As kids grow up or circumstances change, many people find themselves needing extra bedrooms or bathrooms or a bigger backyard. The solution is to either find a new home or make changes to the one you already have.
But how do you know which option is the right one for you?
Can your property be extended? – The scope to extend your home will differ from property to property. If you live in an apartment or townhouse you will likely have no option but to move to a different property that you can grow with. Land size should also be considered, along with any potential obstacles to extending your home such as easements or heritage protection. Consider your current home and whether it lends itself to being easily extended to accommodate the needs of your family.
Can you afford a bigger home in your neighbourhood? – Where you would move to is a big consideration when deciding whether to move or improve. Space is at a premium in many major Australian cities and depending on where you live, a bigger home may not be an affordable option. Take a look at property prices in the area you want to move to. This will give you an idea of whether or not moving to a bigger home is a practical option. Also check out how much your own property is likely to sell for to help you weigh up the costs.
Is one option more expensive than the other? – Whether moving or improving you need to consider all the costs. Renovating can be an expensive endeavour and in some cases budgets can blow out due to unforeseen building issues. Figures will be subjective and dependent on how much you want to change at your home. Are you looking to add a simple extension out the back or does your entire property need an overhaul? In some cases it can be cheaper to find a property where all of the hard work has been done for you. If your plan is to move however, you need to take into account all costs to buy and sell, such as stamp duty fees, selling fees, legal fees and any other expenses.
Do you want to minimise disruption? – There’s no questioning that there will be a bit of disruption when you move homes, but renovating may mean that you need to move out of your home for prolonged periods of time too. Ask yourself whether your family life can handle the chaos that comes with renovating and whether or not you will be able to live in your home while building work is taking place. Weigh up the pros and cons for your situation and talk to your family about their preferences too.
To discuss your options with a property specialist, talk to your local Professionals Real Estate Agent.