My partner and I are considering knocking down our existing property versus renovating it. We're deliberating heavily and weighing out the pros and cons. Naturally, we want to do as much research can before making an informed decision.
As this is all new territory, I have heaps of questions and I'm looking for inputs. I hope that my questions and the answers provided will be useful to others in a similar boat.
To begin with, here is the background info.
- We really love our location.
- Our house is just about 10 years old - not that old in my books.
- It is a 3 bedroom townhouse on approximately a 420 sqm block of land.
- Ideally, we'd like to add 2 bedrooms downstairs with an ensuite each (space permitting. Otherwise, it will be a shared bathroom),
- a butler's pantry,
- 1 bedroom upstairs,
- separate the toilet from the existing bathroom upstairs,
- reduce the size of the existing master bedroom upstairs.
- Increase the existing ensuite and the walk-in wardrobe.
- Reorientate the house plan downstairs.
The house has had a few issues structurally - according to what I've been told. So the knockdown rebuild route, we think will help us address these. It's like a fresh start. Regardless of the route we take, both will cost. And off the bat, the cheapest route that will get us the things I listed above on this location will most certainly be the option we take.
Without knowing anything in terms of costs etc,
- Do I speak with my local council first or the bank (finance entity)? Or someone else?
- In speaking to the council, what am I after? (I'm extremely green).
I will start with these two questions first. Thank you in advance.