can still get a lot of work done with smaller renovations. For instance, transferring your house into a modern residence can be as simple as a few space and room updates. For example, only renovating the kitchen and bathrooms can also add a unique point of difference to a property and can be customised to suit a wide range of needs. If your goal is to turn a quick profit and add value to your property in a shorter period, a renovation might be your choice.
The decision to renovate or knockdown rebuild your home will be largely dictated by how much you love your home and how much you wish to retain its original charm and integrity. If you are interested in adding value to your property and in need of expert guidance, then please feel free to contact Apex Bespoke Building. We are an Eastern Suburbs based building company specializing in all types of renovation works. Whether you are creating a boutique residence, residential extension or a full house renovation, we work with you to reach your desired outcome.
