Relocate or renovate? 5 ways to find the answer

If you’re thinking of making a change to your living arrangements, there really are just two options to consider: renovating or moving. It might sound simple, but the decision is harder than it looks. Confused about what to do for the best? Let’s break it down.

1. Consider the practicalities

Have you and your family outgrown the available space at home? Young toddlers have a habit of growing into sizeable teens that need their own space. Is the playroom sitting empty? Does the garden get utilised? All of these questions are reasons to consider a move because there are some things a renovation simply can’t fix.

2. Do the finances add up?

Buying and selling property actually costs money. Think real estate fees, stamp duty, legal fees and moving costs – they all need to be accounted for. Suddenly, that sale profit might be looking a little less tidy. Renovating can actually increase the value of your property and be specific to your taste. If you add in the costs of moving, your reno budget is looking quite robust. Just be careful not to overcapitalise on your plans.

3. Watch the market

Ideally you want to sell your property when you can maximise your return. This can be a stressful period, particularly if you are also under pressure to find another property that suits your needs.

4. Location location location

If you love where you live and enjoy your neighbourhood and local community, it’s a lot to give up with a move. Renovating allows you to stay put within the area and reap the benefits as your family grows.

5. Problem exchange?

No property is perfect, and there is always a danger of swapping one set of issues for another. Think about whether it’s better to improve your property and retain the location – or simply start over again and accept the risk.

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