Renovate Or Relocate – Which Will Serve You Better

Have you got extra family members on the way? Do you want to prepare for life with more people in your household? It’s time to think about upsizing; whether that means renovating your current home, or relocating to something bigger in a different area. The need to renovate may come unexpectedly with the arrival of another child, the needs of an ageing relative or maybe your house just needs updating to be more functional or reorientation to capture the morning sun.

We weigh up both options so you can consider which one might be best for you in the long run.

 

RENOVATE:

  • Money

One of the major reasons why you should consider renovating is because of the increase in the value of your property once the renovation is complete. By investing now, you also get the benefit of living in your house the way you want to live, that suits your lifestyle, while preparing yourself to make a great profit later on. You’ll also delay the need for transfer duty costs, stamp fees and estate agent costs.With Melbourne having a median house price now over $900,000, the stamp duty savings are enormous.

  • Memories

Darryl Kerrigan in The Castle said, “It’s not a house, it’s a home!” There can be a lot of emotion and memories tied up in a home. Renovating can allow you to retain those memories.

  • Minimise stress

Moving can be stressful and in today’s property market, there’s intense competition for houses, so finding another home may not be so easy.

 

RELOCATE:

  • A “real” change

If you’re looking to move into a better suburb, then you need to be aware that it is likely to cost you far more than your current residence.

  • Convenience

Sometimes, people are keen to move if they’ve got a new job, want to be closer to their family or be able to walk their kids to school. However, If you can’t afford to buy a double storey house in the area of your choice, maybe you could look for something smaller in a surrounding suburb that you could renovate or extend down the track.

 

As you can see, there are many ways to look at this decision of whether to stay and build on what you have or to relocate and begin a new life. It all comes down to your family needs and what is best in the long run.

If you’re looking to renovate or extend a current or potential property, be sure to get in touch with us today.

Related Tag: Home Renovation Builders Melbourne