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Renovate or rebuild?

Choosing between renovating your home or knocking it down and starting over is a difficult decision. RAMS lists 5 questions to ask before making the big decision.

Renovate or rebuild?

01 December 2015

Choosing between renovating your home or knocking it down and starting from scratch can be a difficult decision and one that can affect your finances significantly.

So here are some questions to ask before making the big decision:

Which option is cheaper?

If you’re simply looking to undertake small projects – kitchen upgrade, backyard refresh - it’s likely the renovation option will be vastly cheaper than rebuilding.

However, if you’re planning a large extension, this could see your costs skyrocket, especially if unforeseen problems arise along the way. By comparison, you can usually get a builder to provide a fixed price contract where you know what you’re in for money-wise.

What are the ongoing expenses?

The upfront costs shouldn’t be your only financial concern, as over the life of your home ownership, an old property with structural problems and other damages could end up being a major money issue. Whereas, a new property will give you the peace of mind of energy efficiency, reduced risk of pests and easier overall maintenance.

How old is the property?

A heritage home will likely come with beautiful architectural ceiling designs, decorative plaster works, woodwork architraves and classic fireplaces. In this case, the heritage look is priceless and is well sort after by potential buyers so you should be looking at the renovation option.

However, if you’ve purchased a property in a topped out area that has an unsightly structure on it, the renovation may be more of a pain than a gain, and you may want to knock it down and start again.

What’s my style?

Is your preference shabby chic or do you love modern architecture? By knowing your style and preferences, it will make it easier to choose between renovating and keeping the classic architectural design or starting afresh and showcasing your postmodern style.

Can I be bothered renovating?

With everything from full time work to raising a family to consider, DIY renovations can become a massive headache, as well as a money drain. So if you don’t have the time to give renovating your all, rebuilding could be the best option for you and your family.

Choosing between renovating and rebuilding is one thing but how are you going to fund it? Head on over to RAMS refinancing section to find out more about making your property dreams come true.  

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