Old homes: before you knock it down, add it up
It was interesting to see several articles appearing in the print media over the past few days that all focused on different approaches to dealing with old homes.
Indeed, in the Herald-Sun this Saturday, (October 13th), we saw articles talking about the market demand for unrenovated old homes; the unplanned costs of building a new home; and which suburbs of Melbourne have seen the greatest activity of home demolitions in 2017-18 in order to build something new…Yes, that was all in the one paper!
Now if you’re been following our posts in recent months, you’ll know that our part of Melbourne’s inner-north has seen a number of very exciting new townhouse developments taking shape, causing a great deal of interest from buyers looking for top quality low maintenance living.
However, it is very important that anyone planning on buying old homes to demolish them and build new undertakes some careful planning before they make the move.
In an area like Melbourne’s inner-north, it is important to do your research on any historical values that may be attached to the property you are considering purchasing. Talk to the Council, as you may find that there may be restrictions on what you can do, or what you can remove, not to mention the guidelines on what you can build there down the track.
The statistics provided by well known home builder, Porter Davis, were interesting. Apparently they have come close to doubling the number of new homes being built to replace recently demolished old homes. Porter Davis say that about 60 per cent of their customers are building after demolishing an existing house!
The most important advice we can provide local owners of old homes is to make sure you do your sums before you start. Just because you CAN replace an old home with a new one doesn’t mean that this is the best plan, either economically or practically. We’ve spoken with quite a few people over the years who didn’t factor in ALL the costs of rebuilding, and ended up spending far more than they planned on a property that ended up being worth less than they had hoped…so take care.
Of course, if you are considering demolishing an existing home and rebuilding, and would like some objective advice on the pros and cons, don’t hesitate to give us a call at Barry Plant Preston.
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