Renovate or Detonate
When is demolishing a building the correct decision?
Strategies for redevelopment of existing dwellings can also include variations like lifting, sliding and relocation to maximise available building footprint and comply with town planning conditions.
Many property investors deliberate over the cheapest rebuild options instead of looking at the big picture to find the absolute best long term use and ROI for their chosen development.
As always, research is the key, including seeking specific advice from qualified professionals.
Listing possible scenarios for redevelopment and then eliminating via feasibility estimates and ease of development approvals will bring you closer to the answer than your own interpretation of the building inspection report and the local chippy taking a guess at refurb costs.
Once you have narrowed down your strategy enough to formulate a design layout, take the time to sketch site and floor plans for a few separate proposals. Take into account your budget, lending capacity, expected time lines for delivery, exit strategy, current market and similar project performance by way of a comparative market analysis.
Consult a qualified builder with similar project experience to give appraisals on your proposed renovation or building work including duplex and splitter options. Have your goals in mind but be sure to ask for recommendations on developing your property on a budget as their professional experience may offer insights and ideas you may not have realised were possible.
Ball park budget, project objectives and extent should be openly discussed at this stage to allow more efficient scheduling and cost estimates, remember a quick paint job and new toilet seat may satisfy a tenant but never a prospective buyer.
Once you have detailed the scope of the work, you can then decide to manage your own project or contract a registered builder?
Depending on the extent of building work you may be able to project manage your own renovation for work that does not require council building approval. Refurbishment of an existing home will generally not require council approval unless floor areas, bracing walls and roof lines are altered, plumbing fixtures being moved or altered can be self-certified by a licenced plumber. Bear in mind though Qld Building and Construction Commission laws require a licence to carry out any building work over $3300, discuss all proposed building work with a private certifier to be on the safe side before commencing any work.
Opportunity abounds for those who are prepared and a major part of the prep will be to gather a team of trusted professional partners with the skills and experience to complement your own because with proper research the rewards are satisfying in more ways than one.
Never be so busy making a living that you forget to make a life, then together, we can make this world a better place.