You might have inherited an old property that requires some serious renovation to make it livable, or your home just isn’t up to it and you are thinking major revamp; these are situations when a knock down makes complete sense. Rather than trying to make the best of an old structure, demolish it and start again from the ground up (if the foundations are solid) is a much better proposition. Here are a few reasons Australian property owners are turning to knock downs rather than renovations.
- New Design – An existing structure puts limitations on any building project and when that structure leaves a lot to be desired, the best way forward is to have the building demolished and start from scratch with a new build. Don’t make the mistake of thinking the house is set in stone; knock downs are popular for this very reason and the extra cost is more than compensated with the added value of the real estate. Talk to one of the award-winning custom home builders in Canberra to get a good idea of the potential the land offers; they are masters of new build design and will take your concept and turn it into workable drawings.
- Optimum Investment – Think of the value when your dream home is finished and when compared to the value of the old property, you should see a sizeable return on your investment. There are quite a few successful land developers who saw the potential of an old property and went ahead with a knock down project, which made them a lot of money.
- Developing Area – If the property is in a zone that looks like it will develop quickly, a new build will attract a high price tag, far more than a renovation project and that will be reflected in the value. Property developers look for old properties in zones that are likely to become residential suburbs and with a 5-year plan, they rebuild and rent the property out before selling up when the land prices are peaking.
Have the structure surveyed, as this can help you make the right decision and when you crunch the numbers, a knock down is a very attractive alternative to major renovations. You would be forgiven for thinking that demolition and removal is expensive, but when you use a custom builder with knock down experience, you might be pleasantly surprised at the price tag of a knock down and rebuild.