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Renovating versus moving: How can you satisfy your housing needs?

By Andrew Bell

After living in your Surfers Paradise property for a while, you may begin to feel a little itchy for change. This is perfectly normal and leaves you in an interesting position. Do you up and sell your home, or do you look into doing renovations to recapture the magic? There’s no one way to answer this question and a lot of this will come from your own personal feelings towards your situation.

However, here are some things to consider before committing to any one decision.

Your current area

One thing to keep in mind is the fact that you may not be able to easily replicate the area you currently live in. This could be either good or bad, depending on how comfortable you are in your current home. First of all, if you’re living relatively close to all your necessary amenities – including schools and shopping centres – moving home could displace you and your routines, making it harder for you slip back into the swing of things.

Of course, this could also act as a new beginning – especially if you don’t like the area you currently live in. Now could be the right moment to take your time with the decision and avoid making the mistakes you did the first time around. Looking into what has been missing in your life at the moment and finding a new property that fulfils these needs could be a way to make the best of a new situation.

State of the house

Of course, depending on the state of the house, this could influence your decision as well. Seek a property inspection before making a choice. This will help to point out any hidden costs that could push a renovation past what you’re willing to spend.

Furthermore, remember that renovations take time. Depending on how extreme your changes are, you could find yourself displaced for weeks at a time. You have to make sure you and your family have a viable accommodation option in the area to help make the transition as smooth as possible. Interruptions to things like work and school aren’t likely to go down well with bosses and principals, so figuring out your options prior to committing to property renovations is important.

Budgeting concerns

Renovations can be expensive. Therefore, it’s often a good idea to sit down and weigh up the costs of the project with a professional to get an accurate quote for the work.

This can help you to save money in the long run and help you make a more informed decision about whether it’d be cheaper to renovate and reinvigorate or move and start over.

However, keep in mind that selling a home and buying a new one isn’t necessarily a cheap process either. There are a number of different costs to consider and keep on top of, including things like stamp duty, agent fees, legal fees, moving costs, inspections and potential refinancing costs.

Reasons for moving

Are you looking for more space as the family grows? Or is it more about downsizing and tightening your living quarters? These are important aspects to consider when making this decision. For example, if you’re looking into creating more space for your family, is it better to build additional bedrooms and bathrooms, or simply look for a new home that automatically has them?

This all depends on your family’s attitude towards the home and their current lifestyles in the region. For instance, if your kids are settled in school and moving could disrupt this, is it better to find a new home or keep them steady in an education?

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