Knockdown and Rebuild vs House and Land Package
Perhaps you own a home and are considering knocking it down and rebuilding or you're exploring the option of a house and land package. To knockdown & rebuild or go for a house and land package can be a tricky decision. Both options have their pros and cons and this article, we delve into the advantages and disadvantages of both alternatives. Keep reading to learn more...
For more information or assistance with your new build project, give Symcorp builders a call on 07 5558 3812.
Knockdown and Rebuild
As the name suggests, this process involves demolishing an existing home and rebuilding a new home in it's place from the scratch.
If you live in a great suburb or just love the location of a property but the house doesn't meet your needs, rebuilding is a great option. A knockdown and rebuild in a good area can boost the value of your home and make it more attractive to prospective buyers. Plus, you can benefit from an update to the living plan and get the house you always wanted. The benefits of a knock down rebuild project can be more than just financial.
- You can update while staying close to your friends and keep the local community connections
- You already know the neighbourhood so you can rest assured that the area is safe
- Your kids will be able to stay in their current school
- Your commute time will remain the same
- Your gym or local club memberships will not be affected
- A rebuild will transform your home and let you have the home of your dreams without disrupting your lifestyle
A knockdown and rebuild can help you save money and time on:
- Hunting for a good location for a new property
- Buying and selling costs
- Stamp duty
You might like to read: What is a knockdown & rebuild?
- Building time can be affected due to unexpected challenges such as site issues, council approval, or site assessments.
- If you choose to live on-site (if this is an option, often it is not) while the construction is going on, it can be chaotic and disrupt your routine.
- You will need to set aside a contingency fund for unforeseen expenses and construction delays as with any building project.
House and Land Packages
House and Land Packages are usually offered in suburbs on the outskirts of a city or new areas. They are often affordable alternatives compared to buying in more established areas or renovating an existing house.
- Reduced stamp duty - You can save thousands of dollars on stamp duty as the house is not built yet.
- Upfront price - House and land packages are often all-inclusive so there is less chance of unexpected expenses, however, an allowance in your budget it always advised.
- Time frame - You will often be given the expected time frame for the build which allows you to plan to move in once the house is ready. The ability to move in quickly makes it an attractive option for many buyers.
- Flexibility - Due to the vast amout of companies offering house and land packages there will often be a variety of options and suburbs available for the customers. This allowa you to shop around and explore packages offered by different builders.
- Low maintenance - New fittings and appliances mean your home will require little maintenance in the near future. The appliances will often be energy-efficient and some homes also come with solar panels so you will have to spend less on utility bills.
- Landscaping, driveways, mailboxes, and fencing can incur additional charges so ensure you read the contract and check what’s included before buying the package.
- The basic amenities - medical facilities, grocery shops, transportation, etc might be in developmental stages in newer areas which may affect your commute times and lifestyle.
- Your home may look completely different from the display home. Remember that display homes are showroom pieces and usually include all the extras, your final result may vary. Moreover, opting for the top level fitting packaged home contract offers can increase your final cost.
- The vacant lot next to your property will not remain vacant forever. Consider the location of the block and your privacy before you finalise the lot.
- Often the value of outer suburban areas (where many new development house and land projects are located) rises at a slower rate than more established suburbs so your investment might take longer to increase in value if you are looking to resell.
What to consider?
- Budget: Check your finances - how much you can borrow from the bank, mortgage repayments, etc before you finalise either of the above options.
- Timeframes: Do you have any timeframes you wish to remain within, where possible?
- Government Regulations: This covers a range of things, including plumbing, height regulations, heritage area and environmental sustainability.
- Age: Does the age of your home put it at risk of a range of issues in the not-too-distant future?
- Size: Are you wanting to build a home that is bigger than the one you currently have? Can you stay in the existing area by renovating or rebuilding your house?
- Suburb: Are you happy with your suburb but just need a bigger and modern home? Will you be comfortable living in an outer suburban area? Take into consideration the infrastructure (for a house and land package) and how it will affect your daily life.
Weigh the pros and cons of both options and take into account your current and future lifestyle before you come to a decision. If are in the Gold Coast, Tweed, South Brisbane or Northern NSW area and would like a a free professional home building consultation, talk to our expert team on 07 5558 3812. Alternatively, complete our online enquiry form and our friendly staff will be in touch with you shortly.