If your home no longer accommodates family needs, but moving doesn’t appeal, why not consider renovating?
“There are some great buying opportunities at the moment, but for some, renovating may offer more benefits,” says First National Westwood Real Estate agent Rob Westwood.
“A granny flat, extension or updating the house may be more cost effective and allow homeowners to stay in the area they love.”
Mr Westwood says the top things to consider when deciding to renovate or stay are budget, location, time and space.
■ Budget: Renovating is more susceptible to budget blow-outs, but the hidden and add-on costs when buying a new house (stamp duty, conveyancing and removalists) can be more expensive. A careful and detailed budget plan will help homeowners weigh-up costs.
■ Location: Homeowners should consider whether to stay in the same area and how they feel about their neighbours.
■ Time: To find the right property, or renovate takes time and must be considered.
■ Space: Ensure there’s enough room for the desired renovations, or if buying, consider if further alteration will be needed to meet future needs. Having the property inspected by a builder can be beneficial.
“A very basic rule of thumb when renovating is to never spend more than 25 per cent of the house’s value,” Mr Westwood says.
