If your current home no longer suits your needs, you might be considering your next steps. Perhaps your family is growing, and you need more space, or you’re ready to downsize?
Either way, it’s worth weighing up the financial implications of creating the home of your dreams with the property you have, or whether to put it on the market.
Your budget and lifestyle choices are ultimately going to determine which way to go. Before you make any decisions, think about the current and long-term requirements for your ideal home.
Thinking about your location, the state of the property, the work required, and your budget will help you assess your options more clearly.
If you’re happy with your current location, renovating is an option that can also help to increase the value of your home for when you do decide to sell.
While there are obvious upsides, be sure to consider your budget and don’t overcapitalise. Think about whether the renovations will convert to returns when you sell and make sure you arrange sufficient finance before bringing in the builders.
There are many costs associated with relocation. Before you even start looking at new properties, you will need to factor in costs such as legal fees, refinancing and removalists fees. Make sure you have really thought through your decision before erecting the 'For Sale' sign.
Buying a new house will give you a fresh start without the mess of a renovation. And, you’ll be buying the home of your dreams at today’s market value, rather than hoping the money you spend on a reno will come back to you in increased value later.
Whichever path you decide to take, its worth speaking to an expert.
A a Mike Pero Mortgage Adviser can help assess your finance options for your renovation or home buying needs. A Mike Pero Real Estate Agent can also visit your home and provide an appraisal on what your home is worth in today’s market.