There are numerous situations which could mean that your home is no longer big enough for you and your family. Maybe the kids have grown and need their own space. Or you could be in a position where you are ready to upgrade and spread out.
There a few important factors to take into consideration when deciding whether to renovate or look at building a new two storey home and in this article we will run through some of the main things to think about.
What’s the cost comparison?
The total budget of each option will depend a few different things. If your current house needs structural work done such as roofing, plumbing or modernising in terms of energy efficiency, it can be complicated and expensive. These jobs won’t actually be giving you more space, so may not be money well spent if that’s your desired outcome. There’s also the possibility that you will uncover major issues during the renovation that can blow out the budget. Plus the fact that sourcing the right materials to match the existing house can be tricky.
Unless you are very emotionally attached to the house, the best way to determine which option is most cost effective is to map out the expected costs for renovating or extending the home. Ask an expert to draw up the renovation concept along with a cost estimate. Take into account all of the details, including living costs while the work is completed, and factor in a buffer to cover any blowouts or unexpected expenses. If this amount is more than it would cost to build a brand new home, building a new larger two storey home may be the best option for you.
Another thing to remember is that older homes are usually more expensive to run and maintain. However, new builds are covered by a warranty on the construction and appliances, and are held to strict regulations on things such as energy efficiency and materials. A new build can offer the latest in technology and design, and gives you the opportunity to completely customise the floorplan and layout (rather than be limited by the existing structure).
What does your dream home look like?
Consider your lifestyle and what’s important for you in a home, now and in the future. Rather than trying to rework an existing floor plan to suit your needs, it may be easier to start with a clean slate.
Always dreamed of a massive walk-in-wardrobe, and a chef’s kitchen that opens up to an alfresco dining area? Or maybe you need a separate teenagers retreat, that’s just far enough away from the main living areas. With a new two storey home build you can take everything that you want in a house and combine it to suit you and your family’s lifestyle.
If you are working full-time or too busy to oversee or work on a renovation it may make more sense to leave it to the experts and build a brand new home.
Demolish and Build
Building a new home does not mean you have to move out of the area you love. In established areas it is very common to demolish an older home to replace it with a new one and the cost of demolition work is a lot less than selling costs and stamp duty to sell up and buy a new block of land.