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Renovate or rebuild – could buying land be the answer?

Outdoor area and furniture settingBrand new or fix up? What are your long-term goals?

There are both pros and cons of renovating and buying land and building new, so we’ve put together some handy tips and things to consider before you make the big move!

Whether you’ve outgrown your current home, or are ready to downsize without compromise, there is an option for everyone.

Take a look around – if you are unsure of what you want, or where the best deals lie, the most beneficial thing to do is explore all your options. View the current housing market, see what land is on offer and go from there.

Whether you are in need of more space or less space the big question is whether to renovate or build. It all comes down to cost, location and what’s suits your current life stage…


Renovating your current home:

Potential growth

When it comes to renovating your current home, there is the case of having a clearer idea of your homes future potential growth. Being able to see the results since you bought makes it easier to measure price performance and how much you would gain from a renovation. Although, there are lots of facts and figures you can retrieve online, if buying in a new area.

You’ll need to take into consideration the cost of the renovation over the comparison to build new and market value.

You’ll need to take into consideration the cost of the renovation over the comparison to build new and market value.

Remember: an amazing renovation doesn’t always mean reaping rewards from re-sale. Your re-sale also depends on your homes surrounds and whether the renovation suits. Consider your investments potential before you get started.

Don’t overlook over capitalisation – creating a modern house amongst shacks is still going to be hard to make strong return.

Renovating means working with the existing bones of the house – sometimes this is extremely challenging and you can hit numerous obstacles on the way.

First things first: you need to find out your local council’s regulations as early as possible – there is no point in starting to make plans and then discovering everything you dreamt of is impossible.

Dealing with destruction

Staying in your home during the process means dealing with dust, noise and living on a construction site. If you aren’t willing to do so, or it isn’t possible, you’ll have to work on a short-term rental or stay with family and friends.

It’s not just you…

If you aren’t familiar with your neighbours, you are about to be – renovations cause disruption, there is no way around it. You can do your best to only have tradesmen at certain times of the day etc, but you also want the job to be completed as soon as possible.

Preparation

You’ll need a solid platform to work on, so plans will need to be sketched up – there is almost as much work on adapting a home as building new. Everything will need to be thought out, there is no ‘winging it’ involved if you want to have lasting results.

Warning – reno budget blowouts!

The problem with a renovation is you can come across surprises on the way – it is also harder to judge a timeframe. So when you are working out your budget, don’t forget to add around 10-15% to the total for unseen costs.


Buying a block and building new:

Front view of two-storey homeA new build means you know exactly what you are getting, you can design your home exactly to suit your specific needs, not forgetting all the warranties and guaranties.

When it comes to budgeting, you are usually given a set cost at the beginning of the process, and a timeframe for completion, therefore it is easier to make a financial plan.

If the reason you are moving is due to change of lifestyle, it might be best to start with a clean slate. That way you can sit down with your designer or builder and they can create a home ideal for your current needs as well as your future ones – making your new home a long-term investment.

New home, new standards

Modern homes are built with new designs and materials in mind, to make the most of your block. Whether it be keeping cool in summer, or giving you the most time to enjoy your garden with family.

A new home will also be more energy efficient, saving you money in the future and helping the environment.

When you build from scratch, you will receive structure warranties and a guarantee on numerous elements to your home, meaning you don’t need to factor in any building surprises in the near future, unlike with your original home.

Building new will mean moving home, but it doesn’t necessarily mean a change in lifestyle or surrounding. Many land developers are building in locations that will surprise you, giving you all the benefits of an established suburb, along with the benefits of a custom build.


Costs to consider:

Renovating:

  • Labour Hire
  • Materials
  • Permits/council fees
  • Design fees
  • Inspections
  • Possible repayments

Buying land and building new:

  • Stamp duty
  • Agent Fees
  • Legal Fees
  • Title Fees
  • Moving Costs
  • Building and Pest Inspections

Summary:

Whether you are building new or renovating, choose a builder who knows the area and the style you want.

Do your research: Look into your future investment opportunities, how much homes in the area are selling for and whether the future plans are right for your needs.

With some land developers offering blocks in pre-established neighbourhoods, building new still means you can continue where you left off with minimal disruption, while enjoying a brand new home with all the benefits. Yes, renovating might seem easier than moving, but make sure you consider the costs and disruptions and what the finished product will look like.

Decided buying new is for you? Chianti Private Estate, has a range of block sizes, including rare, 500m2 blocks in the established suburb of Woodvale, close to all your local amenities and transport to the city. For more information, why not visit the website or get in touch.

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