Renovate or Relocate: What to consider?
It’s an aged old discussion - your house is tired but you love where you live – you love the neighbours; the kids are in the local school but the to-do list on the house seems to be getting longer and longer and weekends are getting shorter and shorter.
So at one point or another, you turn to your partner and ask - do we renovate or relocate?
Selling one home and buying another could cost you nearly 10 per cent of the price of the new home. If you sell a home for $600,000 and buy another for $900,000, you would be looking at close to $90,000 in expenses such as agent's commission, legal fees and stamp duty, loan fees and removalist fees. That is a huge loss of capital.
Renovating is a chance to refresh your home and stay in the same location, however it is often the case that renovating an existing home has a higher cost per square metre than building a new home. The reason for this is due to the need to preserve, work around and refurbish – requiring larger amounts of labour, planning and detail in the execution.
So why do so many Australian families choose to renovate instead of relocate or build a new home – they simply love where they live.
Here are five more reasons to choose to renovate your home
- Save on stamp duty and real estate expenses: Avoid switching to a newly purchased home and you’ll save money on stamp duty, legal, registration and real estate fees, cleaning and removal fees.
- Avoid disrupting the kids’ lives: Don’t put the family through the dramas of potentially uprooting kids from their schools and recreational activities if you move too far. In the eyes of the kids, this would simply ruin their lives.
- Keep the location you love: Sometimes we just love where we live – the street, the neighbours and the suburb. By staying put and renovating, you’re free to keep enjoying the benefits of your location, while changing what you don’t like about your house, leaving you with something even more special.
- Increase value: a good home renovation adds value to your home.
- Go green: Renovations are an ideal time to increase the eco-friendliness of your home and improve the green features that will save you in power and energy bills in the future.
Young & Bracey are experts in exterior home renovations, improvements and repairs. With extensive experience and industry knowledge, Young and Bracey offer a range of solutions to help you make your home more valuable and more comfortable for you and your family.