Renovate or relocate?
As life changes, chances are there comes a time when your existing home no longer meets your needs.
Family additions might mean you have outgrown the original space, perhaps less maintenance is front of mind, or maybe your stage of life means the focus has shifted from internal living to the great outdoors.
At that point, it becomes a question of renovate your current residence or relocate to somewhere else.
So let’s discuss the pros and cons of each…
The renovation and relocation trend
If Covid-19 has delivered one universal property trend, it’s that we all want more from the home where we live.
There’s a need for space and multiple living areas, access to the great outdoors, and our properties also need to serve the purpose of being a place where we can live, work and study.
That’s seen many re-evaluate exactly what their existing home delivers – with remote working, affordability, outdoor access and useability all playing a role in what we expect from the property where we spend most of our time.
In the interim, the Federal Government delivered incentives for both first home purchases and renovations to existing residences.
And in between, many have funnelled the savings delivered through less dining out and limited access to travel into their home improvement fund.
If your home is positioned in a great location that’s likely to meet your needs over the years ahead, chances are the scales tip in the favour of renovating.
But it’s imperative you go into any renovation with your eyes wide open.
As much as shows like The Block make renovating seem a breeze, it does come with some drawbacks concluding expense and inconvenience.
Factors that might tip your decision to favour renovation include:
- Space and funds to make the changes you want
- Good location
- Solid social network
- Opportunity for capital gain
- If those renovations will make the home the property of your dreams
The past 18 months has seen a lot of people selling their current property and relocating for lifestyle and affordability reasons.
Now that the trend of working from home has been well-embraced, many are realising relocating a little further from the CBD or even to another region allows them to attain a property with all the features they need.
Things to consider when it comes to relocating, include:
- Location – Is the property in a location where you want to live. Do you like the feel of the community and is there access to necessities like schools, public transport, medical facilities etc.
- Price – Is the property within your budget, and does it have the features you’re looking for?
- Structurally sound – Is the property structurally sound and free from pests.
- Future developments – What is the future of the suburb you’re considering. Are there any major infrastructure plans or economic factors that might have an impact on the property’s value in the years ahead?
An important decision
For some, the decision between renovating and relocating will be clear cut. They might have outgrown a property and no amount of renovation is going to accommodate their needs.
Or perhaps, they’re looking to downsize, and their current property is simply too big.
But for others the choice between renovating and relocating takes some serious consideration that will involve carefully weighing the pros and cons of both options.
Looking to sell your property
If you’re considering selling your property, why not chat with one of our friendly Eview agents on 1300 438 439 to organise an appraisal and understand the state of play in your area?