first priority will be to decide your budget to focus where you can look, then research what's available (old home in original condition or previously renovated?) and cost of KDR or improvements...our last reno was a liveable mid century home in a great location..old renovations were demolished but new renovations more than doubled the purchase price.. .probably cheaper to demolish and rebuild but we liked the bones of the old home and new build would have lost some garden space due to modern set backs and the double brick with brick internal walls are very expensive to rearrange or alter electrical and plumbing etc .. decide what's most important to you, budget, location (access to work, schools, transport, shopping etc) and check local building regulations so each each opportunity can be evaluated on merit until a special property grabs your heart!!

You need to think about how you measure the "value" of a house to you and your family. There are pros and cons either way, but a lot comes down to your budget, your timing and location, so there is no straightforward answer.

For new builds the most cost-effective way appears to be the major project builders, who are great at making the dollar stretch for the most number of rooms for the least dollars. However they have little flexibility, their products are very generic, and becasue of their rigid constraints they often can't take the best advantage of a site. You also have to pay for all of the extras that make a house a home, such as a garden, driveway, window furnishings etc. Many project home builders will put all of the options in their display homes which can double the advertised price, so you need to be really careful that the nice things that you see in a display home are usually optional (and expensive) extras. If you measure the value of house by the space for the dollars spent then look at project builders, but you will need access to lots of money at the start before you can move in.

However if your home is more than just the number of generic rooms and you appreciate established gardens, houses with character and individuality then consider buying and renovating. In this way you can stage your expenditure and grow into your home. Many older homes have period features that are expensive to recreate today due to the craftsmanship of yesterday.

There is also the design/build and individual design options which can give you an individual home designed for your site to make the most of the opportunities, but this process doesn't have the cost efficiencies of the project home builders.

But the best test is to visit newer and older homes in the area that you are looking at. Compare the character and the feel. How does a 5 year old home compare to a 50 year old home? Do lost of research before commiting,

Best of luck,

Dr Retro

of Dr Retro House Calls

Completely different "beasts". Also there's a hybrid of the two concepts that involves essentially a "new build" addition to an existing home that doesn't need a huge amount of renovation work done. It's a case by case situation here as to which way to go but like all projects comes down to balancing money/budget available against the project goals. What are you priorities? Do you need more space/room? Or do you just want something "new"/updated? When you go the renovation/extension option you inherit a certain scenario that you have to work with/negotiate. In some ways it gives you a starting point/existing reference from which to work from. As opposed to new build route that can be overwhelming as to the numerous choices and tiers available. As covered in comments above various options for new builds that come down to money. if you want a quality reasonable size custom/architectural new home think ballpark min $1M construction budget by the time your done with everything (landscaping etc.), depends on size through. With a renovation you can get great interesting and unique results with half the budget of a custom new build, but again depends on how the design/scope is managed and the condition of the existing home and how much needs to be reworked for your needs. Expect with renovation the unknown factor. Have to say, whilst new builds are great, probably some of the most interesting projects we've done have been renovation scenarios, probably because we've been forced to be more creative to get around certain challenges to achieve the particular project goals. We could design versions of a new house very similarly from one project to the next, but a renovation project outcome is rarely replicated twice and so they end up being quite original, unique and interesting "one-offs" that become (from a real estate angle) relatively high value and good investments.

No simple answer to this one, but we regularly deal with this question by conducting Feasibility Studies stage of service that demonstrates broad options and pro's/cons either way and helps clarify the likely/realistic cost ballparks and outcomes of various scenarios (eg new build vs renovating single level, vs reno/extension two level, and variations of similar etc etc) which we find repeatedly proves successful in helping people make well informed and confident decisions when faced with the exact dilemma/questions/situation you have here.

Best of luck PD :)

www.pauldistefanodesign.com

Hi There Klew 1092,

This is one of the services I offer: drawing sketch designs for renovations to see what you would need to do to the existing home to get it how you want it.

Advantage of reno is it can take as long as you like doing it is stages as your budget is comfortable.

I can then also draw a plan for new home including areas like what you have and like i existing home and ensuring all the wish list is incorporated.. You then have both the plans to gather quotes to compare.

Information of this kind will give you a much clearer, specific, better idea of which way you want to go. You will be able to see it in black and white with: I've said it before: BIG piece of paper with reno + & - and new build + & -. Then to fill in all the options including: if you build where do you live in the mean time. How much is it to rent in the area. Can you find land anywhere you want to live. Are you compromising schools, commute, family, friends. etc

Compare this to reno on the home you are in now. How extensive would the reno be, can you live there while it is happening, etc.

All the ifs, buts, maybes all itemised on the page to see. The "old red = not good, Blue = good, pencil questions until answers in red or blue".....it becomes very clear!

Where about are you and how far have you got with wish lists?

Very happy to offer you my best service always.

Cheers

Margot

We were faced with the same decision but ultimately decided it would be easier to knock down and start again with all the advantages of a modern build. We love our location and vacant land is non-existent. After about two years of planning, we finally commenced building this week! We‘re going to document the process in this blog https://the35thweek.blogspot.com to share our experience with others. Feel free to shoot us any questions.