Renovating versus selling – what suits you?

Deciding whether to renovate your current home or move to a new one can feel like a big decision. Both options have their advantages, and it’s important to consider what will best suit your family’s needs and lifestyle. Renovating allows you to improve and customise your existing space while staying in the neighbourhood you love, though it may require some temporary inconvenience. On the other hand, moving to a new home can offer a fresh start, potentially more space, or a different location, but it also involves the process of selling and settling into a new environment. Taking time to weigh these factors thoughtfully will help ensure you make the right choice for your situation.

Finances

Firstly, it is important to establish your budget. This will dictate what option is more affordable for you. From the outset, renovating can seem like the cheaper alternative, but that is not always the case. For example, if you have an older or heritage home, that will most likely increase costs of renovation, so moving to a new home may be more cost-effective.

Council Restrictions

Obtaining council permits and approvals for renovations can often be a timely and costly endeavour. If you are wishing to have your dream home in a swift manner, then perhaps moving to a new home would allow you to do so.

Understanding market conditions

Research the market trends in the areas that interest you. You can use our free suburb report generator here to discover Victorian suburb market results and decide what is within your budget. The market might be a bit challenging to buy into, but researching the market will also allow you to decipher what your home may sell for.

Future plans

Make sure your plans for now will suit you in the future. Will your family be growing? Will people be moving out of your home? As you’re getting older do you need to be close to facilities like schools, shops, train stations or your workplace? These questions will help you decide whether your current home is serving your current and future needs and if renovating will further assist you, or if moving to a new home will fit your requirements better.

Still unsure which option is right for you? Click here to find your local agent and arrange for a personal no obligation conversation.