If your home is dated and does not meet the needs of your growing family, do you sell it and move on or do you knock it down to make way for your dream home? An increasing number of homeowners are choosing to take their existing home down to build their dream home.
Over the past couple of years, knockdown-rebuilds have been more prevalent, primarily because of land availability," says Nathan Klein, sales manager at McDonald Jones Homes, a company that's been building homes in NSW and ACT for over 35 years. Since property values are up and people have more equity in their homes, they can redraw on their mortgages and get exactly what they wantMore and more, two and three-bedroom fibro-clad homes are getting replaced with bigger ones in Greater Sydney. A two-storey home with four bedrooms, an open-plan kitchen, living, and dining room, plus a home theater and kids' room is hotPeople are wanting to upsize significantly and maximise what they can do on their block – something that’s bigger and more accommodating for a growing familyIt’s also really common to see duplexes and granny flats. People are doing this for either a dual-income on one block or to be able to live closer to elderly familyThere was a time when lifestyle was the main reason people chose a knockdown-rebuild over buying and selling. When families outgrew their homes, they knocked them down and rebuilt them, with children in their schools and connected to their neighbourhood and location. Now, a shortage of land is driving them to do this.The ability to customize the facade, floor plans and color schemes makes rebuilding a really good option for families. There is a domino effect happening, where one person on the street gives their home a makeover, neighbours are inspired and start asking questions, wondering what they can do to improve their home, which tends to result in them doing their own knockdown-rebuild