Out With the Old, In With the New?
What makes more sense? Something with character or built just for you?
It depends on more than you think. Virgin kitchen benches, gleaming
tiles, white walls and shiny new stoves in brand new houses designed
exactly for your own requirements.
Gracious old homes steeped in history, love and laughter, with a story
behind every knot in the time-worn timber floors and eccentric nook
and cranny.
Its an age-old debate but the winner is never clear-cut: does it make
more sense to buy or build a new house or to invest your money in an
old favorite?
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The costs of the two options can vary wildly, depending on many
factors.
An older heritage-style house might need extensive work to bring it
up to scratch and there are often hidden extras. People often don’t
understand the costs of rectification and demolition, with costs
often blowing out to 20 per cent to 25 per cent extra. Also demolition
work on parts of a house tends to be more expensive than just
demolishing a whole house to build a new one.
For new building work, both for a renovation and for a complete new
build, the price tends to range from $1100 a square metre for a project
home to $2500 to $3500 a square metre for an architect-designed
home.
Of those building costs, 40 per cent is usually the cost of materials,
40 per cent labor and 20 per cent taxes and insurances. There are
pluses and minuses for both choices.
For The Old
Inspire passion for history
Often beautiful old materials and craftsmanship
Lots of original character, with verandas
Established gardens
Eco-friendly with warmth in winter and breezes in summer
Older suburbs with real communities
Often grant funding opportunities with heritage works
For The New
Greener, cleaner and new
A blank canvas to add to your style
New communities, new facilities
No hidden maintenance disasters
Often bonuses and grants
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