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When it comes to purchasing property there’s a lot of noise out there that can influence your decision. Should you buy a new property? Should you buy an old property on great land and knock it down then rebuild? Should you renovate an old property? Or should you start fresh and buy the land yourself? It’s hard to know which is the best option for you, so we asked the professional home builders at Bellriver Homes what the pros and cons of knocking down an old property and rebuilding are, and what the pros and cons of building fresh are. Fred Van Urk, KDR Consultant at Bellriver, gives us the lowdown.
Option #1 Knock down an old property and rebuild
According to Fred, these are all the benefits of a knock-down/rebuild.
- “Pre-established homes in highly sort after areas often show their age, are dark and have small living spaces not designed for modern living. The knock-down and rebuild option allows you to change this, without changing your address.”
- “If you have already established a life in a specific location and don’t want the hassle of relocating and starting from scratch (new schools, new neighbours etc.) you can simply build your dream home on the land you already have.”
- “Choosing to knock down and rebuild allows home owners to retain the value of the land, which is often worth more than the house.”
- “Home owners can have full creative control and change all the things they weren’t happy with from the previous building.”
- “It can be less time consuming than searching for your dream house in your dream location.”
These are all the negatives of a knock-down/rebuild, according to Fred.
- “If you decide to knock down and rebuild, you will not be able to move into your new home as quickly as if you were to purchase a pre-established property.”
- “While you wait for your home to be re-built from the ground up you will need to store all of your furniture and other possessions.”
- “You will need to arrange alternative accommodation for the duration of the knock-down rebuild.”
- “Knocking down a home means you will lose the character of the original building.”
- “It may be daunting for first time home buyers who may benefit instead from buying a house and land package.”
Option #2 Building from scratch on new land
These are the benefits of building fresh, According to Fred.
- “You have the chance to build your dream home and personalise it yourself.”
- “With Bellriver you have the option to customise your home design, meaning you truly can get your ideal home.”
- “Building your own home rather than purchasing a pre-existing property saves you the hassle of searching around for a home that ticks all your boxes.”
- “You aren’t in competition with others that are interested in purchasing the same property as you.”
- “You know exactly what you are getting. Because you built the house yourself, you won’t be surprised by post-purchase repairs, etc.”
The downfalls.
- “There are builders that don’t offer all-inclusive packages, leaving clients stung with additional costs during the build.”
- “You can’t move straight in, you have to wait while your dream home is being built.”
- “It may be stressful for some home buyers if they become overwhelmed by the array of choices available.”
- “You need to take the time and effort to find a home design that works for your block of land, if you aren’t doing a house and land package.”
- “You will need to ensure that your build complies with all local council requirements – this can take some time and careful planning and may be daunting for some people.”
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