BUILDING OR RENOVATING TUG OF WAR
During the coronavirus pandemic there has been an increased surge of renovations taking place, as there is always the tug of war whether to simply build or renovate.
The NSW Government has extended construction hours to help support the industry with operation hours extended on weekends and public holidays under the new rules.
“The construction and development sectors, which makes up almost 10 per cent of NSW’s economy, will be vital in keeping people in jobs and keeping investment flowing over the coming weeks and months,” said Minister for Planning and Public space Rob Stokes
Driven by historically low interest rates and rapidly rising house and apartment prices Australia finds itself in a home renovating frenzy even though you might want to build.
Whether you find you are in an internal war between renovating or building from scratch your decision-‐making will revolve around your financial position.
Assessing your personal and financial circumstances will then result in going down the path of choosing the right builder to help you with making your dream vision become a reality
Is renovating the way to go?
Whether a facelift or a full knockdown prepare yourself for some stressful days ahead or can this be alleviated with employing the right builder to project manage it for you. Making an informed decision will ensure the right outcomes are achieved.
A builder can answer the following questions that will arise:
- Will it actually be cheaper to knock it all down rather than just renovating the existing premises?
- How much time do I need to devote to this process or will a builder project manage this for me?
- What restrictions do I have to comply with when undertaking this task for example is my home heritage listed?
- Will my renovation proposal pass council standards and regulations and how can a builder help me achieve these hurdles?
- By renovating will it mean I am overcapitalizing and I am never going to recoup the money that I invest? In the end will the renovation cost more than the house is worth?
- Shall I just take on the task of going to Bunning’s and doing it all myself since I have time?
Shall I knock it down and start over?
- A very solid strategy needs to be in place for a new build. Planning, designing and executing your place of heaven that you can call your home will be rewarding once completed. Once again the right builder can help you with the following questions that need to be considered:
- A major build will require some finances. Will I have enough with the dream I envision?
- How much time do I need to devote to builders and tradespeople everyday?
- If I spend money on a new build will I still be able to fulfill my lifestyle after it’s all completed?
- Is council going to approve my plans or am I going to have some hurdles to overcome?
- Will my neighbours object to my design and what can I do about it?
- Are there any building restrictions in my area that I should know about?
Your architect and builder can provide you with a quote but it will all come down to your budget and then some more. Over budgeting for those unforeseen circumstances than can arise during a build can cost you money.
At the end of the day doing your research and consulting the right builder can sort the tug of war between renovating or building.
Makka Constructions have proven they can deliver whether renovation is in the cards or simply building your dream home. You just need to have that conversation.