15 Oct Home renovations vs moving – which one should you do?
If you’ve come to the realisation that something needs to be done with your home, you’ve probably thought to yourself ‘is it easier to move or invest in renovations?’. It’s a question many homeowners have asked themselves over the years and there are many different factors that will influence your final decision. The age of your home, the work that needs to be done, how big your family is (or is going to become) – the cost of moving vs renovating is something you need to take into account before taking the dive into either approach.
We take a thorough look at all the different elements you might want to consider before you make the decision to renovate or move.
This is likely the major consideration for most people when it comes to the choice of moving or renovating. There are distinct and different costs for each option and it depends on many factors which one will come out on top in the long list of things you need to consider.
Whilst moving means you can get a nice new home (or an old ‘new’ home depending on the type of home you move into) moving can also bring with it considerable cost, stress and upheaval for your family. All of these need to be taken into account when calculating the cost as only considering ‘financial cost’ can sometimes leave you rattled by the stress involved with moving if you’re not prepared for it.
As everyone deals with stress differently, there really isn’t any way to accurately judge the impact so we’re going to deal with purely the financial costs of moving and renovating for the purposes of this article.
Here is a list of costs you need to consider when moving house:-
- Stamp Duty (between $15,000 and $20,000 on a median house price in Brisbane)
- Agents fees
- Food (with all your cutlery and plates packed, usually takeaway is the only option)
- Power, phone and internet reconnection/termination fees
- Storage (if applicable)
- Travel costs (if moving long distances or interstate)
The costs for renovations really depends on what you’re having altered in your home and the different elements, appliances, flooring, decor, benchtops, etc you’re looking at having updated or changed.
Renovations can be as simple as some paint on the walls and cleaning a driveway right up to a full renovation of the kitchen, bathroom, patio, bedrooms and living rooms.
The other question you need to ask yourself when considering a renovation or a move is ‘do you love the house and area you’re currently living in?’. If you have children in the local school, friends that live in your area and you like the community you live in, this needs to be taken into consideration and perhaps renovating might be a great option for you.
We all have things we don’t like about our current home. It’s a good idea to put together a list of pros and cons for moving and renovating. This will be different for every person, every family and every home. This will help you to decide if it’s worth investing money in a renovation or to move house.
Note: even if you do choose to move house, pre-sale renovations can help to improve your home’s saleability and can increase the asking price for the house.
People move for all sorts of different reasons. Some people move for love, others for work or to be closer to family. Whatever the reason you’re considering moving vs renovating, the area you’re currently living in and the suburb you’re looking at potentially moving to should be taken into consideration when making your decision.
You get to move to a brand new area with different schools, shops, parks and community. This can be something that will have both positive and negative impacts on your living situation and family and really only you can decide the types of influence this will have on your life. Moving also gives you the opportunity to look for the type of home you’ve always wanted (if your current home just isn’t ‘doing it for you’) but be aware this may come with unintended drawbacks like bad neighbours, additional costs (if your new home has repair work needed or items you haven’t budgeted for like a pool, air conditioning, higher rates etc).
If the area you live in has everything you need and the home you’re currently living in is the type of home you can see yourself living in for the next few decades ‘but with a few tweaks here and there’ then perhaps renovating is something you will want to seriously consider.
We always tell clients if you’re happy with the bones of your home and you just wish you could make a few changes and updates to things like kitchens or bathrooms, renovations might just be the perfect option for you.
The street you live on can make a big impact on your decision to move or renovate. For example, if you’ve got the worst house on the best street with views of the mountains or ocean, renovating is most likely going to be a serious consideration for you. If however, you live on the street from hell with neighbours fighting, street races and break-ins, etc no amount of renovating is going to improve your situation.
Every street around the city of Brisbane is different, but some are certainly better than others and it’s up to you to decide if you want to live on your current street with a better home or pack everything up and chance it in another home in a different area.
Packing up your entire life vs living in a construction zone
There’s something exciting about moving into a new home. All the rooms are new to you. There’s the fun of figuring out where all the light switches are, which drawers will be used for clothes, utensils, etc, where to put the lounge and TV – it’s an exciting time for you and your family.
In saying that, if you haven’t been through a renovation before, there is something amazing about planning and seeing your home go through transformation before your very eyes. It’s incredibly satisfying to come away with the home you’ve always wanted.
Whether you choose to move or renovate, there are always going to be compromises and things that you love, hate and get frustrated about. Moving means you need to pack up your entire life in boxes and transport everything to a new property. Renovations mean for a short period you will be living in a construction zone.
Is your family growing or shrinking?
Are you expecting the pitter-patter of little feet in your home sometime soon? Perhaps you’re planning on expanding your family considerably over the next decade or so or you might be looking after sick or elderly family members.
Perhaps your kids are older and that craft room or home office you’ve always wanted is now an option.
These considerations can make a big impact on your life and can change the way you live in your home substantially. Moving means you need to think carefully about your family’s situation and how it is going to change in the coming years. Renovating means you get to think about how you can utilise the space you currently have better.
Convenience and time
This really depends on what you’re thinking about having renovated. If you’re simply renovating a kitchen or bathroom, that’s going to be only a minor inconvenience to your everyday life. If you are looking at having your entire home renovated, that’s a different story.
Figuring out what you’re going to have renovated and the associated costs is the first step in your journey of discovery when it comes to renovating vs moving. If you would like to speak to us about renovation options and costs, we would love to come out and have a chat with you about what can be done, potential timeframes and costs with no obligation.
Interested in renovating? Call us today on 0481 536 900.