You have a specific block in mind that you love, but you’re not crazy about the house that’s on it. Maybe you like your current location but need a bigger home for a growing family. In this article, we’re going to examine Metricon’s knockdown rebuild options, the costs involved and what you can expect if you go down this route.
Like many builders, Metricon offers a knockdown rebuild option with a few home designs to choose from. The process can be a workaround to get a great location and still build a brand new home. A knockdown rebuild removes the renovation risk of finding hidden or unexpected costs behind the walls. It gives you a chance of creating your exact dream home, rather than just working with what you have.
Metricon’s advertised prices begin at $339,000 for a knockdown rebuild, but as is always the case, building costs vary with each address and block of land. Also consider other costs you’ll need to pay, like temporary power poles and removing asbestos. Obviously, you won’t live in the house during construction, so accommodation is something else to consider. Add to that the costs of demolishing the home and, already, you can probably see that you’ll be paying more than the $339,000 Metricon advertises. In this article we will breakdown the Metricon homes process and give you an insight to what you can expect
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How does the Metricon knockdown rebuild process work?
Step 1: Metricon offers a free consultation
Your KDRB journey with Metricon will start with them offering a free consultation. They will send a Knock Down Rebuild Project Expert to inspect your property, assess your block of land and proposed design. After this, they will offer you a quote. When you receive this, ask what is included in this price to make sure you know what you’re paying for.
Step 2: Foundation work & contracts commence
When you’re ready to get started, Metricon will order a soil test, site surveys and service information. They’ll talk to your local council in regards to regulations. If you have a sloping block they’ll take this into account as well as accessibility to the property for the construction team.
Step 3: Visit display homes and choose the perfect style
Metricon will ask you to view their Studio M selection centre. Here you can look through the colours, finishes and fixtures Metricon has to offer. A home decor consultant will work with you and advise you during this process. You can look on Metricon’s website to get an idea of what’s available, though there is a limit to how much Metricon is willing to show you for free.
Step 4: Make it official & begin demolition
Once you’re satisfied with the details of your new home, a contract will need to be signed. From here, Metricon will apply for a building permit for the project. When it comes to demolition, Metricon can recommend professionals for you to contact. A demolition permit will be required before your building can be knocked down. They will be companies that Metricon work with regularly so if you want another opinion, give Buildi a call.
Step 5: Commence the build of your new home
The building process begins. Metricon promise that their construction team will give you weekly updates during the construction process. You are also allowed to visit the site with the project manager. Your new home comes with Metricon’s Lifetime Structural Guarantee, though you should read through this guarantee for yourself as there are ways you can void it.
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Building a home can be a daunting process. At Buildi, we work with you throughout the entire build process to avoid any pitfalls and make sure your house build stays on time and on budget by following these simple steps…
- Free Consultation – We will sit with you to understand what you are looking to accomplish.
- Due Diligence – We work with you to ensure you’re buying the right block of land at the right price without hidden problems.
- Builders tender – We will take your requirements out to the market of builders and they will bid to win your business.
- Present solutions – We will compile the top 3 options and present you with a comprehensive proposal on builders’ strengths & weaknesses along with prices and specifications.
- Contract Signing – We will work with you and your selected builder to ensure there is full transparency in what you are entering into.
- Building your home – We work closely with the builder, to ensure all service levels are met and your project is on schedule,
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What are site costs?
When it comes to the hidden fees of building a house, few will be larger than site costs. In short, site costs are anything the base cost of building a home doesn’t cover. This includes things like site preparation, ensuring the stability of the land, construction materials, permits and the list goes on.
The soil tests and surveying will have a huge bearing on your site costs. These determine the amount of preparation you’ll need for your land.
If your building contract offers fixed site costs, this means you have a locked-in price for site costs. This price may be higher than the estimate you were originally given.
If your contract includes cost allowances, this means the price given to you for site costs is an estimate and could change depending on the circumstance. The likelihood of your builder offering fixed site costs will depend on your land and having accurate, reliable soil tests and surveying.
Do you need to organise the demolition of the house?
Metricon will recommend demolition companies, but you will have to organise the demolition yourself. This is the riskiest bit of the whole KDRB process and where hidden fees and unexpected costs are most likely to appear. If you want a second, unbiased opinion, Buildi can look at who Metricon have recommended. If we know someone better suited to your project, we’ll let you know.
When it comes to the demolition cost, it will vary depending on the existing property. Expect to pay somewhere between $10,000 and $40,000, depending on the size of the home and the difficulty of the job. Things like tree removal and getting rid of asbestos will come out of your wallet. Asbestos for example can add $10,000 to your total cost.
Are there any additional costs if you are building in a flood, bushfire or heritage listed site?
Building in a flood-prone area requires your home to have bearers or joists instead of a concrete slab. Building in an area that’s prone to bushfire will mean council regulations, and complying with these will cost you extra.
We advise doing as much research as possible regarding your land, talking to someone at your local council, get some guidance from a trusted advisor. When it comes to building, surprises usually aren’t cheap. For example, you need to know what’s under the land as well as on top. Tree roots and old pipes will cost money, so better to know about them before you start your build.
One of the first things you should do before a knockdown rebuild is checked your current property’s heritage status. Knocking down a heritage-listed building is difficult. Depending on the building, if it is culturally and historically significant, it is rare you’ll be given permission to knock down the building. You can get a fine or even face prosecution if you do.
How are payments staggered throughout the process?
Most people get a construction loan from their finance provider to cover the building costs of a knockdown rebuild. Usually, the loan will be given in stages (around 5-6), with the payments organised to match the building contract. During each stage of construction, the bank will send a valuer to the site, and payments will be made directly to the builder. Like all loans, there will be interest, and you’ll need to pay it back.
A downside of a knockdown rebuild over renovation is that all your costs will come in a short amount of time. With renovating, you can work out one part of the house, pay it off, then move on when you can. A knockdown rebuild is a much more all-in approach and may leave you with a large personal debt to pay off at the end of it. If possible, it’s best if you can afford at least ten percent more than you think you need to cover any unexpected expenses.