The age-old question for homeowners: should you move, extend your current home, or knock it down and start anew? It’s a decision that’s as much about lifestyle as it is about finances. Let’s delve into each option to help you make an informed choice.
Move or Relocate
Moving is often considered when the current neighbourhood no longer fits your lifestyle or if you’re looking for a fresh start. However, the costs can quickly add up, from stamp duty and agent fees to the hassle of refinancing with the bank. Plus, you’ll have to deal with the uncertainty of new neighbours and possibly even a new lifestyle.
| Pros | Cons |
| No renovation hassles | Unknown new neighbours |
| No dealing with builders | Sales Commission to agents |
| See the finished home before buying | Hassle of refinancing with the bank |
| Having your home on display for longer periods |
Extend and Renovate
If you love where you live, extending and renovating can be a great choice. You’ll have the flexibility to design your home just the way you want it. Plus, if your home is structurally sound, this could be the most cost-effective and environmentally friendly option, reducing waste and environmental impact.
| Pros | Cons |
| Customisation | Finding the right builder |
| No need to move | Possibility of cost blowouts |
| Environmentally friendly | Not being able to visualise the results |
| Flexibility in design | Uncertainty if your home is structurally suitable for an addition |
| Work in stages if affordable |
Knock Down and Rebuild
In some cases, knocking down and rebuilding might be the last resort, especially if your home has significant structural issues. While you’re getting a brand-new home, the costs are usually the highest among the three options, ranging from $500000 to $700000 to complete. It also means losing the character and history embedded in your old home.
| Pros | Cons |
| Brand new home | Most expensive option |
| No renovation hassles | Loss of home character |
| You will be able to visualise the end result | Hidden costs and upgrade options |
| You will have to rent while your home is being built |
Thinking of Renovations?
If you’re leaning towards extending and renovating, here are some ways to mitigate its cons:
- Choosing the Right Builder: Opt for a builder who specialises in extensions and renovations.
- Guidance Through the Process: A good builder will guide you on the entire process from start to finish.
- Customisation: Work with a designer who can help you visualise your plans and choices.
- Structural Adequacy: An engineer’s report can confirm that your plans are structurally sound.
- Addressing Other Issues: Whether it’s upgrading the roof or sorting out the electricals, a comprehensive plan will cover it all.
So, what will it be? Move, extend, or rebuild? If you’re still on the fence, why not consult the experts? At First Floor Home Additions, we offer a seamless, professional, and dedicated home addition experience. Elevate your home, elevate your life— enquire today at (02) 8896 4324 or email us at admin@ffadd.com.au for a consultation!