12 Feb Knock down rebuild cost
How much does it cost to knock down and rebuild your house?
For many homeowners the prospect of knocking down and rebuilding your house may seem challenging & scary. The first thing people typically ask is “how much will it cost”.
There isn’t a one size fits all answer to this question. It will vary case by case depending on the size of the existing house and the size of the home you want to build once the existing one is demolished. The best thing to do is to talk to a licensed builder about your intention to knock down and rebuild. Having an idea of the vision for your dream home and budget is the first step. Working collaboratively with the builder allows you to build the house you want, at a budget that suits your requirements and meets the needs of your family.
It’s becoming more and more apparent that knock down and rebuild is becoming more attractive for a few reasons:
It lets you stay in a location when you really love it. You don’t have to move to somewhere you don’t want to and try and get the home of your dreams. There is no trade off. Renovations can prove to be costly. Once you start to take into account the age of the existing house and the cost required for additions or improvements the knock down and rebuild option becomes appealing. Families are growing, kids are staying home longer and the traditional family dynamic is changing. Knock down and rebuild allows you to utilise the existing block of land to create a home that meets some of your changing needs.
Budget for a knock down rebuild
When you undertake the process of investigating options for knock down and rebuild on your block of land you should always take into account your overall budget to achieve what you really want. It’s a fine balance as you also don’t want to overcapitalise into your home. You want an asset that meets your lifestyle requirements, but is also comparable to others in the area. You don’t want to end up in a scenario where you can’t sell or you can’t sell for the price you want as there isn’t a market for people who want to buy for that amount in your area.
Do your research
Before you start investigating how much things will cost, the first step should be to conduct some basic research around what is allowed in your area and restrictions. Talking to a licensed builder at this stage can be beneficial as you can get a good understanding of what you can and can’t do for your existing block of land. This will also save you any unnecessary design costs before you determine what is possible.
Design & knock down rebuild go hand in hand
One of the biggest mistakes can be to go out and get your home designed before you talk to a builder that will potentially be completing the work. Rushing into a design before understanding budget, costs, building and planning requirements can cost you money & force you to re-think the design when you can’t achieve what you want within a desired budget. Working with the builder through the entire process from planning to budget to design and finally to knock down and rebuild can save you money & time. It will also give you a seamless process and a better outcome.
One size doesn’t fit all
Most people usually have different lifestyle requirements, budgets and needs. More importantly the block of land may have unique requirements that force you to design or re-think the conventional to get exactly what you want. A custom designed home can help achieve exactly what you want to suit your existing block. Most people have a vision, but find it hard to execute on the details so they overcapitalise on what is important and what they think they need in a home. Talking to an expert can help you focus on exactly what you need for your knock down & rebuild.