Knock down / Rebuild vs Buying New Block – Episode 3
Are you thinking about Knock down and rebuilding or buying a new block and are not sure what to do. In this video i go over some pros and cons, Also state some helpful things to look out for.
Hi! I’m Daniel Simone and today I am here to talk about Knock Down and Rebuild vs Buying New Block and Building. Let’s start with some Pros and Cons.
Knock down / Rebuild Pros:
So, you get to stay in the same area, and you don’t have to move the kids, finding new school, friends, and a gym. You don’t need to pay commission to a real estate agent for selling your old house. With land prices going rising every day, to find the same size block you currently own may just cost as much as the building itself. You don’t own the land, and you don’t have to go through the headache of solid documents and other documents when purchasing a new block.
Knock down / Rebuild Cons:
Moving somewhere from about a year, then move back up. You might find moving twice in one year a bit of a hassle. Or you would pay rent for a year or move back within your parents which some of you might find as a Pro, but that’s up for you to decide. You may live in an old area, and if you decided to knock down and rebuild, you may miss out on moving to a new area with new schools, parks, and playgrounds. If you buy a new block, you will have to pay stamp due.
Okay great. So now that we’ve gone over some Pros and Cons, let’s discuss a few things you’ll need to consider when choosing a knock down and rebuild.
Things to consider…
What are some of the council requirements? If you live in an old area, you may have some heritage restrictions such as not being able to remove certain trees. The council may also make you design your front façade to follow the rest of the street. There isn’t a modern looking home that sticks out from the rest. Another thing to consider is the setbacks of your home. You may or may not want the home roughly in the same spot as it is right now. Setbacks and boundaries from where the house is originally built 30, 40, or 50 years ago may have changed. Other things to look out for are height, size, and noise requirements.
Let’s touch on noise for a moment. Say you live close to an airport, and you may require extra window specifications to help improve the noise restrictions. The costs of these could be anywhere from $5,000 – $10,000 extra. The ultimate thing to remember is how much can you afford. It’s a good idea before you start dreaming to take some time to either talk to a bank or financial adviser on how much you actually be able to borrow, and if you can afford the repayments.
Another thing to ask is, what is your property like? Is the land you currently live on, does it have much full. If so, it may be a better idea to sell and find a flat block – because site cost can kill a budget. However, you may have a flat block which is perfect to build on.
The Next Steps
Once you have decided to knock down and rebuild, a good way to work out the type of house you want is to look at the current home you have and ask a few simple questions. Like, is the current home too big or too small? Is it double store or single, and which do you prefer? Does it have enough bedrooms, bathrooms, living spaces, and garage spaces? Once you have answered these questions, and go over the pros and cons. You will be well in your way to work it out what you goals and objectives will be.
Remember you don’t have to go at this alone. There are many builders out there that would help you on your journey.
If you know anyone that would benefit from watching this video, please share and tag them, so that they too can gather all the information that they will need to help them on their own Knock Down and Rebuild journey. I invite you to comment below on your own Knock Down and Rebuild experiences. Thanks for watching and bye for now.