Browse Forums General Discussion 1 Dec 06, 2022 11:15 pm Hi, I am looking for your views or advise on the dilemma we are facing. We are having a 40 year old double brick house on the 450sqm block of land. House is in good condition and has been recently painted, good feel in the house due to a north side beautiful deck. However, it is small 3 bedrooms, 2 bathroom house with limited storage and open garage and old kitchen and bathroom. House is at verygood location(near to schools and train station and market) To upgrade our lifestyle, we are looking for the better and bigger place which includes 4 bedroom. Walking wardrobe, pantry and min 2.5 washrooms and Alfresco and many more small features. We have 2 options Option 1. Knock-down and rebuild Issues - Land size is small (450sqm) and we are look for around 40sq House.It is in tje Monash council,so not sure if this block will be enough and council will approve the plan. Also need to go through the town planning permit as land size is <500sqm Option 2 - buying better House and selling this one. Doing this we can get a bigger place with bigger block of land, however we might need to move lil far from the current location.(we are attached to this) And might need to compramise on the house design or pay lil more but can choose good suburb like current one or move within the same suburb. In the both situation lending amount will be almost same, as building cost is going up. And if we sell the current home we can manage buying new with the same amount of loan which we need to borrow for building. Overall summary is KDR demolition+ building +site cost+current loan = sell current (amount)+buy (new loan) Only difference is we might need to pay additional 100 k for the stamp duty + additional unknowns.and not sure if current house we can sell with the good price in current market. We are okay with the location and for the knock-down rebuild hassal only an issue is small land size and we are confused as we do have Option to sell and buy other. And after kock down rebuild we we might not get the good valuation of the the property. Can anyone please suggest what is better option in this situation? Thank you in advance. Re: Knockdown rebuild or selling and buying new place? 2Dec 07, 2022 7:46 am There are plenty of town-houses going up on smaller land than you have - look at the biggest of those and see if meets your needs. If you love the location, that is hard to replicate. Re: Knockdown rebuild or selling and buying new place? 3Dec 07, 2022 4:14 pm Suggest you check out the Planning Rules and Regs from your local council. Here is a link I found to Monash Council planning scheme. This will detail building site coverage, front/side/rear setbacks etc. https://www.monash.vic.gov.au/Planning- ... ing-Scheme Hope this helps. Re: Knockdown rebuild or selling and buying new place? 4Dec 07, 2022 6:08 pm SJT76 There are plenty of town-houses going up on smaller land than you have - look at the biggest of those and see if meets your needs. If you love the location, that is hard to replicate. Thank you very much SJT76. Yes we have plan to visit few small block houses Re: Knockdown rebuild or selling and buying new place? 5Dec 07, 2022 6:14 pm KnockItDown Suggest you check out the Planning Rules and Regs from your local council. Here is a link I found to Monash Council planning scheme. This will detail building site coverage, front/side/rear setbacks etc. https://www.monash.vic.gov.au/Planning- ... ing-Scheme Hope this helps. Thank you 'KnckItDown' , your reply is helpful. We met couple of volume builder and they have explained us overall council restrictions. Looks like we need to take next step to understand the feasible size and detail quote. Next step is initiating town planning and soil test and all by investing some basic amount. Hoping for some construction price reduction next year. Re: Knockdown rebuild or selling and buying new place? 6Dec 08, 2022 7:24 am The other thing to check is the upcoming changes. If I understand your location correctly, you may be in one of the "intensified development zones" that Monash is proposing around the stations. For those, there is a proposal in the works to reduce set-backs and allow higher density housing. Obviously, no-one can guarantee if / when and in what form those changes will pass, but try calling the council to discuss what stage they're at. Re: Knockdown rebuild or selling and buying new place? 8Dec 09, 2022 11:50 pm [quote="SJT76"]There are plenty of town-houses going up on smaller land than you have - look at the biggest of those and see if meets your needs. If you love the location, that is We do love the location. If we sell existing and buy something close to the same suburb ..same area..but Bigger land and then do construction. I am confused what will we loose.?.or will it be better option? Re: Knockdown rebuild or selling and buying new place? 9Dec 10, 2022 4:31 pm Moon48 SJT76 There are plenty of town-houses going up on smaller land than you have - look at the biggest of those and see if meets your needs. If you love the location, that is We do love the location. If we sell existing and buy something close to the same suburb ..same area..but Bigger land and then do construction. I am confused what will we loose.?.or will it be better option? If you can afford bigger land in the same area, great! My understanding is that Monash are looking to reduce set backs - for example front may go from 7.6 to 6m. That means bigger houses on the same size land. Whether that is positive or not is a matter of perspective if the original house is in good condition most of what you listed could be added in stages without the need for KDR and costs and disruption of having to live elsewhere… 1 13992 Hi We have finally decided to complete a KDR on our corner plot in NE Melbourne suburbs. Given its a corner plot approx. 400 sqm just a standard design may not fit the… 0 9196 multiple occ properties are always billed by trades at a premium, rarely per sqm for the lot. You either have trades you know whoe will do by sqm or youre going to get… 1 2613 |