If you’re wanting to build your dream home in an established location that has all the amenities you’re looking for, a knockdown rebuild is almost always a good option. While it might seem counterintuitive to buy a house for the sole purpose of knocking it down, a knockdown rebuild is a great way to create the home you want, on the land you want, in a way that effectively fits your budget. In other words, you’re purchasing the potential – and what you do with it is up to you.
There are some considerations that you’ll want to factor in when it comes to selecting an existing property, and we’ve listed them here:
One of the key reasons people choose to undertake a knockdown rebuild is location. Your needs will vary with your life stage, but some of the most common considerations are proximity to schools and transport options like trains and freeways, shopping and dining options, and suburbs that are trending well in terms of capital growth. The old adage ‘the worst house in the best street rings true here, but there are a few other factors you’ll want to take into account when you’re buying to build.
Block size and characteristics
Think about the features you’d like your dream home to have – you’ll need to make sure the block you’re considering has enough space to accommodate them, and that the block dimensions work with the home you’re thinking of building. While some builders [including Arden] allow for changes to floor plans across some of their ranges, ultimately it’s cheaper and less stressful to start with a suitable block rather than try and manipulate your home design to suit an inappropriate block whose location you’ve inconveniently fallen in love with. Elements like fall, and soil quality should also be taken into account, as poor soil conditions or a steep block will invariably see an increase in site costs.
The purchase price is a driving factor for many home buyers, and it’s important to stay within your budget. Make sure you consider the purchase price of the property, demolition fees and costs to build your dream home to get a solid understanding of total costs. Also take the time to research the price of homes similar to the one you’re planning to build in the area to assess what the final value of your new home might be. This is a good guide to ensure you’re making a strong investment.
Suitability for knockdown
Before you put in your offer, make sure knocking down the existing home on the block is something that can be done without too much of a headache. Review the title documents, and check with the council if there are any regulations and issues for your block of land. Building regulations and council requirements may have changed from the time the original house was built.
If you’ve found a property that you really like the look of, we’re pleased to be offering a free site assessment by one of our knockdown rebuild specialists – we’ll give you a transparent appraisal of your selected block and its suitability for a knockdown rebuild free of charge, so you can bid with confidence!
Find out more about our knockdown rebuild services here.