Build, renovate or extend?
Is it better to build a new home, renovate or extend?
Home-owners often find that their home that was once exactly what they wanted, now doesn't suit their needs or lifestyle. This may be the result of many factors such as a growing family, the need to work from home or simply a lack of storage space. If you find yourself in this position and are unsure how best to move forward, it may help to compare the pro's and con's of building a new home, renovating or extending.
1. Building a new home
Building a new home certainly offers a lot of advantages but with that said, it's worth noting there are a couple of draw backs that need to be considered before you jump into this endeavor. The first and most obvious advantage is that your home will be new and you'll have a 10 year structural warranty from your builder. You can work with an architect to design the perfect home for you and your family incorporating whatever style and functionality that suits your needs. The finishes from painting, to flooring and tiling will all be exactly what you like. You'll have some new appliances and if designed right, plenty of storage space and entertaining areas throughout.
All of that sounds great, what could possibly be a draw back to building a new home? Well the first thing to consider is where you intend to build. If you want to continue living where you are currently, you'll need your builder to do a knock-down rebuild. Whilst this is easy enough to do, you will need to source somewhere to live during the construction period which could be at least 9 - 12 months. The costs of relocating whilst building will need to considered into your budget. Assuming you'd like to relocate, you will need to source a block of land which also comes at an added expense.
Though a knock-down rebuild does typically cost more than an extension or renovation, it's quite common for clients to find this option more affordable than selling up and buying another home that meets their needs.
At Built By Guest, we have the unique ability to accurately estimate projects at a very early stage, so it's well worth getting in touch with us as we can definitely help you during the decision process.
2. Renovating your home
If your current home works well functionally for your family and lifestyle, then renovating may be an ideal option. For a fraction of the cost of building a new home, a renovation can give your home a much needed refresh. Renovating is a great way to address those areas that frustrate you, which may include things like an outdated kitchen or bathroom, small living areas that don't offer the ability to entertain guests or worn out fixtures, fittings and finishes. All of these things are relatively easy to fix and will dramatically improve how your home looks and feels.
A more extensive renovation could include removing existing internal walls to introduce open plan living to your home. Doing this is a great way to improve the basic functionality of your home and a common request by many of our clients.
It's no secret that renovating can significantly improve the market value of your home to potential buyers so If your intention is to sell, this may be a viable option for you. However if you intend to stay, you need to consider the long term benefits of a renovation. Try look ahead 5, 10 or even 15 years as ask yourself, will this renovation suit our future needs. If in the not to distant future, you're likely to outgrow your home, then maybe renovating isn't the best option moving forward.
3. Extending your home
Do you love your home but continuously find yourself needing more space? Maybe building a new home is outside of your budget and renovating the aesthetics doesn't resolve all the major pain points of your existing home. If you find yourself in this situation, then maybe an extension is the perfect solution for you and your family. An extension is a great way to dramatically improve the functionality and livability of your existing home whilst retaining most of the existing features that made you purchase it in the first place.
A popular trend is to add a modern extension onto the back of a heritage listed period home and with good reason. You maintain the historical character and beauty of your home and introduce a modern contemporary lifestyle once inside. It's certainly an experience like no other.
Regardless of what style of home you have, an extension is a great way to add additional bedrooms, living and entertain areas. Even a home situated on a small block of land can explore extension opportunities as you build up rather than out. It's common for home owners to do a double story extension and shift all of the bedrooms upstairs whilst retaining the ground floor footprint for living and entertaining.
Though a viable option for some, extending your home can introduce some challenges as you'll be beholden to the limitation of your existing home. The structural design of your home may restrict certain ideas and the existing plumbing and electrical may need to be upgraded to accommodate the proposed changes. We recommend working with your builder to explore what solutions are available to you based on your budget. Generally speaking, much like a renovation, an extension will also signicially increase the market value of your home to potential buyers.
4. The Pro's and Con's of building new home, renovating and extending.
BUILDING A NEW HOME.
Pro's :
- Your home will be new
- 10 Year Structural Warranty from your builder
- The design will perfectly suit you and your families needs
- New appliances
- New fixtures and fittings
- The finishes such as paint, flooring, tiles etc will be exactly what you want
- Can be more affordable option than selling and buying an existing home
Con's :
- You will need somewhere to live whilst your home is built
- The cost of living elsewhere during construction
- The cost of land if you decide to relocate
RENOVATING YOUR HOME.
Pro's :
- Significally cheaper than building a new home
- Dramatically improve the look and feel of your home
- Improve the market value of your home
Con's :
- May not be a viable long term solution
- Doesn't provide additional space or storage
EXTENDING YOUR HOME.
Pro's :
- More cost effective than building a new home
- A great option for heritage listed homes
- Improves functionality and livability of your home
- Provides more space for living and entertaining
- Improve market value of your home
Con's :
- Your home may have existing elements that restrict proposed changes
- You may reduce valuable outdoor space if building out, not up.
We can help find the best solution for you.
Still unsure whether to build a new home, renovate or extend? The team at Built By Guest can certainly help you through the decision process. Get in touch with us today and we'll help find the ideal solution that suits your family, budget and lifestyle.