There comes a time in the life of a homeowner when some big decisions need to be made. One of these big decisions can be to renovate or relocate to a new home. But before you commit to such a big undertaking as renovating or moving, it is important to look at the situation from several different points of view. We aim to help you to do just that in this article, so read on to learn if it is better for you to move house or renovate.
To Renovate or Relocate – That is the Question
Award Winning Group are the renovation experts and home builders Brisbane trusts. We often find ourselves having discussions with clients regarding if they should renovate their home or move to a new one. There is no easy answer to this, as everyone’s situation is different and unique. But there are some important considerations that should be made when deciding whether to renovate or move. These are the points that we recommend you take into account:
When making the decision of whether to renovate or move, one of the first things you need to think about are the costs involved. Renovating your current home will more than likely cost less than buying a new home. But renovations can be more expensive depending on how extensive you want the renovations to be. Also, if you have a lot of equity built up in your current home or if you own your home outright, you can use the funds from the sale of your home to buy a new home. What it really comes down to is how much you want to spend and what you hope to get out of a home reno or moving to a new home.
The Property Market
While we’re on the topic of selling your existing home, you have to think about the current property market and if it is a good time to sell. Will you be able to get the price that you expect or need to afford a better home? You also need to consider the property market in the place that you would be moving to. Are homes prohibitively expensive there? Depending on the answers to these questions it may be better and more realistic to simply refresh and renovate the home you are in now.
ROI – Return On Investment
When comparing the advantages and disadvantages of a renovation vs moving to a new home, it’s important to think about the return on investment that you expect to get from any money that you put into your home. Will the price of the renovation work sufficiently increase the value of your home to the point that it is worth the cost? If the answer is yes, then a home renovation might be a better option than moving.
The Risk of Over-improving
A lot of homeowners really like the idea of renovating their home, but sometimes they fail to realise the there is a risk of over-improving a home. This concept is very much related to the fore mentioned ROI (return on investment). If you want to perform some luxury renovations on your home but you live in a neighbourhood where that kind of renovation would be out of place, then it is likely that the cost of the renovation will not have much of an effect on the value of your home. In other words, that kind of renovation will lead to a poor return on investment. Consider where you live and what renovations you want for your home. If the renovation and the neighbourhood is a good match, then go for the reno, otherwise relocating might be better.
Timing – Is it a Good Time to Move?
In this case when we speak of timing we are not talking about the timing of the market. We are instead referring to whether or not it is a good time for your family to move. What grade are your children in? Are they just starting school or are they close to graduating? Is it a good time in their lives to change to a new school district? It’s also important to think about where you are in your career. Will a move lead to a longer commute resulting in you being able to spend less time with your family? The ultimate question that needs to be answered here is if it is a good time for your family to move to a new place. This will have a huge impact on whether it is better to renovate or relocate.
The last point we recommend that you think about when considering moving or remodelling is how much you will miss your current home if you move. Think long and hard about this one, as some people don’t realise how much they miss their old home and old neighbourhood until after they have already moved. Spend some serious time reflecting on what it will mean emotionally to move to a new home, while at the same time weighing the option with renovating the home you are in. This is an important consideration and not one to be skipped or taken lightly.
To Move House or Renovate – Get in Touch to Discuss this with a Professional
When making such a major decision as whether to renovate or relocate, it can be helpful to talk it over with professionals that are experienced in building new homes and in renovation work. The team of home renovation builders at Award Winning Group are more than happy to discuss this with you. You can get in touch with us by calling us on 0423 296 698 or you can contact us online for questions and to request a quote.