Renovate or Knock Down Rebuild?

Renovate or
Knock Down
Rebuild?

2 MINUTE READ

You may have just purchased a property or live in an existing property and you’re wondering if you should renovate or knockdown rebuild.

Renovate vs Rebuild

Depending on your circumstance both lifestyle and financial wise, you will need to consider the options of this decision.
Renovating has benefits such as lower costs involved, fewer council approvals and there’s generally less risk involved.
However, if you chose to knock down and rebuild, you have the opportunity to design your home the way you wish. You will also need to consider the costs involved will be much higher than renovating and you will need to obtain DA Approval prior to commencing any work.
You can speak with your IGM Broker to understand what options are available for a construction loan, refer to our Alternative Lending & Developer Finance page for more info, or if you can pull equity from your existing home loan to fund your renovation costs. For more information on this, see our article on “How To Leverage Your Existing Home Loan”.
IGM Group can also assist with maximising your knockdown rebuild through our Developments arm, this is where we work on a holistic approach to your growth management, but helping you obtain a loan, refinance an existing loan and get started on either renovating or building your new home/investment.
Everyone will have unique circumstances that will influence what option you wish to pursue and the differing reasons such as investment or a home to live in. Your first step is to speak with IGM Group to understand what options are available to you.

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