News & Inspiration
Knock Down Rebuild Wollongong & Surrounds – 6 Things To Consider
Does this sound familiar?
Does this scenario sound familiar? You live in a great neighbourhood but your current home is not comfortable or big enough for your needs. Or you’d like to make some structural changes to your home but want to avoid the steep cost of a renovation. In this situation, your best option is to knock down your old building and rebuild. A knock down rebuild gives you all the advantages of a brand new home, with everything just the way you want it, right where you want it.
Renovating a home comes with its own drawbacks, depending on the condition of your house and your new changes will all depend on the old building. However, with a knock down rebuild in Wollongong/Shoalhaven, you don’t have to compromise on any design changes. A knock down rebuild frees you to make the desired changes to room size, layout, orientation and more to match your design style and structural requirements.
To help you get started, we have compiled a list of things to consider before attempting a knock down rebuild in Wollongong, Illawarra, Shoalhaven or the Southern Highlands in New South Wales.
Inside this article
Is a knock down rebuild the right option financially?
Finances are the primary thing to consider. Carefully consider the following:
- How much is your property currently worth?
- How much will it actually cost to knock down and rebuild?
- What will your property be worth after rebuilding?
You may have to obtain a valuation to assess the current value of your home and land. To avoid overcapitalising you will also have to get expert advice from a property valuer or local real estate agents. This will help ensure that the value of your home after the knock down rebuild is equal to but ideally more than, its current worth plus what you’ll spend on rebuilding.
Can you afford the bank loan?
Before you engage a builder, it’s vital that you connect with your mortgage broker or lending institution and understand fully how much you can borrow and realistically afford.
However, it is often more fruitful to knock down than to renovate your home.
‘Interest rates are the lowest they have been in decades, so it is financially cheaper to borrow money to rebuild rather than to move and pay very large financial transaction costs,’ Greville Pabst, judge on TV’s The Block said.
Choosing the right builder
Seek out a builder or building company with a good reputation for delivering quality in a timely manner. The builder should explain the whole process to you in detail, including your responsibilities and the permits needed for demolition and construction.
Choose a builder or building company that are experienced in knock down rebuilds and are aware of the special circumstances and requirements that it needs. A builder that only focusses on new builds will not have the understanding of demolition required.
How much will it cost to demolish the old house?
Depending on the builder, you may have to find out how much it would cost to demolish your home and include this in your overall knock down rebuild budget. To prevent surprise costs, you can ask a contractor to inspect your property and create a comprehensive quote. This quote should include everything needed during the demolition stage, including the cost of permits, labour and equipment.
Generally, costs are estimated between $10 000 and $15 000 for the demolition process. But can vary depending on size and labour required.
Getting the required permits
Before you start a knock down rebuild, you’ll need to apply for several permits from your local council. These permits differ from region to region but can include:
- a demolition permit.
- a building permit
- an asset protection permit
- a town planning permit.
You may need to contact your local council’s development or planning office to find out what permits your knock down rebuild needs.
Furthermore, ‘…you will require a permit, and all services to the home such as electricity, gas and telephone will need to be disconnected. You will also need an asset protection permit from the local council,’ News.com reports.
Feeling overwhelmed? We can arrange and help you apply for the correct permits for knock down rebuild in Wollongong and surrounds.
Where will you stay during the knock down rebuild?
Finally, you will have to plan where you’re going to live while the new house is being built. The cost of this should be factored into the required funding and your building budget. Most people opt for renting a house, staying with friends or family or staying at a local caravan park during the period between demolition and completion.
There are many other factors to consider before going ahead with a knock down rebuild. Such as your needs, your financial position and the current condition of your house. However, knocking down and rebuilding is still the best way to reset the clock on your home, increase its net worth and attract more tenants and potential buyers.
Mincove Homes love helping people plan their knock down rebuild.
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