Move or renovate?
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Dec 6, 2018
Move or renovate?
It’s an oft asked question in the living rooms of the Central Coast… “Should we move, or should we renovate?” Mostly asked when you can’t bear to cook one more meal in that grotty kitchen or find yourself rolling your eyes at the truck next door that starts at 5:00am. Every morning.
But before you pull up stumps you might need to weigh up some options. Move or renovate - both have merit, both will cost you money.
What stays, what goes.
There are some things you just can’t change with the house you are in. If it nestles against a hill and is cold and damp in the winter, if its next to a busy intersection or a raucous pub or is on a steep sloping block you won’t be able to change that even with the best remodel in the world. And you would most likely be throwing good money after bad.
If on the other hand the house is structurally okay, if it’s situated in a bright and sunny cul-de-sac and your sister lives around the corner you should strongly consider changing the layout of the house to suit your lifestyle.
If you are intending to renovate just to sell your house for more money, don’t. Just don’t. A minor cosmetic freshen-up is one thing. Painting the purple bedroom wall or getting rid of the smelly carpet will certainly help. Cosmetic freshen ups should either sell the house for more money(unlikely) or sell it faster (most likely)
Physically remodelling and changing your home in the hopes it will make a profit you is fraught with danger. What if your changes don’t appeal to the new buyer? What if they wanted four bedrooms and you have combined to make three or vice versa? What if they wanted the fireplace you just removed? The costs associated with big changes, just don’t make sense unless you are in the renovation business. And if the market begins to dip while you are in the middle of a major redo, you might just you are in a world of hurt.
Moving will have associated costs - advertising, marketing, agents’ fees, then stamp duty for the new house (how annoying is stamp duty?!) will cost tens of thousands of dollars, but you might then get the house of your dreams. Or at least get closer to the house of your dreams.
Renovating will obviously also cost money, and you need to plan really carefully here. A small kitchen renovation can become a nightmare when you discover that the electrical system needs an overhaul, and that there is some wood rot you didn’t know about. And BAM! there goes the budget before you have even chosen your granite benchtop colour.
Some considerations:
- Do you love the street you are on, the aspect you have, but the bathroom is daggy? Renovate
- Are you expecting the family to either increase in the next five years (baby-making stage) or decrease (kid-leaving-home stage)? Move
- Is the sunlight great, but the house just really dated? Renovate
- Have you just had surgery on both knees and live in a three-storey home? Move
- Are you on a three-acre block and hate gardening? Move
- Do you have the worst house in the best street and ocean views to boot? Renovate
- Is the kitchen and bathroom just too small and nowhere to push the house out? Move
- Have you got three cars and a boat and a single garage and live on a small sloping block? Move
There will always be purchasers looking for a house like yours. Just married, just divorced, just had a baby, just lost a spouse, just got a new job, just retired… always someone looking to move. If that’s you too, and you need some advice, give me a call and let’s talk about your personal options. I am not here to make you move, I am just here when you are ready to move.
Read more from this blogger:
44 tips on packing your house for sale
Stories from the trenches: Real estate is not for the faint-hearted
