Whether you should move or renovate is probably a question you’ve considered at least once if you own your own home.
Our needs change and often we want our home to change with us, whether it be for more space and functionality or a more modern update.
Often moving feels like the easier choice, but before you start registering for those open homes, here are 5 key reasons why you should consider renovating instead.
Property prices are sky high
It's no secret that property prices are at an all-time high. The demand from investors coupled with people looking to move interstate will continue driving prices and buyer competition up.
The cost of selling and buying
Conveyancing, agent fees, advertising and stamp duty are just a few costs associated with buying and selling that we often forget. Depending on your situation, renovating may prove to be more cost effective.
You love your home or suburb
If your current home makes you happy and you're not ready to say goodbye, then renovating to add another room, change the layout or update the kitchen may be just what you need. It's likely you will be adding resale value to the property if you sell later down the track, while also staying in the place you love for the time being.
Finding your dream home is easier said than done
Most people know a few key features their dream home needs to have, but finding it is easier said than done. The time spent scrolling through listings and attending inspections can become mentally and emotionally exhausting with very few properties often ticking the box for functionality, style and budget.
The stress of moving
Moving house can be quite an ordeal, particularly finding the time to pack and unpack if you also work full time or have children. While renovating is by no means free from stress, often the work impacts only a portion of your home allowing you to live your life around it until the work is complete.
Auswide Bank Ltd Australian Credit Licence 239686 is the credit issuer. This is not an offer to lend – approval is subject to credit assessment criteria. Terms, conditions, fees and charges apply – full details on application. This information provides general advice only. We do not provide advice about this product based on any consideration of your personal objectives, needs or circumstances.
Published: Thursday, 09 Dec 2021