Buy an old house to reform it or knockdown rebuild a new one

Buy an old house to reform it or knockdown rebuild a new one

In recent years, as a result of the pandemic, there has been a growing interest in single-family homes in quiet areas surrounded by nature, with outdoor space. Given the lack of second-hand homes that can fit into these new preferences, the possibility of buying land and building a house to suit you is a good option. The problem is the lack of land for sale to build, with few options in areas with high demand.

Faced with this problem, buying a second-hand house to renovate a house is a very profitable alternative, although in some cases knockdown rebuild a house from scratch may be better. knock down rebuild sydney will give you some keys so that you can make the decision that best suits your budget, your tastes and your needs.

Buy a house to reform or knockdown rebuild

There are more and more used homes that are bought to carry out a comprehensive reform . This option allows you to have the strengths of a second-hand home (location, price, taxation) and of a new-build home (quality, energy efficiency, distribution).

In many cases, especially if we are looking for a house in areas with high demand, the options of buying land to build on are significantly reduced, and there is no other option than to look for a second-hand home that we can make a series of improvements to transform it according to our preferences and needs.

The main advantage of buying a second-hand house to reform it compared to knockdown rebuild it from scratch is the price. It is estimated that a reform can cost between 500 and 700 per square meter, depending on the materials used and the extent of the transformations.

Keep in mind that the older the house, the more money you have to spend on repairs. This comprehensive reform of the house adds value to it, revaluing it substantially. A comprehensive reform can increase the average sale price of a home between 15-20% .

One of the most common works when buying a second-hand house is the reform of the bathrooms and the kitchen. They are probably the rooms that age the most and whose finishes and qualities vary a lot. Depending on the materials, a comprehensive bathroom renovation ranges between 2,000 and 5,000, and a comprehensive kitchen renovation varies between 5,000 and 15,000, including tiling, plumbing, electricity, furniture and basic appliances.

It is also very common to replace exterior carpentry (windows and enclosures) and interior carpentry (doors, fitted wardrobes). We must take into account the aid aimed at improving energy efficiency, but changing the windows of the entire house can cost us about 3,000, and changing the doors about 2,000.

The works and repairs in partitions, walls and ceiling vary according to needs. We can propose new distributions in the house, and even increase its surface. For example, remodeling the living room to join the kitchen, creating a nice dressing room next to the master bedroom, or creating a bedroom in the basement.

Another of the most common reforms is to clean up and repair the plumbing and electricity of the house, whose price is around 4,000 for plumbing, and about 5,000 for electricity. Finally, other common improvements in single-family homes are building an outdoor swimming pool, as well as tidying up the garden and outdoor areas (parking area, covered barbecues). create a nice walk-in closet next to the master bedroom, or create a bedroom in the basement.

Another of the most common reforms is to clean up and repair the plumbing and electricity of the house, whose price is around 4,000 for plumbing, and about 5,000 for electricity. Finally, other common improvements in single-family homes are building an outdoor swimming pool, as well as tidying up the garden and outdoor areas (parking area, covered barbecues). create a nice walk-in closet next to the master bedroom, or create a bedroom in the basement.

Another of the most common reforms is to clean up and repair the plumbing and electricity of the house, whose price is around 4,000 for plumbing, and about 5,000 for electricity. Finally, other common improvements in single-family homes are building an outdoor swimming pool, as well as tidying up the garden and outdoor areas (parking area, covered barbecues).

To these expenses of the reform itself, it will be necessary to add the expenses associated with permits, building permits or the architecture studio that will supervise the works so that nothing fails. But if the costs are analyzed, it is possible to carry out a very interesting reform that greatly increases the value of the home.

For example, in knock down rebuild sydney we find bungalows and villas at low prices , for about 130,000, where with an investment of 30,000 in a reform, the house can be transformed into a beautiful renovated house whose market value exceeds 200,000.

Knockdown Rebuild a House

On many occasions, building a custom-made home comes up against the problem of the lack of a suitable plot for our interests, either due to location, price or possible difficulties when building. But what if the perfect plot exists only it already has a house on it?

The advantage of knockdown rebuild it from scratch is being able to design and build the house you want without having to stick to a previous distribution or structure . In most cases, we can reuse elements of the previous construction, from foundations to part of the house, including swimming pools or annexes. The big question is knowing the cost of the demolition, which is usually not as high as one might imagine. It will depend on the size of the house, but it is usually around 20,000.

The main disadvantage is that we will have to carry out an architectural project and the execution of the work, the price of which will be higher than the reform project . In addition, it will be necessary to take into account the possible urban limitations that affect the land. In principle, it will be more expensive to build from scratch than to reform, although this will not always be the case.

The average price of building a new house, depending on the qualities, height and other structural characteristics, will be at least 150,000, to which we will have to add the price paid for second-hand housing.

Finally, we should also keep in mind that execution times will be longer when building from scratch . Between more paperwork and a work larger than a reform, we will be gone for at least a year, if not more, before we can move in.

What is better? Reform vs Knockdown Rebuild

Taking the above aspects into consideration, it is clear that it is not an easy choice between renovating a house or knockdown rebuild it again. The main criteria will be costs and needs, where we will have to find a balance.

The budget we have will influence our decision. It is clear that knockdown rebuild it will be more expensive than a comprehensive reform. However, new homes are easier to maintain, more energy efficient, and are a better long-term investment as they won’t have to do new renovations for a long time.

Also keep in mind that the cost of renovating a house can also skyrocket due to unforeseen problems.
On the other hand, the options to customize our new house in detail by knockdown rebuild from scratch will be greater. When renovating a house we will still have old characteristics, while when rebuilding it we can achieve more modern finishes, energy certification, better distribution and orientation, etc.

Before making a decision, it is necessary to evaluate the benefits and drawbacks of each option. At knock down rebuild sydney, a real estate agency with more than 35 years of experience in the sector, knock down rebuild sydney can advise you without obligation. Ask us.