Renovate vs duplex?

[piNoob]

Hi,

Not sure if this is the right area for my question, if not please move.

Just a quick question, if family wants a bigger house, which is more financially viable option (on existing single story house):

1. Sell the house, buy bigger
1. Build second story e.g renovate
2. Knock down existing house, build duplex, sell one, live in another

Cheers.

 

[Propertunity]

Building a 2nd storey is possibly the lowest cost alternative. You'd save selling agent comms on the sale and then stamps & legals on the purchase of another. This alone could trash $30K or more.

Caveat is that the single storey foundations can take the extension and that it is not overcapitalising for the area.

KNR is only really viable if the house is a bulldozer job.