Renovate or Move House – Which is Better?
Deciding whether to move house or renovate your existing home is a big decision. As well as deciding what will be the best home for you and your family, you need to weigh up the financial side of things and the time it could take to do either.
There’s no right or wrong way to go about it – everyone’s circumstances are completely unique. You might love your home, but not be happy with the area, or you might be completely happy in your neighbourhood but have too much or too little space in your home. Whatever the case, it pays to weigh up the pros and cons of moving house against the pros and cons of home renovations.
Pros and Cons of Home Renovations
- No stamp duty
- No real estate commissions
- Usually set a fixed price, with no hidden costs with your renovation builders
- Stay in the area you know and love
- Stay close to family and friends
- Maximise the value of your property to sell it later
- Customise to suit your tastes
- Update your home to suit your current lifestyle (e.g. upsize or downsize to suit your family)
- Possible disruption to daily life while renovations are underway
- Can be costly for older houses
- If not done properly can devalue your house
- If you add second or third storey house extensions you may need to find alternative accommodation during the renovations
Pros and Cons of Moving House
- New, modern facilities if you move into a new house
- No development applications
- Can be quick
- Leave the area you know and love
- Pay stamp duty
- Pay real estate commissions
- At the mercy of the property market (unpredictable house prices)
It helps to sit down with your family and make a list of the reasons you might want to stay in your current house and reasons you might want to leave. Remember that this is a big decision that affects everyone in your home, so it’s a good idea to involve the children. You can also discuss different options for home renovations and how they might affect your preference to stay or move.
(And remember there is always a third option if you can’t decide which way to go – you can knock down your existing house and rebuild a new home on your property. This option allows you the best of both worlds if you’re not ready to move out of your neighbourhood, and in many cases it ends up costing less per square metre than home renovations.)
If you’re thinking of renovating or demolishing and rebuilding your home, contact Abode Construction’s home renovations, extensions, build and rebuild specialists in Brisbane. We’re happy to discuss your requirements and help you decide what will be the best and most cost-effective solution for you. Head to our home renovations page for more information and portfolio samples.