Choose Your Hard!
I often think about the concept that the alternative is not always easier. When it comes to making big lifestyle/property decisions, the same logic applies.
Whether it's buying a recently renovated property, taking on a new build, or going through a knockdown rebuild, each option comes with its challenges. In 2022 and 2023, buyer interest in new builds and major renovations softened due to rising material and labour costs, coupled with frequent media reports of builders going bust.
Perhaps the appetite is coming back. If you're considering a build or rebuild, here are some key factors to keep in mind:
Council
Council Zoning: Understand the current zoning regulations and permitted uses for your property. Be aware that zoning can change; for instance, some residential areas may be rezoned for commercial use in the future.
Council Appetite: Some suburbs fall under two different councils. If you're planning a significant project, consult builders about their experiences with these councils. The speed of plan approvals can vary widely.
Council Approval: Not everything requires a Development Application (DA). You might be able to build a new two-storey home under the Complying Development Code (CDC), which can simplify the process. Check out Planning NSW for more details: Complying Development.
Neighbourhood Precedent
Look at what neighbouring properties have done as a guide for your own project. Don't hesitate to knock on doors and ask about their renovations—most people love to share their experiences. I’ve done this many times when considering a property for a client that has future potential. If you can see next door has extended up and out - go and have a chat to them about the process.
Below Ground
Obtain a Sydney water diagram to understand where pipes run on your property. This information is crucial for identifying areas that may not be buildable and for planning plumbing needs.
Your Team
Determine who you'll need on your project team—architect, draftsman, builder, plumber, etc. Decide whether you’ll manage the project yourself or hire a project manager. While self-managing may save money, it can lead to higher costs if you’re not familiar with the process. Apparently finding tradespeople who communicate with each other requires a PHD.
A shoutout to two businesses that you may not have heard of before that might be a good starting point:
Test Before You Invest; Upfront advice at a low cost on what is possible, what approvals you need, and what sort of budget you need.
BEH Legal; If you own a property with any sort of heritage requirements, then speak with Theodora.
Temporary Accommodation
Think about where you’ll stay during construction. If you’re paying rent or a mortgage elsewhere, factor those costs into your budget. Make sure your accommodation can be extended if the project runs over schedule (which it definitely will do!).
Decision-Making
Building a home involves countless decisions. If you and your partner struggle with resolving differences or making timely choices, consider whether this is the right path for you. Be clear on your process for making decisions.
Understanding Quotes
During the quoting phase, regularly check what is included in your quotes. It’s easy to miss out on important details. If you ‘don’t know what you don’t know’, then ask them to be specific about what is not included.
Site Visits
Plan how often you’ll visit the site during construction. Early identification of issues can save you from costly mistakes down the line—like discovering your kitchen island is the wrong size after the countertop has been cut.
Costs
Costs are a big topic. Great news though is that Core Logic have recently reported constructions costs have stabilised and now have the slowest growth rate in 22 years.
There is lots to consider
This is just the tip of the iceberg when it comes to building and renovation. If you’re thinking about starting a new build project, feel free to reach out—I’d love to discuss further considerations with you!
As I said, choose your hard!
