Have you begun to feel that your current home no longer suits your needs?
Maybe you are starting to run out of room, are finding the upkeep costly and burdensome, or find yourself wishing you had a better entertaining area, bigger backyard or just some much-needed storage.
Is it better to update – or relocate?
Once you factor in your budget, the amount of time you have, and how much upheaval you can tolerate, one of these options may emerge as the clear winner.
We will look at the pros and cons of both options.
Updating
This can mean one of a few things -a kitchen or bathroom renovation, extending an existing room, adding on a new room (or entire wing) to your home, landscaping your back yard for more space, or turning your single-storey home into a double-storey residence.
Pros
Unless you’re doing a major renovation, you probably won’t have to move out of your home while the works are being completed.
This means avoiding the hassle of changing address, uprooting children and pets, the possibility of a longer commute (or having to find a new job),and all the associated costs of renting (or buying) a new home.
Adding Value
If your home is in a high-demand area, updating the bathroom or kitchen, or adding an extra room may make it more valuable in the long run, particularly if it meets the other criteria for a desirable property. You may also find it more attractive to tenants if you decide to rent it out.
You Can Build to Your Tastes
As long as you have the right permits, the sky is the limit. You can indulge your tastes for design and décor, and build something that is perfectly suited to your own requirements.
Cons
Overcapitalising
Beware the danger of over-capitalising. You should be safe with a new kitchen or bathroom, but do your research before you commence any large-scale renovations.
It’s a good idea to get some advice from a local real estate agent on the current value of your home, what buyers in the area are looking for (in case you do decide to sell) and how much value the proposed extension will add to your home. Weigh this up against the cost of the renovations and decide whether the expense is worth it.
Time, Hassle and Paperwork
Depending on what you are going to do to your home, you may require council permits and approvals, and a lengthy lead time for works to commence, depending on the demand for labour and materials. Living in a home that is undergoing a major renovation can be a stressful experience, particularly when rooms such as kitchens and bathrooms are out of action for long periods of time.
Relocating
Pros
It’s Already Done for You
What could be better than finding the perfect home that already has the bigger kitchen, huge outdoor entertaining area or extra bedrooms you really need? Moving into a home that has most of the items on your wish list can be an exciting change, and a chance to start a new chapter.
A Quick Process
Homes are selling quickly in the current market, so you may find the process of advertising and selling your home and moving into a new place a quick process- a couple of months at most. No dealing with builders, delays, council permits and endless mess and inconvenience.
Cons
Starting Again
Moving home can be one of life’s most stressful events. As well as the packing and moving itself, it can mean new schools for your children, being further away from family and friends, new jobs or a longer commuter, and establishing yourselves in a new neighbourhood. All of these things should be considered when deciding whether to update or relocate.
Do the Numbers Make Sense?
Depending on the market, you may find that the hard-won equity you have built up in your current property disappears with a new home, and that your mortgage substantially increases. Interest rate rises and increased maintenance and utility costs can turn a move into an expensive exercise.
This is in addition to the costs of buying, selling and moving. Is it better to stay where you are, and spend that money on making your current home more suited to your needs?
Whether you are searching for a new home, selling your current property, or are embarking on some much-needed renovations, The Home Inspection Hub can help.
We conduct fully-independent, thorough residential building inspections throughout Melbourne, Geelong and Central Victoria.
A pre-purchase building and pest inspection can uncover any serious issues that may be present with a property that you are interested in.
We are proud to partner with Crunch Pest Control for our pest inspections.
The Home Inspection Hub conducts all stage of new home construction inspections: base stage, frame stage, lock-up/pre-plaster stage, fixing stage and handover stage.
We offer a discount when you book a new home construction package of four or more inspections.
Noticed an issue at your home and not sure how serious it is or what to do next?
We can arrange a special purpose inspection to investigate the issue and offer suggestions for rectification.
The Home Inspection Hub also conducts owner builder defects (137b) reports, renovation inspections, tax depreciation reports and VCAT reports and expert witness
We can also arrange stand-alone PCI reports, contract review and maintenance inspections for your new home.
Ready to book?
Call 1300 071 283, email info@thehomeinspectionhub.com.au or send us a free quote request today.
