If you’re seriously considering a knock down rebuild, it can be helpful to understand a few of the finer details before making your final decision.
For example, sometimes the cost, timing, process or even your block of land can hinder your ability to move forward with your plans.
By understanding the possible road blocks in advance, it can help you feel more comfortable about how best to achieve your dream home.
Does your block of land suit a knock down rebuild? Here are three things to consider:
- You cannot demolish a heritage-listed house.
- The minimum viable block size for a large single storey home is at least 600m2.
- Regulations govern the overall design of a home, including the ratio of the home size to block size, amount of open space, tree protection zones, easements, and more.
At Rosin Bros, we can help you determine whether your block is suitable, with a free on-site consultation.
If it is determined that your block is unsuitable, we can work with you to find a new block in an area you love, that would allow you to build the home of your dreams.
Rosin Bros build completely custom-made homes, with extensive warranties and by highly respected and experienced tradespeople. Every aspect of your home is based on your own specifications. And so our price range for a new home typically falls between $550,000 and $1.1million.
Other companies may offer what appear to be more cost-effective options, however the base price you have been quoted usually does not include any of the elegant inclusions shown in their display homes. These additions often add hundreds of thousands of dollars.
A knock down rebuild is typically financed by re-mortgaging your property and drawing on equity to provide the amount of money needed.
Keep in mind that you still need to pay back your initial mortgage, so you must be able to prove that you can pay your current mortgage amount, plus the cost of the build.
The general calculation looks like this:
Future valuation – 20% build deposit – existing borrowings = $left for your build
A construction loan is the best type of loan for a knock down rebuild, as the bank releases funds only when certain stages of the build are complete, and you pay interest-only on the amount you have used until the house is finished.
Finding a place to live during the build
If you want to update your home, you need to consider your living arrangements no matter whether you decide to build a new home in a new area, renovate or do a knock down rebuild.
It’s wonderful if you are able to stay with family and friends, but generally people move into a rental property for 6-12months.
Every construction is different, so it is hard to give a proper estimate. Broadly speaking, you should expect a timeframe of 6-18 months.
With Rosin Bros you can be confident that we’ll finish when we say we will – or we’ll cover the cost of your rent until we do.
For more in-depth information about a knock down rebuild, please join our mailing list for a free copy of our report: Is Knock Rebuild Right For You?
For a free on-site consultation to assess the viability of your block of land, contact Robert or Danny Rosin on 02 6247 4799 or firstname.lastname@example.org.