‘The kids need more space!’
‘We need an extra bathroom!’
‘I’d love more space to entertain!’
If you hear yourself uttering any of these comments, you’re not alone. Families all over the world are having the same conversation.
Things change, making life interesting and exciting, but it can have an impact on one of your biggest investments, your home. So, if you need more space, what do you do? Is it best to move or best to remodel your existing home to suit your needs?
At times, circumstances determine which path you take but if you could choose, what would you do?
There are many things to consider when it comes to deciding whether to move or remodel, including:
– The cost of renovating vs moving
– Time
– Whether the renovation will add value to your home
– Location (local area/community)
It’s not an easy decision to make so why not consider the advantages and disadvantages of each?
Renovating
The Pros
Increase the value of your current home
Generally, when you invest money, you make money. By renovating you are adding value to your home so if you do decide to sell down the track, you will most likely recoup that money and then some.
You can stay in the same location
Staying in the same location means you don’t have to worry about changing schools if you have school-aged kids or having to familiarise yourself with new local amenities.
You can design your renovation to suit your needs
If your home allows, renovating means you may be able to meet all your requirements when it comes to personalising the space to suit your family.
The Cons
It can be costly
Renovating isn’t cheap and the costs start from the moment you decide to renovate. You will need to factor in the expense of getting plans drawn up, permits where required and the renovation itself.
There may be council restrictions
While renovating gives you the option of tailoring your home to suit your needs, you still need to work within council guidelines. Different councils have different regulations so while you may have your heart set on a particular design feature, the council may not allow it.
There can be delays
While you may have been assured of a timeline to complete your renovation, delays can happen. Whether it’s waiting on council permits, materials or other issues that may have resulted in unforeseen circumstances, you need to be prepared that your renovation may not be completed by the date you expected.
It can be stressful
The renovation process can be stressful. While you entrust your renovation to the professionals, the whole process can still take a toll on you. Whether it’s delays, financial stress or any of the other bumps in the renovation road, there will be times of anxiety and panic.
You may need to temporarily relocate
Depending on the extent of your renovation, you may need to move out of your home while construction occurs. Depending on your circumstances, you may be able to stay with family or you may be required to rent.
Moving
The Pros
You can upsize or downsize to suit your needs
If you decide to move, you have the option of trying to find a home that suits your requirements whether it’s the right number of bedrooms and bathrooms or the suitability of the living space.
You can move to a new location
You may want to move into a new suburb so you can be in your desired school zone or be closer to family or work.
You could make a profit by selling your current home
While your current home may no longer suit your needs, it may be perfect for someone else, and they may be willing to pay top dollar for it.
You can move straight into your perfect home
Chances are if you’ve bought a new home, it suits your current needs so it’s just a case of packing up your old home and moving in!
The Cons
It can be costly
While you get the home you want, it can be costly. You will need to factor in stamp duty on top of the purchase price and if you’re selling your current home, there will also be costs involved including the real estate agent fees or any expense required to get your home sale ready.
The market may not be right
While you may be ready to move, the real estate market may not be cooperating. It may not be the right time to buy or sell and you may find that you could pay more than you expect for a new home, or you don’t get the price you want for your current home.
You may not find exactly what you want
While you know what you need in your new home, you may not actually find it. You’re limited by what’s on the market and you may find that the homes for sale don’t suit your needs.
Deciding to move or remodel is a big decision and not one to be taken lightly. If you would like to discuss your options when it comes to moving or renovating, contact the team at Lateral Building Design.
