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Renovation or knock down Rebuild

Discussion in 'General Property Chat' started by Exia101, 30th Jan, 2016.

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  1. Exia101

    Exia101 New Member

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    Hi Guys,

    I am having some trouble deciding what I should do to this home of ours as we have just brought it.

    We have a 3 bedroom house 1 bath 1 car port. the going price for the suburb is around 900k for this type of housing built in the 60s. Brand new 4 bedroom houses on similar land goes for about 1.5 - 1.7 mil. Older 4 Bedrooms, 2bath go for about 1.2 Mil.

    Should I build that extra room and renovate or does knockdown and rebuild make more sense financially ? We plan to stay put for at least 5 more years.

    Cheers
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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  3. Exia101

    Exia101 New Member

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    Not sure what the going rate would be, but I think single story about 200m2 would be around 450k - 500k ?

    Project home not Custom.
     
  4. Sonamic

    Sonamic Well-Known Member

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    That's a pretty pricey build. You'd get a 350sqm 2 storey up here with a pool for that.
     
  5. Xenia

    Xenia Adelaide Property Manager Business Member

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  6. BigKahuna

    BigKahuna Well-Known Member

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    How old is your three-bedder? Is it structurally sound? Is the aspect good? Do you intend to keep same layout of your current house? Or do you intend knocking down walls and refurbishing a lot? If answer is 'a lot' imo better to start afresh. That way you get it all new; you get exactly what you want where you want it.

    If you're happy with the current layout of the 3-bedder and intend doing only superficial stuff to it, extension is better.
     
    Leo2413 and Xenia like this.
  7. Exia101

    Exia101 New Member

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    Hmm the building was built in the 50s - 60s It looks like those triple fronted Brick Veneers common in Sydney except it is a weatherboard. Not really any features which would be considered preserving I guess.

    Aspect is rear to North gentle sloping back 700m2 block. Hornsby area.
    Structurally It is fine, current layout is kind of weird and doesn't work well. I was just looking at it from an investment point of view to maximize value added to the property.

    Sonamic how much does average quality 4/2/2 builds go these days ? single level no pool?

    Cheers