If you’re at the stage in your life when you either renovate or move from your current property, OwnIt Conveyancing Brisbane can offer the advice you need.
Buying a home, or renovating your existing property can be incredibly exciting. It can also be daunting, stressful and expensive if life’s highly important decisions are rushed. If you are desperate for a change or need a property with more room to cater for the next stage in your life, let’s dive a bit deeper into the considerations you need to make.
Let’s look and the pros and cons of both options before you make your decision about whether you renovate or move from your property.
Why should you move?
If you don’t have the time or the patience you need to go through council approvals and you have been through the tedious searching process and found your perfect home, then selling your current property is worth giving serious thought to.
If you are price-sensitive before you make a bid on the new home, do some simple calculations about how much selling your current property is actually likely to cost you:
- Calculate selling costs; advertising fees, agent fees, conveyancing fees, etc.
- The cost to make some minor improvements to your new home
- The budget for up styling your current property for sale and ensuring it’s market-ready
- Consider stamp duty
- Think about the fees you’ll need to pay for removalists or hiring DIY trucks
- Always budget for any unforeseen renovations or necessary fixes to your new home that may have been missed during inspections
If you are happy with the above costs and it’s within your outlined budget, moving into your dream home could potentially suit your situation the best.
Why should you renovate?
At OwnIt Conveyancing Brisbane, we advise many of our clients based on our experience with the property market today. It’s a hard question to answer without knowing each client’s individual circumstances, but one of the questions we get asked is if renovating is the preferable option for their circumstance at the time.
If you love the area you live in, you are in a certain school where you would like to stay for your children, you have great neighbours and you or your family want to avoid the stress of having to start over in a new area, renovating your current home could be the most suitable option for you.
If you don’t absolutely love the area you live in, no amount of money poured into renovating is going to fix this. But it’s worth mentioning that whatever you decide to do with your property, no amount of money spent on renovations is wasted. You can increase your property’s value dramatically with even minor renovations, so in the future or when you do decide to sell, you will reap a higher return.
If you are looking for advice around renovating or selling your property, contact us! We are property conveyancing solicitors with a wealth of experience with buying and selling – and we are more than happy to help.
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