If you are asking the question as to whether you should renovate or rebuild the truth is, there is no definitive answer. There are advantages to both and therefore, finding the best direction for you to take comes down to which set of advantages best suits your needs and wants.
So here are 5 questions that will help you decide //
1.) Reside or Rent?
Asking yourself whether you would prefer or can afford to rent somewhere during the re-build process or reside at your home under construction is an important question to answer.
Renovating enables you to live in your home while the renovation is in progress. While this does mean you have to live in the middle of the mess, it does save the added cost of renting somewhere to live during the process. A rebuild would require you to find somewhere to rent during the building process, which enables you to live free from the mess of construction. However, it will be a more expensive venture.
A renovation allows you to avoid undergoing any new property set backs that may upset your current boundaries. With a rebuild, there may be new setbacks required that can bring complications to your building projects. This however could be a positive thing if you are looking to make a change to your current setbacks.
3.) Same but new or new and different?
A renovation enables you to keep the same characteristics of your house, for example, a Hamptons beach style house, while allowing you to freshen and update the look and feel of your home. Rebuilding does not give the opportunity to maintain the originality and authenticity of your home, but it does mean you get start with a blank canvas and have complete creative freedom in building your new home.
With a new build it's important to ask, are you knocking down and rebuilding something you've already got? Do you want to design the house you want or renovate the one you've got?
4.) Fresh or New?
Similar to the last question, are you looking to freshen up your home or are you looking for a completely new one? Renovating may be more rewarding having turned an old house into something new
With a renovation, you are always going to make old stuff fresh whereas with a rebuild, everything is new. For example, you may have to choose between new floors or a fresh polish of your existing floor.
5.) What will your funds allow?
Do you have funds to renovate or rebuild? What level of debt are you able to afford and willing to commit to? A rebuild will have a clearer quote and most likely cost less in the future, where a renovation tends to have less clarity and potential to cost more as you go depending on the state of your property.
I believe these 5 questions will help give you a greater sense of clarity so that you can make the best decision between either renovating or rebuilding your home. Renovating would tend to be the most popular option on the Northern Beaches at the moment, keeping the character and the originality of your home. At the end of the day, remember that your home is your castle and you need to be satisfied with the final product.