Should you renovate or sell your home?
There are many reasons why you might decide to sell your home, it could be the need to upsize or downsize, the need to relocate or even find something more modern. When you are on the path to your next move, sometimes it is worthwhile considering if you need to sell or if a renovation of your current home may be the best move.
You may need to consider your current circumstances, what the needs and stage of life that your family are in and how a potential move or a renovation will affect your family and work commitments.
Is there equity in your current home?
When was the last time that you had your property appraised to work out its value on the current market? Our sales team can help you with working out if there is potential equity in your home and if it is worthwhile selling, renovating or even keeping for investment.
Having information about your home’s current value can assist when discussing options with your financial institution or advisor and considering what the best solution will be based on the property’s value.
Work out your budget
Renovations can be a costly affair depending on the scope of work that needs to be carried out and the quality of finishes that you would like at the end of the improvement.
Before making the decision to renovate, work out what improvements you would like or need to make to the home and then cost out the investment that is required to complete the work. As with any renovation, it is important to build a buffer for the unexpected, as you never know what extra costs may come when you start to pull up floors, remove kitchens or knock down walls.
Are there requirements and regulations
Prior to locking in a renovation, depending on the size and scope of the work it is important to check with the council about any requirements or regulations that must be met or approved to begin.
There may be development applications required, especially if you are making larger extensions to the home, removing potentially harmful materials like asbestos, or affecting neighbouring boundaries.
If you are in a strata complex, check with the body corporate and strata manager first as they may have special by-laws that are required, and provisions needed to be put in place before any renovation can begin. There may also be certain materials that need to be used to ensure that future noise is not increased which would impact neighbouring properties.
What are current market trends?
Properties will always sell as there are always people looking to buy, no matter what kind of market it is. The factor that may be impacted during a slower market is what someone is willing to spend on the property.
Finding out what your property is worth may help make the decision and you may decide that renovating the property and staying for several more years may be a wiser investment if you are likely to make future gains.
Our sales team can help you with finding the best solution for you. Contact them to find out what your home is worth in the current market and how a potential renovation may impact your future sale.