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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

    Joined:
    24th Jul, 2015
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    4
    Location:
    Sydney
    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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    18th Jun, 2015
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    Location:
    Sydney
    How many sqm are you building? How much are you calculating the total cost to be and are you thinking project home or custom build?
     
  3. Exia101

    Exia101 New Member

    Joined:
    24th Jul, 2015
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    Location:
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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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    Location:
    Sunny QLD
    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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    Location:
    4/136 The Parade Norwood, South Australia
    pictures?

    are there any character features worth preserving?
    sometimes it's more cost effective to start over.
     
  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

    Joined:
    24th Jul, 2015
    Posts:
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    Location:
    Sydney
    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