When making an initial estimate most builders and architects will assume renovations and additions are at least double the cost per square-metre compared to the costs of constructing a new house.
The reasons for this include:
- Unseen structural damage
- Previously undiscovered termites
- Poor construction methods used by previous 'DIY' owners
- Glazing - often easy to break and a safety hazard in old homes
- Unstable brickwork, especially in chimney areas
- Floor and framing too close to the ground
... and the list goes on.
Conclusion - If your house requires major renovations you are usually going to save money by demolishing the old house and building a new one.
For help in determining the relative costs of either option read this article:
