REFURB ESTIMATOR
To renovate or not to renovate
25 Aug, 2013

The very thought of renovation divides people. For some it’s an opportunity to create and improve, while others see dust and mess and a drain on the budget. If you’re on the fence about whether to renovate, these tips might help you consider the pros and cons and make a decision.

Getting the home you want

One of the key reasons people renovate is to attain the home they want without the hassle and cost involved in moving. If their home is in a great location or is in good shape, then renovation might be a better choice than moving—particularly given that if you move into a new home you may want to make changes anyway. The cost of agent selling fees and stamp duty are another reason to consider staying put.

Cost

Renovating can be a costly process, particularly if you are planning to refurbish rooms such as kitchens or bathrooms, or if you want to build an extra storey or add rooms to a single storey home. You’ll also need to take into account architect fees and Council submissions.

Capitalising on your property

While renovating is not usually recommended where overcapitalisation is a risk, if your property is undercapitalised renovating might be a great option to add some market appeal to your home. If your property is in a desirable area and is close to important amenities such as schools and public transport, renovating may better for your bottom line than moving.

Time

Renovating takes time, particularly if you’re doing a thorough overhaul. You’ll need to factor in time for design and approval—particularly if you live in a heritage area—and the construction itself may take many months depending on what’s involved. If you’re looking to stay in your current home for years to come, then renovation could be a good option, but if not, then moving may be the simpler choice for some.

Whether or not to renovate also depends on factors such as budgetary considerations, time, your family’s current and future needs and property prices. Take some time to weigh up these factors so that you can make an informed decision about whether you should embark upon any major renovation.