We have entered the era where a huge number of existing houses in most established suburbs no longer add value to the vacant land, especially in the inner suburbs where most of the houses were built more than 60 years ago. These houses have very poor energy ratings, mostly darker interiors / very basic room layouts and require continuous high cost maintenance.
People are finding that the renovation option today is often more expensive than a new build. Accordingly, a greater number of our clients are choosing the knockdown rebuild option where they’ll end up with a beautiful exciting new Storybook home in their existing great location that they love.
If you’re considering this option, make an appointment with a Storybook consultant to discuss the viability of the project. If you already own property it may not be a good idea to demolish a house that adds value so firstly determine what the current value is. Adjusting for agent’s commission and stamp duty on a new purchase if you decide to sell, or, demolition costs if you decide to build will quickly reveal the financial reality of the decision. Weigh up the emotional aspects of the decision like, ‘we love the area, we don’t want to leave our friends and neighbours, we’ve looked, and we can’t find a better location etc.’
The projected overall cost is most often the overriding decision-making element whether you own or are buying your land. What will a new Storybook home cost including having to rent during construction and what will the property be worth when it’s finished?
The great thing about knock down rebuild is that often much of the atmosphere of the established garden can be saved. Similarly, some of the service connection costs like water tapping or storm water and sewerage connections might be able to be partially saved and reused. Most site costs are avoided because they were attended to with the initial build. A beautiful new Storybook home in an established area will stand out among the rest and be fabulous to own and in terms of resale attract tremendous interest from future buyers.