C&G’s Guide: Build or Renovate?

It’s time for an upgrade – what are your options? Many people opt to renovate their home, adding new features that will greatly enhance the property’s value. On the other hand, you may also choose to build a beautiful new home that fits your lifestyle perfectly. In this C&G blog, we unpack the pros and cons of both these options.

Building a home from scratch

The most attractive reason for building a home from scratch is it will meet all your expectations. You will be able to choose all aesthetic and structural features without the need to compromise. The finished product will be a beautiful and on-trend home that won’t require maintenance or upgrades for a long time. You’ll also enjoy great value whether you choose to sell or lease your property.

However, if you are planning to bulldoze an old property and start anew, you may have to seek permission from your local council. They will inform you if there are preservation orders on your property, such as retaining the façade on a heritage-listed home.

Building a new home is also a largescale project, which means you will need to own existing accommodation or organise a temporary place to stay. Depending on your lifestyle and schedule, this may be inconvenient but extremely rewarding once you receive the keys to a gorgeous new house.

Renovating your existing home

There are also plenty of benefits to renovating a home. You may be fond of the features and characteristics that are unique to your home, and therefore do not wish to remove. In this case, renovating will provide the upgrades you need and add substantial investment value to your property’s price. Depending on your project, you may not need to find accommodation while renovation takes place.

In terms of cost, renovating can be unpredictable. Costs for a new build can be determined upfront, but fixing an older building can incur unexpected costs that will only be discovered once construction begins. Builders often include contingencies in their quote for this reason. The extent of your renovation may also be limited to the condition of your home.

This decision will ultimately depend on your budget, time and motivations as a homeowner. Do you prefer a brand new home designed to meet all your needs, or revamp your existing home while retaining the unique characteristics you love? Depending on the extent of your project, you may also be eligible for the Government’s HomeBuilder Grant.

This is a big decision, and often it’s useful to seek professional advice. Chisholm and Gamon have been servicing the Bayside area for years, and know a thing or two about making the most of your real estate investment! Got a question about renovating or building a home? Don’t hesitate to make us your first port of call.