A common problem that many house hunters come across is that they find a house that’s in the perfect location, but it’s not the kind of property they want. You could spend forever trying to find the perfect combination of location, house and budget, or you could buy a place with the intention of knocking it down and rebuilding. Knock down and rebuild projects are extremely common in Australia where poor quality homes from past decades occupy prime land, and here’s how you can start this kind of project.
Look at what’s available in the area you like
Step one is to pick the location you love and see what’s available. While there are often plots of land, these can be too large for a home, so buying an old property that needs a complete renovation is usually a good way to start. You can then find out whether it has planning permission for a rebuild. Many local authorities are happy to grant this as it gets rid of old, unsightly homes.
Draw up a budget
You can then start looking at your budget based on what you want to achieve. It’s worth looking at the knock down rebuild Canberra cost, then factoring in the cost of the land and expenses such as temporary accommodation while you build. While this may seem a lot at first, compare it to the cost of buying a home in a perfect condition in the area. Odds are, the difference will be negligible.
Think about what you want from a home
Some people just want a standard three bed, one-bathroom house that you’d find in most neighbourhoods, and that’s fine, but if you want something different, then a knock down rebuild project may be a better choice. This is because:
- You can start from scratch and get a design that suits your taste
- You can customise the floorplan to suit your lifestyle
- The home can include features you wouldn’t normally find in a home on the market
- Those who live in multigenerational homes or with family members can build a place that’s made for several occupants
If you’ve found the perfect plot, but not the perfect home, don’t worry. Knock down rebuild projects are becoming increasingly common, especially since Australia has such a competitive property market. They allow you to build your dream home on a piece of land you like, making it easier to get a balance between location and the property.