Should I Renovate My Home or Move?

Looking for more space or want to upgrade features and amenities in your home? Moving isn’t your only option. Renovating your home could be a better alternative, depending on your circumstances. There are pros & cons for renovating your home or moving to a new home, and the right answer will depend on a few factors such as:

• What features are you after?
• What’s your budget and renovation goals?
• Do you have time to undertake renovating?

Renovating your current home

Benefits

• You stay in the same location, keeping your neighbourhood and routine
• You avoid the costs that come with buying a home such as stamp duty, legal, registration and real estate agent fees
• Renovating could improve the comfort and functionality of your current home
• You could improve the value of your home
• You avoid the stress and hassle of selling your home and moving

Cons

• Depending on the changes you’re looking to make, and features you want to add, building & constructions costs can change rapidly, going over your budget
• Renovating your home could be disruptive to your routine in the short term
• Renovating your home could take longer than you expect

Moving to a new home

Benefits

• Ability to choose a new property or neighbourhood to suit your lifestyle and needs.
• Avoid the stress of renovating and disruption to your lifestyle and routine.

Cons

• Typically more expensive than renovating with costs such as stamp duty and legal fees

Decided moving to a new home is the option for you? Here are things to consider when buying an existing home or building a new home.

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍