Need more space but torn between renovating, rebuilding, or moving on? The decision can feel overwhelming, but it really comes down to the numbers and what matters most to you. We’re here to help you weigh your options.

Below, we dive into each option in detail, breaking down the pros, cons, and costs of each choice, along with timelines. With so much to consider, we know it can be tricky to navigate.

 

STAY AND RENOVATE

If you’re considering staying put and renovating, there are some key decisions ahead. You’ll need to think about design choices, build methods, and how you’ll manage the project. Securing funding is also a must, especially for owner-builders who might face stricter lending requirements. Understanding your funding options and how they match your project goals is essential.

The Renovation/Extension Process:

There are various ways to approach a renovation or extension, each with different timelines and methods. Here’s a general overview, but remember that your approach will depend on your unique situation. For example, will you be an owner-builder tackling the project while living on-site, or will you move out and hire a builder for a full transformation?

Estimated Renovation Timeline:

• Hire a designer and complete the design (3-12 months)

• Apply for permits (planning/building) (3-12 months)

• Select, negotiate, and tender to a builder (2 months)

• Build/renovate (3-18 months)

• Move-in renovated home

 

Costs to Consider When Renovating:

• Professional fees

• Construction costs

• Rent during temporary move-out

• Restyling and finishing touches

Depending on who you ask, you might hear that renovating is either the more expensive or the more affordable option. The truth is, there’s no one-size-fits-all answer. To get a clear picture of the costs and whether your goals are achievable, you’ll either need to consult with experts or dive into the process yourself to figure it out.

Here are some key factors to consider:

• How much work does the existing structure need? What can you keep? For instance, if you can retain the floor, roof, and walls, you won’t have to pay for new ones. Is the existing in line with the current standards?

• How much additional space do you need, and how do you plan to add it? Some building methods are pricier than others.

• How does this align with your vision for your home? Consider the look, feel, and overall vibe you’re aiming for.

Knock Down and Rebuild Your Home

Deciding on the design and build method is just as crucial as determining the size of your home and planning out the costs. Establishing a realistic budget is essential, as it will shape every choice you make, from selecting designs and materials to negotiating with contractors.

The Knockdown and Rebuild Process:

1. Hire a Designer and Builder (3-12 months)

2. Apply for permits (planning/building) (3-12 months)

3. Tender to a Builder/firm up the contract (2 months)

4. Build (3-18 months)

5. Move in

Knockdown/Rebuild Costs to Keep in Mind:

• Professional fees (Designers, Engineers, etc.)

• Construction expenses

• Rent during temporary move-out

• Restyling and finishing touches

There are several factors to consider:

• Are you opting for an architectural build or will you work with a volume builder?

• Are there any heritage or planning requirements?

While knockdown and rebuild projects are often seen as the more cost-effective route to a new home, that’s not always the case.

A solid first step is to determine the size of the home you want and multiply that by the cost per square meter for new builds, which typically ranges from $2,500 to $6,000+ per m². The final price will depend on factors like site conditions, location, builder choice, design details, and overall structure.

 

Moving On and Relocating

While relocating might feel like a let-down if you had your heart set on renovating or building, choosing to relocate isn’t giving up! Relocating can be an exciting step toward your future

 

The Relocation Process:

• Buy first or sell your current home? Make sure to research comparable properties to guide your choices

• Consider the emotional value of your home. Does it hold special meaning beyond its practicality, such as being a family home handed down through generations or located near loved ones?

Costs to Consider When Relocating:

• Preparing your home to showcase its best features

• Sales expenses: agent fees, marketing, styling, and moving costs

• Purchase expenses: stamp duty, legal fees, relocation costs, and any initial work needed on the new property

 

The Result

Comparing your timelines, costs, and potential outcomes laid out side by side can give you a clearer view of the best option. While renovations might appear quicker or cheaper, that's not always guaranteed. With so many factors to weigh up, the choice can be paralysing, but with informed decisions, figuring out the right decision can be a lot easier.

If you would like to get some clarity, book a consultation with us here, we’d love to help.