“Should I build or renovate?”
That’s a question that is asked often but perhaps not often enough. Not soon enough before making the decision, and not with enough thought taken.
Lately I have been back immersed in the world of home building and some common issues that come up is whether someone should build a new home or renovate the one they have. So let’s look at the case for both.
Location, Location, Location
When it comes to building fresh, the most common place to build will be in new housing estates. New subdivisions spring up with sites all ready to have a house built on them, and the majority will be reasonably level as the developers can make them, since sloping sites will increase the cost of building (or retaining walls) and that is a handicap to fast sales.
New developments as you might expect tend to be on the fringe of the urban precinct and that means there can be less access to transport and other services but it also means that the land is are more affordable , the houses are modern and of a style that is in keeping with the other homes. The length of commute or jobs being available in the local area, and access to health services etc, must be a factor to weigh up.
Community Ties
For those with a home in a central urban location, staying put can be attractive, especially if your friends and family are close by. Shopping and transport options may be better, access to schools and work more convenient, but for those who are renting and don’t already own a home, the land value may be so high as to make it impossible to buy a property of the size one prefers, in that location.
Do you want to have a reasonable sized house and a bit of room for a garden or vegetable patch, or is apartment living more to your taste? This is an important aspect to consider because switching houses after you commit, when you realise you made the wrong choice really can be expensive.
It happens quite often.
Be Warned: The Children Will Never Visit
So does this. How many times it happens! Parents of older children build with the intention of having all these spare bedrooms for the children to use when they trek out to the country residence that you will build, only to discover – nobody is coming. That’s what usually happens. Adult children get busy, the grandkids grow up and want to spend their time with their friends. Not visit Gramps.
What lesson you can take from the experience of these other people? For my money – build the house to suit your needs. If they visit … happy days. But put your own requirements for functionality first.
In a similar category, building the house for the “people who might buy it” in years to come. “We need a five bedroom home for the resale …” Seriously. We have houses with fewer people living in them than ever before. That seems unlikely to change. 2 bedrooms you don’t use could be better utilized as one good size space for a studio or home theatre/music room. Let the new owners put the wall up if they want to then.
Suit yourself first. That’s the message.
Downsizing
Those who have seen children leave the nest and are left rattling around in a house that has several bedrooms and formal living areas nobody uses can find their thoughts turning to downsizing.
I have yet to find anyone who wants to downsize into a pokey bedroom and shortage of storage.
Once upon a time moving from a big house to somewhere smaller was a way of releasing some money from the equity into savings. That is not always the case now and more often we are seeing that smaller does not mean cheaper.
Future Pacing
Approach the problem with the same manner you would to
setting well-formed goals. When considering downsizing to a smaller property, it is useful to spend some quality time thinking about the things that you most appreciate in your current home, the things that you wish were not in your current home, and what other activities you need space for that you may not currently have for that purpose.
For example, you may not need four bedrooms but you may like to have two master suites that give you space for visitors or let you not have to share a bedroom! We know that many married couples don’t sleep in the same bedroom, for whatever reason, but the bedrooms are rarely set up well for each partner.
When downsizing comes as we are facing retirement, then that too can be a signal that we might value some separate living areas so that each partner has some private space to pursue their hobbies without being in the main living area all the time, also known as “in the way”!
Building a new home to meet your new lifestyle requirements is one way to establish the layout that you will find most useful and practical.
Alternatively, renovating could solve some of these logistical inconveniences and provide a better living arrangement without the need to relocate.
Where the overall space is just too big renovating to create a separate living space that can be used as a rental is also an option. Sometimes this can be for a family member or carer whose presence may allow the owner to stay living in their home for many years longer, while maintaining privacy for both parties.
Knockdown/Rebuild
Where the location is ideal but the house is just inadequate then knockdown and rebuilding on that same site can be a good option. This allows the benefit of the high value land to be realised and at the same time expand the living space to provide more space and all the modern conveniences (and parking!) that many inner city house sites don’t have.
Take Your Time
Whether building or renovating is best for you will depend on many factors that relate to the life you want to live. What activities you want to be engaging in, what needs you have for space and hobbies, and whether you prefer to start again or maintain your location and keep your neighbours and support community close.
Getting Started
Now is the time to spend as much time as you need ‘trying on’ the idea of each possibility – to build or renovate – and imagining what it would be like… both good and bad, for each alternative.
- Write down all the pros and cons and what living in each option would let you do, not let you do and be useful or not so useful.
- Do you want to potter in the yard?
- Do you want to lock the front door and go travelling?
- Will you be sharing your house with your grown up children who won’t leave home?
- Is your dream of having a house by the water?
- Are you just bored with this same place after all this time?
- Is it easier – and more affordable – to just start afresh than turn this sow’s ear into the silk purse you want?
- Do you want to be away from all the traffic and live somewhere more tranquil?
- What measures can you take to future proof the home to live in longer even with limited mobility?
Keep adding to this list over time and ultimately you will have explored the potential enough to see a clear winner in the ‘build or renovate’ competition. You might even
write up a vision map for the future you envisage.
Whether you build or renovate there is a lot to consider long before you get into the extreme detail of how to go about it the best way. And let’s face it – if you don’t have room yet for that butler’s pantry you have been wanting since you saw it on Pinterest, something has to give!
Either way – both building and having a fresh new approach to renovating where we live is exciting and while it can be disruptive – is a lot of fun too!
