Easier to detonate than renovate? Renovations are proving more costly than rebuilding

first_img24 Remo St, Broadbeach Waters.“Fiona and I had an idea of what I wanted to achieve and the best way to get the look I wanted was to start from scratch and … build a home that was both functional and fun to live in” he said.“A lot of thought went into creating meaningful spaces in the home, which reflect the way people live.”The pair recently put their home at 24 Remo St, Isle of Capri, on the market for $1.575 million. Gold Coast couple Andrew and Fiona Bassingthwaite bought a property at Surfers Paradise and demolished an older dwelling to make way for a new house.MORE Gold Coasters are knocking down older houses and rebuilding instead of renovating — and it is saving them up to $200,000.Valcon Homes sales manager Gavin Roden said the average cost of renovating had skyrocketed to $2000 per square metre, meaning upgrading a 300sq m home sets you back $600,000. 24 Remo St, Broadbeach Waters.In contrast, Mr Roden said it costed about $20,000 to demolish a house and about $400,000 to build a new 300sq m home.“Shrinking land supply near the beach on the Gold Coast and close to the inner city in Brisbanemeans more people are thinking outside the box and opting to secure an older property on a bigblock in a prime location,” he said.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North7 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago24 Remo St, Broadbeach Waters.“Most people are really surprised to learn that demolishing a home only costs around $20,000, and is therefore often a much cheaper option than renovating.“Over the past five to seven years costs have gone up and large-scale renovations are simply notgood value for money. In fact (they) can be detrimental if the buyer spends more on the renovation than what they could recoup if they placed the home on the market.” 24 Remo St, Broadbeach Waters.Mr Newlands said rebuilding rather than renovating meant you did not have to compromise on the design and were less likely to run into unexpected renovation expenses.Gold Coast couple Andrew and Fiona Bassingthwaite bought an older property at Surfers Paradise last year and demolished it to make way for a new house. 24 Remo St, Isle of Capri before it was demolished.REIQ Gold Coast zone chair John Newlands said a shortage of land on the Coast was contributing to the trend.“People don’t want to go out to some of the outer areas,” he said. “They want to stay close to town and build close to facilities.”last_img

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