The high cost of land, real estate fees and government charges and taxes will drive the increasing trend for people to knock over their old homes and rebuild on their existing site rather than moving, says Archicentre, the building advisory service of the Australian Institute of Architects.
Archicentre ACT & NSW State Manager, Ian Agnew said, "with re-location costs running into tens of thousands of dollars on even a median priced home… in some cases money will be better spent put towards a new home."
“The starting point for anyone considering knocking down and rebuilding is to have a professional assessment of the property and the development of a concept plan to ensure it complies with all relevant building and development controls.” advised Mr Agnew.
Mr Agnew said the cost of building a new home can be comparable to a major renovation and the home owner ends up with a home with new and warranted wiring, plumbing and construction.
"One of the biggest advantages of creating a new home on an existing site is that you are able to update and configure the footprint of the home by relocating bedrooms to quieter areas, including a home office or even setting up a separate living area for older children," Mr Agnew said.
