Upgrading your home living to create your dream lifestyle doesn’t necessarily mean you have to pull up sticks and build a new house. Renovating is still a very popular and affordable choice for families improving their homes or expanding on usable space.

Home renovation

While building a new home can be incredibly exciting, it also comes with its own unique pitfalls.

 

We looked at the top two things to consider when homebuyers look to either renovate their existing home or move on to a new project:

 

 

Location, location, location!

 

Renovate an Existing Home

Pro: An existing home in a mature area will have established neighbourhoods and links to schools, shops, public transport and health care providers.

Con: Homebuyers can have their dream plans blocked by Council overlays and local petitions to prevent certain types of developments or styles in specific areas.

 

Build a New Home

Pro: A block of land in a newly developed area is not only largely more affordable, but will often allow homebuyers a broader degree of freedom to develop a home design that is right for them.

Con: These new communities rarely offer the same amount of certainty as an established location; homebuyers can’t be sure how their new neighbourhood will look, and if or when local Council will introduce new services or green-light commercial projects.

 

custom home design

 

Things to consider:

  • Does your family rely on local conveniences?
  • Is a long commute an issue for you?
  • What sort of design overlay exists in the area you wish to live in?
  • Are there social and familial ties to keep?
  • Can you wait several years after moving in to a young community for new commercial and educational precincts?

 

Value-adding features

Renovate an Existing Home

Pro: Many homeowners are reaping the financial rewards of renovating their homes by capitalising on unique features (like period style fireplaces) while adding modern conveniences and touches. This can be as simple as a room-by-room refresh, through to more intensive multi-story projects with vaulted ceilings, windows and tech-savvy upgrades.

Con: Older buildings can often unveil a host of issues as renovations are underway: infestations, compromised structures, hidden horrors, dodgy old DIY jobs, and more. These are all costly fixes, so homebuyers need to do their due diligence on the structural integrity of the house and anticipate budget blowouts.

 

Building a New Home

Pro: With a clean slate to work from, many homeowners have free rein to design and add dream kitchens, bathrooms and entertainment areas with far fewer project obstacles.

Con: As a new build, value-adding features are often limited to the exclusivity of the design (e.g. a custom home design build) and external factors such as land size and the physical location of the home to other amenities.

 

Things to consider:

  • Are you relying on your home design to boost your resale value?
  • Are the features in the existing home strong enough to carry the design?
  • What are other homeowners doing with their properties in the same area?
  • What sort of unplanned costs can you manage if there was an issue?
  • Can you manage a building delay of several weeks or months?
  • Can you afford the design features needed to make your home unique?

 

While there is no ‘cut and dry’ between renovations and new builds, location and value-adding features remain valid and top-of-mind years after the build has been completed. Having helped thousands of homeowners create the home of their dreams, we understand how important it is to take the time to consider all the options.

 

If you would like more information on a custom home design or home renovation, please contact our Sydney office on 02 9988 4522.
 

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