Many people are looking to change their property structure and content to improve lifestyle and so face the internal debate of whether to move house or renovate their exsiting home. It may be driven by your family getting larger, a new hobby or pastime, or simply that you like the idea of upgrading your living surroundings to take your existing home closer to your dream home.
Here are five considerations we think may be important in your decision making.
1. Know the costs
If you’re planning an extensive renovation with a lot of structural changes, it can be expensive and it must be remembered that renovation costs also can blow out, due to unforseen problems that arise along the way. One of the upsides of buying a new home is that you know the costs up front.
However, if you are to choose the moving option, then you have additional stamp duty, moving costs and of course selling fees (if you are intending to put your house onto the market rather than keep it as an investment property).
Knowing your numbers is crucial for either path.
2. Location, location, location
Renovating may be a popular option in locations where people are already settled and like the area they live in. If you have all around you, that contributes postively to your lifestyle then the renovation option maybe worth considering.
Quite often the disrpution of moving family, schools and even a longer distance to work or leisure activities you enjoy may all be reasons to at least consider upgrading your existing home.
It’s also essential to find out from your local council what you can and can’t do under local planning laws. Agian your buidiing surveyor wil be able to guide you accordingly.
3. Is your dream reno plan doable?
The workability of your existing floor plan and structures, internal or external, can be the deal breaker here. This is where it is advisable to get your building surveyor onboard as early as possible.
As well as approval required for any additional structures you wish to add, such as extensions to your existing building footprint, any internal alterations must be approved also. Making that call early in the pre-planning stage, rather than later, to seek advice could save you not only a lot of time but money also.
4. Future potential growth
Although the idea is potentially to upgrade for “the now”, it should be part of yoru decision-making to look to the future potential growth not only of your property that you are perhaps renovating but also any suburb of other properites you are considering a possible move to.
Of course it involves a little crytsal ball gazing which may be difficult, and of course historical growth is not necessarily a great guide, and in fact often an indicator that surrounding suburbs may out-perform.
5. Finance
Consider the finance options available to you. In most cases, plans to renovate will be taken into account by valuers if you are intending to stay where you are, and are seeking additional capital or a full refinance of your property including the proposed works. Although more complex perhaps on the surface than a simple move to a new home from a finance point of view, any broker worth their salt will be able to guide you appropriately.
We do know know some who may be able to help so please connect and we will put you in touch.
And finally…
To close, in many cases renovation is a viable and exciting option for many, particularly those who enjoy the lifestyle provided by the location they are living now. It is a decision that must be fully considered, and key to this is to not only get clarity on what is important to you and your family, but to get the information you need and the people involved early that can lay ‘the cards out on the table’ for you so you know what is possible and what is not.
If we can help in any way, please feel free to connect even it is for an inital “is this possible” discussion and we would glad to help.
