The Pros and Cons of Knock-Down Rebuilds
The prospect of finding a new home is always exciting. Homebuyers have a choice to buy land and build from scratch, renovate an existing property, get a house and land package, or go for a knock-down and rebuild. Of these options, knock-down and rebuilds have proven increasingly popular in recent years. So if you’re thinking of going for this, you’ll want to know the pros and cons of knock-down rebuild projects.
Get to know all about these important details of the knocking down and rebuilding process before making a decision.
Pros of knock-down rebuilds
Going for a knock-down rebuild provides a number of advantages to homeowners. It doesn’t matter if you have an old home or are buying a property to knock-down and rebuild. These pros include the following:
1. You’ll have a brand new home that’s built to your specifications.
A major advantage of a knock-down rebuild is that it gives you the opportunity to customise your property, so it’s built exactly the way you want. There’s no need for you to sell your old home, move to a new neighbourhood and go through a period of adjustment. If it’s your first home, a knock-down rebuild means you can have the exact home you want built in the neighbourhood you’ve chosen.
2. You can save time and money.
If you live in an older home or purchased a rundown property, you may need to spend a lot on renovation expenses to get the home looking the way you want it. You’ll also need to dedicate a lot of time and effort into researching how the renovation needs to be done. You need to find similar materials to what the existing property has, which may not be easily accessible or available for your renovation project. In the end, the costs of renovation can easily overtake what you would need to spend on a knock-down and rebuild. So, to avoid this scenario, it can make more sense to do a straightforward knock-down and rebuild instead.
3. You’ll end up owning a home that’s safe and built to standards.
Having an older house can mean living in a structurally unsafe building. Common safety concerns in older homes include the use of lead paint and plumbing, polybutylene pipes, asbestos, faulty wiring, balloon framing, radon, carbon monoxide, VOCs, mould and mildew, and pests. You can eliminate all of these safety issues with a knock-down rebuild, as all new buildings are required to adhere to building codes, regulations and standards.
Cons of knock-down rebuilds
There are also some downsides to the knock-down rebuild process. You need to make sure you consider these before proceeding.
1. You may encounter problems concerning council approvals.
If the property in question is subject to design or heritage considerations, you may not get the required council approvals to do a knock-down and rebuild. Another scenario would be if you are planning to build a duplex or double-storey house in a neighbourhood that predominantly features single-storey detached houses. To avoid these complications, check if your plan to knock down and rebuild your old or prospective home has a big chance of getting approved. Check local zoning laws, as well.
2. You need to arrange for temporary accommodation and storage.
Your home won’t be liveable during the demolition and construction phases of a knock-down and rebuild. Thus, you’ll need to ensure you have temporary living arrangements for the next few months, as well as storage for your appliances, furniture and other possessions. So, before proceeding with a knock-down and rebuild, make sure you see to it that these hurdles are addressed and budgeted for when you receive your home loan.
3. You have to find a reputable builder to handle your project.
It’s not easy to find a builder that can arrange for a knock-down and rebuild project from start to finish. They should give you the peace of mind you need by arranging for approvals and permits and finding a demolition service. They need to have the right kind of insurance for this type of project. It’s also better to have a specialist in the type of home you want to build. For example, if you want a duplex, it makes complete sense to get a duplex builder on-board.
Have you decided yet? Hopefully, this list of knock-down and rebuild pros and cons will help inform your plans for your new home.