Page 5 - Smartline eBook - Upgrading your home
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Knockdown rebuild
When building a house, costs are dependent on three factors: size, quality and level of complexity. The cost of a custom-designed home can be anywhere from $2,000 to $12,000 or more per square metre. A project home usually costs upwards of around $1,600 per square metre, depending on the extras or upgrades included.1
Custom-designed homes vs. project homes
If you want to rebuild, you’ll need to decide between the traditional custom-designed home or a project home. Project homes, sometimes called spec homes, have continued to increase in popularity in Australia since the 1980s as building costs (particularly labour and materials) have continued to rise. They offer a significantly cheaper rebuild option for people wanting a new home on a budget.
 Custom-designed home Project home
  An architect will design your home from scratch to suit your specific needs and personal preferences and the site’s unique features.
You can easily choose from a selection
of completed designs from brochures or display villages. Designs are not based on your specific needs or preferences but
you can typically individualise on finishes (such as tiles or paint). Any ‘extras’ outside the standard design tend to be expensive. Non-standard block size, shape or location features can limit your options and increase costs.
  Choosing your own builder can result in higher personal commitment and quality of workmanship.
The quality of construction and workmanship and the aesthetic appeal can be lower, which could affect your resale value.
  The build can be long and expensive, and involve a lot of decision-making and administration for the homeowner.
The build tends to be quicker, involve
less decision-making and admin for the homeowner and be substantially cheaper than custom builds. Beware the quoted price may not include all required elements such as demolition, landscaping, driveways, retaining walls etc.
 1. www – How to stay on budget when building a house? Upgrading your home 5

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