Sunny Homes’ award-winning Googong display home is a prime example of a new build done right. Photo: Sunny Homes.
Every house eventually starts to show its age, no matter how progressive its design when built.
Once-trendy aesthetics become obsolete, old energy ratings fail to meet modern standards, forms and fittings deteriorate, and smaller builds no longer offer the space families need to grow.
If it starts to feel like you’ve outgrown your current digs, you essentially have three options: sell up and move somewhere else; renovate and/or extend the home; or knock it down and start fresh.
Love where you live and have no plans to leave? The choice becomes a little easier, but you’ll still need to consider whether to update the old or wipe the slate clean.
Sunny Malhotra, founder and director of local building company Sunny Homes, says renovations were more common in the past, but these days it’s often better value for homeowners to rebuild.
“This is a hot topic in the capital right now,” he says.
“”You can give an old car a new interior and fresh coat of paint, but it’s still an old car. If you love that old car then by all means, refurbish it and keep some original features.
“But looking at your property as an investment in the future, spending a bit more upfront for a brand new house will likely give you more bang for your buck.”
For example, Sunny says a recent client was quoted about $700,000 for major renovations on the family home in Canberra’s inner north compared with $900,000 for a full knockdown rebuild. Unsurprisingly, the client went with the second option.
Of course there are factors to consider besides value, including design flexibility, sustainability, health and safety, convenience, and construction time.
Renovations and extensions are limited by the parameters of the existing structure. So if you’re looking for a fully customised home, a rebuild may be the better choice. You’ll also be able to choose a design that best suits your block in orientation, access, landscaping and more.
Modern materials are generally more sustainable and safer, creating homes that are easier and cheaper to maintain in the long run.
“Also keep in mind that the vast majority of Canberra homes built before 1990 have asbestos, which can release harmful fibres if disturbed,” Sunny says.
“During demolition we can simply remove this material with minimal disruption. But with renovations, you don’t really know what you’re dealing with until you’re in there.
“Sometimes you end up opening a can of worms you wish you hadn’t – things like dated plumbing and wiring, hidden structures and water damage can all send your project way off track.”
If a few changes – adding climate control, modernising the kitchen or retiling the bathroom etc – could help you love your home again, a small-scale renovation is likely the way to go.
“The main thing to be aware of is overcapitalisation,” Sunny says.
“This happens when you spend more money on renovations than what they add to the market value. You can avoid it by figuring out your home’s current value and setting a budget according to the sale prices of similar renovated homes in the area.
“By all means add or improve things you want or need, but also consider what future buyers will be attracted to if you decide to sell.”
Under Sunny’s leadership, Sunny Homes has successfully created more than 250 top-quality homes and received multiple awards from the Housing Industry Association and Master Builders Association.
Whether you choose to refurbish, extend or demolish and rebuild, Sunny stresses the importance of choosing a builder with experience in similar projects in your area.
For more information, visit Sunny Homes.
Loading ...
