Renovate or sell?

Thinking about a fourth bedroom? Maybe it’s time the children had their own space, or you feel like you deserve a bit more back yard. But should you be obsessing over the real estate section of the local paper or are you better off reading home improvement magazines and spending the next twelve months and every spare dollar you have at the hardware store?

 

How do you decide if the place you’re in is worth hanging on to or if you’re better off finding somewhere new? At the end of the day it’s all about two things – stress and money, and which option is going to cost you less of both.

There are obvious pros and cons for moving and renovating that you can consider before you make a decision.

 

Moving pros

–        Finding a fantastic new place with all your requirements that is ready to go

–        You can stick to a budget and there are fewer unexpected costs

–        Making a fresh start in a better suburb or one that’s closer to work or school

 

Moving drawbacks

–        You might have to settle for a different area, and even deal with a longer commute or a new school for the kids

–        The mentally draining experience that is packing and unpacking your entire life

–        It could take longer than you think to find the right place, creating an awkward gap between selling your home and buying a new one

–        The costs of selling, solicitors and building inspections can add up to make the change more financially draining

 

Renovating pros

–        Getting things exactly the way you want them

–        No house hunting on the weekends or stressful bidding wars

 

Renovating drawbacks

–        Changing your house can be a long, drawn out process involving architects and multiple work teams

–        Applying and waiting for council approval

–        Applying and waiting for loan approval to fund your changes

–        Finding tradesmen to commit to doing the job for you

–        Potential errors by tradesmen that blow costs out

–        Final bills exceeding original quotes

–        Living surrounded by dust and having to borrow the neighbour’s shower

–        Over-capitalising – adding features that don’t actually increase the value of your home and ending up owing more to the bank than your house is actually worth.

 

A buyer’s agent can help you find your dream home. For more information, contact Amanda On My Side.