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The home owners debate: Renovate or Relocate?

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The dilemma of whether to renovate or move is a difficult one. Not just a economical decision but an emotional one. Here are some of key reasons to renovate or relocate:

1.Increase the home’s attractiveness and add comfort and liveability. This is a key reason, but when the home requires a lot of work to meet the standards that you desire then you make look to selling rather than going through the stress, disruption and expense of renovating.

2. The neighbourhood that you live in you may really like and if you renovate you may well recoup the costs it will take to renovate when you eventually sell. Also it might be too costly to buy in your neighbourhood a fully renovated

3.If you are renovating you can remodel to meet your needs. This gives you the flexibility to get exactly what you want. It can function well for your family and can be built with the future needs in mind.

4.With your existing home there are somethings you can’t change. Your land size, schools, unsightly things of your neighbourhood and if these are things that concern you then moving might be a better option.

5. Your current home/land may be too small and making editions means you only can go up. As you age this second level could be an issue. It is really important to consider the longer term when renovating v relocating.

6. Sometimes the cost of renovating doesn’t stack up and you need to move. With renovating there are unforeseen costs like things underground, in walls and ceilings.

7. When you move you loose in stamp duty, relocation costs and may even have higher rates.

8. Renovating can give your home a brand new look, appliances and space in a location you love.

9. A new home can give you a chance to start again and bring to it your personality and style without the stress of living through a renovation.

10. List all the pros and cons and ask an architect to give you a feasibility study if you are thinking of renovating so you can answer some of those questions about what can be achieved.

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