Sometimes we know we need a change - whether our house is too small, too big or just not quite right anymore - but knowing the right thing to do is another story altogether.
Do we spend the time and money on renovating it, having to live in a construction zone for months on end, but then not have to deal with the hassle of moving? Or do we put the property on the market to make a fresh start somewhere new, to a house that is ready and waiting?
To renovate or relocate? Here’s a few things to think about if you find yourself in this situation...
Renovating
Choosing to renovate isn’t a decision to make lightly - it can be an expensive task to undertake, and if the work runs on longer than planned, then you have budget blowouts to deal with and frustrating interruptions to your daily life (particularly difficult with young children).
But it also means you don’t have to move - so no tidying up the house to get it ready for sale, going through a lengthy selling process, and then finding another home to buy. If your kids are happy in their school, and it is convenient to work, then the thought of moving could just be a nightmare.
Other considerations to make…
- With any renovation you have to be careful to not overcapitalise with your spending.
This will depend on how much longer you plan on staying at the property, but if it is only a do-up to get you through a few more years, don’t go overboard as you might not be able to recoup the costs when it comes time to sell.
- Make sure you know the condition of your house before you get started.
If it is an old property, that hasn’t had a renovation in a very long time, remember that all the work done will have to bring it up to the new building code - this can include everything from foundations, to plumbing, electrical and weather tightness. Do you have a budget to cover this, and an expert on hand to detail what will likely be required?
- What are your needs now, and what will they be in the near future?
It might be easy to think a renovation will take care of what you need right now, but have a think about five to 10 years down the track - will the house still be suitable? With this in mind, consider the must-haves and nice-to-haves in order to get your priorities sorted.
Relocating
The thought of finding the perfect new house to move into could be just the solution to your problems. You know you need a bigger house for a growing family, but doing additions at your current property sends your head into a spin!
However when you look around at your neighbourhood, you see friends and people you feel happy to live next to, not too mention all the memories made over the years.
Other considerations to make…
- Sacrifices aren’t always a given when moving.
Your children may not have to move schools, and the commute to work might not be any longer, as it will just depend on the house you buy and where it is located. You could always stay put until you find something you like locally, and then get bridging finance to help you to make a purchase before you sell your current home.
- Know all the costs that come with selling and buying
It could feel like a renovation would be the expensive choice - but if you consider all the costs involved in going to market, you might be surprised that there isn’t actually a lot of difference. From legal fees, to property maintenance, legal fees and agent’s commission, it can certainly add up to sell a home. But of course, so can work to your existing property. So make sure you weigh each option properly - with accurate estimates from those in the business.
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Renovating causes huge disruptions to everyday life in house, but moving is a big upheaval for everyone involved too. Look at the pros and cons of both, as well as having a honest understanding of what it is you actually want, and need. Don’t get caught out by other people’s advice, only you can decide what is right for you and your family.
Decided it is time to move on? Download our guide to help with everything you need to know to get your house ready to go on the market.
