How a knockdown rebuild can work for you
You’re not imagining it. A lot of older homes are being knocked down to make way for new houses in a lot of suburban areas.
Knockdown rebuilds are actually really resourceful upgrades ordered by an owner-occupier, where they choose to demolish their existing house to make way for their dream home.
Rising property prices and your equity
As we all know, property prices have been on the rise over the last few years (derr). While this has been great news for those wishing to sell, it’s been not so great for individuals, couples and families in need of a property upgrade. So what’s a homeowner to do?
As property prices have risen, owners have gotten creative and looked at how they can make their existing property work… and in many cases, that means removing their current house to make way for a new one.
The brilliant thing about this is that with higher property prices comes higher equity, meaning resourceful homeowners are able to redraw on their mortgage to purchase the perfect home plan or kit for their new home build.
Yes, this means customising your new home to suit your needs. So whether you’re a family in need of a fourth bedroom for your growing brood of children, or a couple wanting to build an annex to lease, knockdown rebuilds are proving to be the cheaper alternative to upgrading your house in this crazy post-COVID world.
Driving factors to the increase in knockdown builds
For the longest time, lifestyle was the driving force behind people choosing to conduct a knockdown rebuild. But now with land availability at an all-time low, the shortage of land has taken the lead.
At the moment, land supply is decreasing while demand is drastically increasing. Housing Industry Association data recently showed that Sydney house prices have rocketed up nearly 32%, or roughly $140,000 over the year to September – the fastest annual rise in more than a decade.
The demand for a block of land or a house on sale has been so competitive that buyers have had to camp outside land auctions for three days to be entered into a ballot system by the selling agent, while other buyers have been told property purchases are a ‘first in, first served’ basis.
If it sounds insane, that’s because it is! But that’s also why homeowners have proactively sought a new solution to their ‘small home, bigger needs’ problems… and that is to design a new home for their existing block of land.
Customising your home to suit you
Whether it’s a spacious 3-bedder family home with a cosy home office or a quaint house with a sun soaked art studio, having the ability to tailor your design to meet your needs is beneficial – especially if you’re planning on staying put for several years.
Then there is the fun factor: creating a façade that speaks to your taste, playing around with colour schemes, and experimenting with different textures and materials is ultimately what makes your rebuild perfect for you.
So what are your thoughts on your plans to upgrade? Does a knockdown rebuild fit into your future? Have you weighed up the pros and cons of looking for a new home or rebuilding your own? What does your dream home look like, and how can our team at Kitty & Miles help?
With land shortages and property prices on the rise, we’re the property buying experts when it comes to getting you into your new home without a lot of fuss. And if that means we help you buy a home at auction or guide you with a knockdown rebuild, we’re ready to roll!
Give us a call here at Kitty & Miles on (02) 8916 6172 or email us on support@kittyandmiles.com.au to discuss your plan, and well make it happen!