Residential home figures reveal that Sydney’s suburbs are set in a demolition mode as the old houses and cottages are being knocked down to construct modern houses with beautiful designs and top-class amenities. Last year, about $8.5 billion were spent for home alterations across New South Wales as shown in a report by the Housing Industry Association. In case you are dreaming to own a new home but backing off with the thought of selling your existing home in the present sluggish market, it could be the best time to opt for the knock down rebuild strategy. While this strategy is not suitable for all homeowners, there are real advantages associated with this method.
The value of the land:
When it comes to an old dilapidated house, in several cases, it is seen that the most valued feature of the entire property is not in its bricks or mortar, but is rather concentrated on the land it’s built on. This is the greatest reason why many homeowners are opting to level their home and start rebuilding from scratch rather than spending the fortune on repairs and repaints.
Enjoying the charm of the old place:
With the knock down rebuild process, you can build a new custom-designed home without the need of moving to an entirely new locality. You may also incorporate energy-effective techniques and environmentally friendly ideas to construct your brand-new home which in turn would help you save on costs of monthly energy bills.
A viable alternative to the old home:
When you have decided for knocking down and rebuilding a house from scratch, you can also opt for split level, bi-level or tri-level homes that are stylish as well as functional. The split level homes Melbourne builders build normally have two to three short flings of stairs and can be tailor-crafted to suit your specific needs. These kinds of homes proffer a huge array of benefits liked maximizing space, offering a personable design and delivering advantage of the local views.
Arranging funds for the venture:
You may need a construction loan for the knock down rebuild process, and this would follow a few steps. First, an assessment will be conducted to determine your borrowing capabilities. After this, your lender is likely to settle for a fixed price contract from your authorized and insured house builder Melbourne has, upon receiving the approval of the concerned council.
Secondly, after approval of the loan, you will have to supply the invoices to your lender for controlling the payments to the building services Melbourne has for construction of the framework, floors, lock-up etc. The payments are likely to be made once an independent expert gives consent that the project is properly completed. This gives you the peace of mind to know that your builder’s work is up to the mark, and your dream home is constructed accurately.
In the final step, when your home is ready for your family to move in, you are free to switch your loan to a variable or a fixed-rate loan with your lending authority. This keeps your finances under control and involves a skilled expert to make sure that the construction is managed properly along with helping you to convert the loan to a conventional residential mortgage loan upon completion.