How long have you been living in your home? According to Roy Morgan Research, almost 60 per cent of Australians have been living at their current address for over five years. If you're thinking to yourself, "what's next?" then knocking down and rebuilding could be the way to go.
While selling and moving into something else is the first option you will probably think of, in the current market that can be quite difficult to do. However, G.J. Gardner Homes has an alternative. That is to knock down your existing property entirely, and start to rebuild. From that point, you can choose any of the home designs available from your local branch and create your dream home from scratch.
You won't have to move from the neighbourhood you love, and you'll have yourself a new home to create new memories in. It's as easy as that.
Why are Australians staying put?
While home prices continue to go up and up, it's going to be harder for people to buy another home.
The Roy Morgan release from July 21 outlines that 40.7 per cent of Australians have been at their current address for more than 10 years. That's indicating that people generally feel quite settled, although the tough market conditions could have something to do with it.
According to the CoreLogic RP Data monthly indices up to June 30, the median dwelling value in Sydney was $996,140. That shows an increase of 11.29 per cent over the past 12 months, and points to a nationwide trend.
While home prices continue to go up and up, it's going to be harder for people to buy another home. The selling process might be over quickly, but then you're going to have to find another residence to buy, and that's where the heated market affects your chances. Bidding against a huge amount of other buyers, all vying for the same prize (and some with more money than you) is not an enjoyable experience. The Genworth Home Buyer Confidence Index from March 2016 shows a decrease in the nationwide sentiment of getting into a new place - falling from 99.6 points to 98.2 points.
That's why knocking down and rebuilding is such a fantastic option. You don't have to go through the stresses of finding another home along with all of the other hopeful buyers out there, and you already know the neighbourhood from your years of living in the same spot. The only change will be the walls and roof around you, and because it'll be shiny, new, and something you designed, you'll fall in love as soon as you walk through the door for the first time.
Is building new really the right way to go?
Your old home doesn't have to be falling over in order to be knocked down.
A July 19 release from the Housing Industry Association (HIA) reports that nationwide affordability levels fell during June. A 3.7 per cent decrease in affordability is not good news for anyone thinking about heading out into the market and competing against other cashed-up buyers.
The cost of knocking down and rebuilding could be significantly lower than buying an existing home. That's because you already own the land, so the only costs are going to be demolition and construction. It's also a whole lot less stressful, which you'll be thankful for.
When you design your own home with G.J. Gardner Homes, you get to choose exactly what goes where and how it'll feel when you walk through the door. Your old home doesn't have to be falling over in order to be knocked down, you just need to feel like a new place is the right move.
Get in touch with the team at G.J. Gardner Homes today to talk more about what a rebuild would mean for you.