With the Rise in Property Values, Should You Renovate or Relocate?

Author
YNM Real Estate
Date
18 December 2021
Category
News

Firstly, you need to consider how important the community is that you are now living in. The thought of leaving behind friends, possibly family, local schools can weigh in on the renovation side.

Location can be an additional major factor in this decision. If you really like the area in which you live, but have outgrown your old house, possibly past the point of renovation – you could consider a knockdown/rebuild. This option is growing in popularity on crowded cities like Sydney. The downside is that you will have to pay rent in another property for the duration of the rebuild.

On the flip side, if you are not that convinced that your current location is perfect for you, the old saying that you can change your house, but you cannot change where it is, rings true.

Renovate or relocate – there will be costs to consider with either option. Depending on the extent of the changes which you have in mind, you may find that the potential cost of the renovation makes a move a more financially viable option. If you decide to move house, remember that there are costs such as stamp duty, refinance costs, agent fees, legal fees and conveyancing costs, building and pest inspection reports as well as moving costs.

Your home is a long term proposition, and you should make your decision based on your lifestyle and what is going to make your family happy.

If you decide to renovate, there are a few things to consider when planning your renovation. Firstly, look at your floorplan and make sure that it is as efficient as possible. You really don’t want to spend money on that new kitchen or bathroom if it is going to be in the wrong part of the house. Plan to make any necessary corrections to the layout of your home so that the flow between the various spaces in the home is logical and efficient, and you have good space to entertain, with indoor-outdoor flow as well. A good idea is to go to inspections for homes that are on the market, to identify features that appeal to you and that you can recreate in your own home.

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