Renovate/Extend or build a new one in WA

tamamontu · Oct 11, 2022 6:52 pm

Hi There,

We are currently exploring the option to add an extension to our existing house or to do a demo and build. Initially we went down the track of exploring option to add an extension of 2 bedrooms, a bathroom and a living area upstairs. We got two kids (primary school age) as they grow older they need more space, which current footprint of the house wont be able to provide.

Cost for adding an extension is decently high enough (could build a single storey in similar price), Which prompted to use to explore option of doing a demo and building a new one.

Obviously second option wont be cheaper than first one we are aware of it plus renting out till the house gets build is an added cost. But that gives the flexibility in terms of design plus a newer home. With either option we plan to stay in this house long term so also looking at long term resale value aspect.

Would love to hear from fellow members their experiences who went through similar exercise.

Cheers

Tendious · Oct 12, 2022 7:35 am

How old is your current home?

One thing for sure about knocking down and rebuilding it is that your home will definitely have a better street appearance. Therefore it should be easier to sell and for better value in the future.

Money wise, it may not be the best decision I think. Because you have already spent a bit to buy the current place and now you are destroying the house that you paid for. However, this is probably the only solution if you want to continue living at your spot!

Some places are just golden and you can’t find another one else where, eg walking distance to everything like park and local shops with excellent view.

If you don’t rebuild, someone else will buy it and do the same.

tamamontu · Oct 12, 2022 12:26 pm

Thanks Tendious our house is almost 40years old, its just a 3/2 with 4th room being a bed/study. We did some renovation interms of cosmetic changes so we would lose that we understand that.

The key thing which we like about this house is the location its a big block with very handy location in terms of schools, freeway access, park just 5mins walk. Its a elevated block so we are sitting on higher side than neighbor's behind so the backyard is really nice in terms of no obstruction. These are some of the things which is why we want to stay here long term.

I agree in terms of some places are just golden and if we dont upgrage the current house to make it large someone else is going to do.

Which is why we started exploring extension but the cost of it prompted us to explore demo and build.

Due to current market scenario everything is has gone up price wise.