As life throws twists and turns your way, your home can often become a less than perfect fit. If you have a growing family, a house that once suited your lifestyle could now be too small. Likewise, if your children have left the nest, there could be other ways you would prefer to use separate rooms in your house.
While moving to a more suitable home can seem like a good option, it always isn’t the easiest or most cost-effective choice. Alternatively, renovating your home to include the things you need or want, could be the perfect solution. Here are some things you should think about if you’re trying to decide between renovating and moving.
Renovating can be less disruptive
Moving can be exciting, but with the excitement comes a lot of stress and wasted money. The journey of finding a new home itself is one of ups and downs. First, you need to research new suburbs, then check out transport and local amenities… and that’s all before you’ve even found a property on which to place an offer!
Furthermore, if you have children, you’ll likely need to change the school they attend, subsequently moving them away from their friends. You’ll also need to go through the hassle of changing your address on almost everything! And finally, moving means you’ll need to move away from the neighbourhood you love. With so many variables, and stressful events, why move when you could keep the home you love and renovate it to suit your needs?
Renovating can be more cost-effective
No matter the location, moving is expensive. It’s also stressful. There are often a lot of hidden costs to moving that you may not consider. Let’s take a look at the costs when selling a four-bedroom home worth $540k….
- According to OpenAgent.com.au a Real Estate Agent will attract $15,120 in commissions plus you will have to pay approximately $500-$1,000 upfront for marketing fees.
- Stamp Duty for a $540,000 home will cost will likely cost approximately $17,325 and that only increases if you home is worth more.
- According to On Property, Conveyancer Fees for a $540,000 home will cost you between $500 and $1,000.
- Bank Charges – exit fees may have gone down over the past 10 years but it is still a cost you have to factor in PLUS you are going to have to purchase a new house which incurs a whole new set of banking fees (and paperwork).
- Getting your property ‘market ready’ such as landscaping, leaking taps, painting all costs money.
- Removalists – According to OpenAgent.com.au, the going rate to hire removalists for a four-bedroom house is $2,200 – $3,150.
Renovating can increase the value of your home
Your house is one of your biggest assets, so investing in its future is a wise idea. Selling a home for a successful return in a competitive real estate market can often be the result of major renovations. Buyers are more likely to spend their hard earned dollar to buy a property that is functional, modern and aesthetically pleasing. Adding a second storey or completing an up-and-under renovation can increase the floor size, creating appeal for a whole new market of buyers.
Stay in the house during renovation!
Did you know that in many of our renovations, our clients are able to stay in their homes? At Total Lifestyle Builders, we are passionate about working with our clients to not only find suitable options for their extensions, but we’re also mindful of how much it costs to find another location to live during the renovation. This is why we endeavour to develop a renovation where our clients save their valuable money by being able to stay in their house during the renovation.
Considering a major renovation or second storey extension? Take a look at our past projects for inspiration or get in contact with the team at Total Lifestyle Builders to discuss your renovation and extension options.