What are the advantages of Renovations instead of Building New?
Buying a new home is tempting when you are tired of your old space or realise it is a bit cramped. How else are you supposed to get a living space that reflects your changing needs as a household?
However, there is a better solution—renovating your existing house. Renovating your house can give you the extra space you need, freshen up your living space, and give you all the advantages of buying a new home without actually having to buy a new home right now.
Here is a detailed explanation of why you should renovate your home on the Gold Coast instead of looking for a brand-new building.
Now, let’s get into why you should be making home renovation plans right about now!
👷 Renovating Your Way Towards Multiple Living Spaces
One of the main reasons why Gold Coast homeowners want to move is that they need more space. Maybe you have an adult child who needs independence, or you just like the idea of creating a separate building as a bachelor pad.
You don’t need to buy a new home when you can create multiple living spaces on the same plot of land. If you’re lucky enough to have a property in Goldy, you don’t want to give that up quickly, so it makes sense to hold on instead of hoping to find a plot in a location that is just as good. Examine your plot of land and see if you have the space to expand within your existing area.
Professional home renovators have experience meeting the needs of homeowners, including building expansions. They can devise creative solutions for limited space or figure out how to maximise your existing plot so you can have multiple living spaces without giving up a beautiful spacious yard. Even if you think you don’t have the freedom to add an expansion to your home, consult with a builder anyway.
🏘️ Expanding Existing Homes into Multi-Home Dwellings
There are a few ways that professional home renovators can expand your existing home into a multi-home dwelling.
Obviously, one easy solution is to build a new building on your existing plot of land for your parent or in-laws. Please see Secondary Dwelling for further details on this. As we write, we see that not everybody has the space. Luckily, there are a few other creative solutions to get the most out of your existing space.
One type of renovation that you can think about is a home extension. A home extension adds several new rooms to your home by expanding the overall surface area of your floor plan. An extension can look like an added wing to your house or several rooms tacked onto the side. It can be as simple as a bump-out or a single room tacked onto the side of your home.
Home extensions are a great solution if your family has expanded and you want more space for all the members of your household. They also work great if you have plenty of space left on your plot but don’t want to raise another building. If you work with experienced builders, they can smoothly incorporate your extension into your existing façade, and nobody will notice that you tacked on extra space.
If you have a smaller plot, you can still renovate your home to add more square meterage. The solution is a home addition, which adds height instead of width to your house. Add an extra floor, and you will soon have twice the amount of space. You can either build an extra floor (Second storey) on top of your existing structure, raise your home, or build a new ground floor. The latter is more complicated. Ensure you get the right builders for the job.
A home addition is an excellent choice if you want to renovate your home but don’t have a large yard. That way, you can have more space without making the property feel cramped and still have the pleasure and privacy of some greenery around your home.
An addition can serve an expanded household or even help you turn your house into an investment property. Your family can live on one floor while renting out the other, and both households in your multi-home property can maintain their privacy.
🏠 Advantages of Renovating Your Existing Home
Before you jump in and buy a new home, consider how renovating an old house or your existing property will be much easier. Plus, you can achieve much of what you want when you buy a new home with your existing home as long as you work with the right builders.
Cost
In plain terms, one of the significant advantages of a home renovation is cost. Renovations, “generally speaking,” are much more affordable than buying an entirely new home. You will also have to invest some money in a renovation; we don’t want to undersell that investment.
However, if you bought a new home, chances are you would have to pay for renovations to get it to what you want anyway. Renovating your existing home will probably cost less since you don’t know the state of a property you might find.
Control
When renovating your existing home, you have far more control over what the final house will look like. You can work closely with your builders and make sure that they understand your vision. Unless there are structural constraints, the final product will look exactly how you wanted it to look.
When you renovate a home you already own, you’ll start off from a better base. You probably already made your home look how you wanted it to, so reaching the final goal will take less work.
On the other hand, if you buy a new property, you may have to undo previous bad renovations before you can even start working on the property to bring it closer to what you want. Even if you buy a property with all the space you want, it won’t look exactly how you want it to look.
Comfort
One reason why renovating an existing home is better than buying a new one that shouldn’t be overlooked, even if it may not fit into cold, hard budget calculations, is comfort. Even though upgrading to a bigger house can be exciting, nobody really wants to move.
Moving is annoying because you must pack up all of your things, hire movers, and go to work building a comfortable home all over again. Moving is even more difficult for younger children and pets because they struggle to adjust. Even older members of the household may struggle with the change, especially if you aren’t able to find a property in the same part of Goldy.
Renovation is the best solution if you don’t want to disrupt your family too much. You can have more space or the desired floor plan without finding new schools, commutes, or friends. You will have to adjust your life a little bit while the renovations are going on and may need to stay with family or at a hotel temporarily, but that is only temporary. Once the renovations are over, your home will be waiting for you with precisely the same comforting feeling it had before—no moving boxes necessary.
📊 Why Buying a New Home Isn’t the Best Idea
A new space may seem attractive, but there are a few reasons why you should stop and think before buying a new place. Be sure you know all about the home-buying process before you take the plunge, as new complications have made purchasing a new home more painful than renovating an existing one.
Homes Are Getting More Expensive
Property prices are rising worldwide, and Goldy is no different. You may have difficulty finding a new home with the square footage you want for an affordable price. Plus, analysts say that the property market in the region is increasingly tight, making it harder to find what you want.
Don’t forget that buying a home comes with more associated costs. You will have to pay for a broker, taxes, and other hidden fees. Plus, you will probably have to renovate the property anyway, at least a little bit, to get it to what you envisioned it to be.
Changes to Lending Rates
If you bought your current home several years ago, you might not be familiar with the drastic changes that have happened in the regional real estate market since then. The Reserve Bank of Australia has raised lending rates to combat inflation. This will affect existing mortgage holders as well as would-be borrowers.
While the head of the RBA says that inflation rates are moderating, he adds the caveat that it will take some time for the inflation rate, and, in turn, the lending rate, to return to normal. If you buy a house now, you will find yourself paying much higher rates than you probably did when you purchased your first home. Unless you don’t need a mortgage at all, now is not the best time to buy a new home.
Dealing With Councils
Buying a new home comes with much higher levels of bureaucracy than just renovating. You have to deal with lenders, local regulations, and so much more. There is a reason why most Queensland home buyers have a solicitor on hand.
One problem in the Gold Coast is council red tape. Major developers have called out the local council for having a very slow approval process for new projects. That slows down the rate of new homes available in the area, partly contributing to the challenging property market.
The slow-churning wheels of council bureaucracy don’t just affect big developers but smaller home buyers such as yourself. You don’t want to deal with the headache of waiting for council approval so that you can sell your existing home or buy a new one.
You may still have to get approval before undertaking a major renovation, but the red tape will be much lower than buying a new home.
👷 Finding the Right Gold Coast Home Renovation Builders
As you get ready to renovate your home, finding the right builders is the key to making your vision a reality.
Be sure to do your research before hiring a building firm. Look at their portfolio to see if they have experience doing the same type of renovations that you want. For example, you don’t want to hire a builder to add a whole new floor to your home who has never done that before!
Check for independent reviews of builders to see what experiences previous customers have had. Although the Internet makes finding other people’s experiences easier, there’s nothing like good old-fashioned word of mouth. Ask your neighbours about their experiences with builders and if they have any recommendations.
Finally, make sure you find a builder with local experience. A local builder can help you navigate local regulations and will know how to help you get approval from the council if you need it.
Conclusion
If you need more space or want to change your living space, the obvious solution is not buying a new home but renovating an existing one. Thanks to extensions and additions, you can have more space, including enough space for a multi-home dwelling, on your existing plot of land. You can get all this without the hassle and expense of buying a new home as long as you contact the right builders.
At Risen Developments, we have over three decades of experience in home construction. We know how to customise plans to suit our clients’ needs better. You can rest easy knowing that you’re in good hands when we renovate your home. Allow us to design and build your dream property. Contact us for a free design consultation.
Craig Preston, Contract Builder on the Gold Coast
Let’s start the discussion. The next step is to contact Craig, the Master builder and proprietor at Risen Developments.
Risen Developments will provide a stress-free experience. Our no-nonsense renovation and construction process has helped make us the preferred choice for many Renovations clientele, bringing their ideas into reality.
Renovating your home can be ideal for families looking to expand their living space and lifestyle options. Please don’t delay, and let’s chat soon! Risen, your local Building and construction company on the Gold Coast, is only a click or call away, so please get in touch with us today at 0404 REN OV8.
