A big decision many homeowners face is whether to renovate their home, or knock it down and hire a builder to build a whole new house from scratch.
It’s a tonne of work either way, but the reward is truly worth the effort when you step into your dream home for the first time – whether it be newly renovated or built from the ground up.
There’s a lot to consider from which Gold Coast builder to choose to weigh up the advantages of each option, and today we’re going to help you by pointing out the things you should know. So let’s dive in!
It starts by getting really clear on how much of your existing home you need to change.
Do you simply want to update one or two rooms, or is it an entire house overhaul?
Then there’s the question of creating additional space and adding an extension. Once you get into that kind of territory, the cost of hiring a builder to renovate the existing house can begin to outweigh the expense of knocking it down and building from scratch.
The 80/20 rule is a good approach to follow.
Start by updating 20% of your existing home and you’ll be amazed by how much it improves the space.
Initiating the process with a kitchen and bathroom renovation can drastically change the look and feel of your home.
Add a new paint job to this, and your home can be feeling almost as new and fresh as a new build.
Here are just some of the benefits of renovating…
- You can spread a renovation over time to suit your cash flow: one of the greatest reasons to renovate is the flexibility it offers. You don’t have to do it all in one go and can spread out the reno to suit your budget.
- Renovation adds value to your home: a kitchen or bathroom renovation in particular could add tens of thousands to the value of your home – allowing you to borrow against it down the track to purchase an investment, holiday home, or simply build a nest egg for the future.
- It doesn’t cost as much as building from scratch: A new build involves everything from the ground up – so it stands to reason that refreshing the existing structure doesn’t require quite so much work.
- It can be more affordable than buying new & you’ll get to live in a better area: most new homes these days are out on the fringes of the Gold Coast, but renovating your existing home won’t cost you as much as a move & you’ll get to live closer to your favorite beach.
- Boost rental yields if you ever decide to move or downsize: having an extra bedroom or updated kitchen and bathroom will not only make your property easier to rent should you choose to, but you’ll be able to attract higher returns!
- You can create more space in a home you love: having more room for a growing family or accommodating aging family members helps bring everyone closer.
What’s more…
You can live in your home while it’s being renovated!
A key factor in weighing up your options is to consider where you will live while you renovate or build.
One of the many benefits of renovating is you are still able to live in your home while the renovation is underway.
This option will save you big in the long run if you choose the right Gold Coast builder..
How does it work?
Easy – the builder can start work on one end of the house while you live on the other. Then you can swap over to finish off the rest of the home.
This allows you to keep a roof over your head, and be there to see your new home transform!
So what are the drawbacks of renovating?
One of the biggest issues with an old house is the old water pipes and electrical cables.
Unless you actually replace all those, despite the freshly painted walls, you’ve still got aging infrastructure in the home that can require attention down the track as part of its normal lifespan.
You do have the option of updating all the wiring and plumbing in the home, especially if you’re doing a complete renovation, moving walls and/or replacing plaster, however, this can run up your reno bills quite quickly.
Still having trouble deciding? Consider this:
It happened with very good friends of ours Sally and Jim. They bought a place along the river and asked me to come down and give them some guidance on what they should do next.
I took one look and said “knock it over. It’s just going to be a big money pit.”
Yet because of a few of the challenges we mentioned earlier (like having somewhere to live in the meantime) they simply couldn’t afford to start all over once you factor in the 12-18months it takes to build.
So they followed the 80/20 rule – we started renovating the kitchen and bathroom to refresh and modernise the whole home, and they’re slowly bit by bit building their dream home as they can afford to.
Now you’ve got all the facts, what’s next?
So now you know some of your options when it comes to renovating. Sometimes building upfront can be the better option, but renovation does give you a lot more flexibility. It can be spread over time and done at your own pace and the end result is a home that looks and feels brand new. If you need ideas check out our gallery, or if you simply want a little advice don’t hesitate to check out my post – how to choose a builder in the Gold Coast or give us a call anytime. We’d be only too happy to give you some valuable advice from our 15+years of experience and even put together a detailed free quote.
