Buvette Masthead

Her Home: Knockdown + rebuild or move?

HerCanberra Team

A woman’s home is her castle…but sometimes even a castle can be outgrown or become timeworn.

One of the most difficult decisions faced by homeowners is what to do when their existing house no longer does what it needs to.

You may have invested in an Inner North ex-govvie that was perfect for you and your significant other when you bought in your twenties, but now you’re planning to expand your family, and two bedrooms just doesn’t seem enough.

Or perhaps a lick of paint and some cosmetic changes just aren’t cutting it anymore and you’re needing to spend your money on unsexy stuff like rewiring and plumbing.

There are three main options when push comes to shove: knockdown + rebuild, renovate, or move. According to Luca Sena of Canberra based building company Natura Homes, there’s a trend in Canberra and the ACT for existing home owners to consider a knockdown rebuild option rather than selling their home and purchasing a property elsewhere.

“With new suburbs popping up all over Canberra, it’s tempting to buy a block and start from scratch, however, most people will feel a connection to their existing land—whether it’s for the established garden they’ve devoted time to, or the proximity to their children’s schools.”

Lucas says there are other, more tangible benefits to starting over on the same block.

“By remaining at the same address and rebuilding you save the cost of stamp duty that you would incur were you to purchase a new property elsewhere,” explains Lucas. “With the median house price in the ACT approaching $600,000 the stamp duty payable on a new home can easily exceed $20,000.”

$20,000 is a pretty significant sum for most and it might take a fair chunk of your renovation fund out of the bank before you even begin.

“There’s also Real Estate Agent fees. A knockdown rebuild avoids having to pay the real estate agent fees that you would incur were you to sell your current home and relocate elsewhere within Canberra,” explains Lucas.

He calculates that this could save you a further $12,000 if your existing home were sold for $600,000 with a 2% agent selling fee.

While many homeowners set aside hundreds of thousands of dollars for their dream home, having to take around $32,000 out of your initial budget straight away might be a rough start. On top of that, the costs of a significant home renovation could potentially be greater than a rebuild, says Lucas.

“Rebuilding means you can create a home that exactly meets your family’s needs, in terms of design, space and features without having to leave the familiarity of your local community, your friends and neighbours and schools.”

Lastly, Lucas explains that rebuilding a new home can make sure you’re on top of the latest innovations in building, down to the very last touches.

“A newly built, energy efficient home should have far lower ‘running costs’ in terms of power bills and heating and cooling needs.”

Instead of settling for a ‘new’ house built five years ago that meets your special requirements, you can tailor each aspect of your new house to your specifications without losing the community, garden or proximity of your current location.

For more information about Natura Homes and their knock down rebuild services, see their website.

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Image of ‘woman next to a red wall…‘ via Shutterstock

 

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