Renovate, Relocate or Detonate, that is the question
Summary
9/07/2009
Archicentre News Release
9
July 2009
Renovate, Relocate
or Detonate, that is the question
Archicentre,
the building advisory service of the Australian Institute of Architects said
it is a question all homeowners have to face at some point and there's no easy
answer as every situation is unique.
Demolition in progress on a property.
Mr Angus
Kell, ACT & NSW State Manager of Archicentre said families who live
in the right place, but in the wrong house have found a solution in renovating.
"Prior
to finding the right house, home buyers seek out neighbourhoods for qualities
they can check off like items on a wish list. They consciously select
areas close to work, near schools, public transport services, shopping
facilities, parks, restaurants and intend to have a long involvement in
the community. If special needs are required, they renovate.
"Building
has been expensive over the last few years however, with the current economic
climate now and low interest rates, renovation or building a new home
is an attractive financial proposition."
Mr Kell
said the notion that a new home or renovation offers a brand new lifestyle
experience still appeals to a wide range of people.
"Renovations
can be very disruptive to family life, creating tensions, particularly
large renovation projects especially if the family is living within the
renovation. However it's extremely unlikely to find a house that's perfectly
functional or at least doesn't require some modification."
Mr Kell said
of those people who do move, they don't move far, often remaining in the community
or a neighbouring area. "Moving
is an expensive exercise with moving costs up to $50,000 including loan fees,
agent fees, removalist fees, and stamp duty costs. These are expensive fees
and charges where the funds could be put to better use paying for renovating
your home to improve your lifestyle."
The Three
Big Questions
Relocate?
The easiest option to consider, but potentially the most costly. This may require
a further extension on a mortgage thus loan approval needs to be sought from
the financial institution. The new home search begins in earnest to see what's
on the market in the affordable price range. Once a property is chosen get a
Pre-Purchase Inspection to check both the condition of the building, and the
architect's opinion of the property's potential.
Detonate?
Knock it down provided you've received council approval. Pay a visit to display
home villages or peruse standard house plans, but keep in mind, it's rare to
find a house that totally suits your needs and taste (and alterations to standard
plans can be disproportionately costly). A New Home Design from Archicentre
can be a positive first step towards building your dream.
Renovate?
If you want to maximise your property's potential and you are not sure if it
can be modified, whether it's feasible or within reach of your budget, get an
Archicentre Design Report. This is a great way to receive advice from a creative
professional, offering ideas on adapting your home for both current and future
needs.
Renovation has a threefold advantage. Investment in the family home does not
attract capital gains tax when it is sold; people get to enjoy a better lifestyle;
and they could turn part of their home into a future revenue stream by creating
a self contained living area for rent.
Media Enquiries:
Angus Kell
ACT & NSW State Manager Archicentre (02) 9555 5111 Mobile: 0412 565 023
Ron Smith Corporate Media Communications Archicentre (03) 9818 5700 Mobile:
0417 329 201