How to Decide Whether to Renovate or Shift
Understand what is involved., Weigh the pros of staying., Weigh the pros of leaving., Consider both lists to see where the balance comes out., Go with your instincts.
Step-by-Step Guide
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Step 1: Understand what is involved.
It is important to know what you might be getting yourself in for if you stay and renovate or you leave and up size.
On the whole, it is cheaper to stay in your home unless you are over-capitalizing on your property or the house you are considering shifting to is the same price or cheaper than the price at which you are selling your current property.
Then there are other considerations, such as the financial, time and emotional costs related to leaving
- including removals, re-connections, re-directions, school shifts etc.
Unless you are staying in the same suburb, upheaval counts heavily against moving and favours staying.
On the other hand, living through renovations is stressful and financial blowouts above estimates are not uncommon, let alone delays and builders doing several shifts between properties and never being available when you need them. -
Step 2: Weigh the pros of staying.
It can be really helpful to create a list of reasons for why you want to stay and renovate.
Here are key positive considerations:
Existing mortgage has low interest rates, repayment amount is low Less fees are likely to be involved in staying over leaving (e.g., lawyer's fees, real estate agent's fees/commissions etc.) Established life in local community
- neighbours, friends, school, clubs etc.
Existing access to urban infrastructure such as public transport, shops, schools, libraries, gyms, doctors etc.
Existing improvements you have already made, e.g., insulation, heating, cooling, older extensions, carpets, upgrades etc.
Sentimental attachment to your home Plenty of space upwards or outwards to extend without loss of amenities , In the same vein, consider creating a list of the pros for leaving.
Here are key considerations:
You will get more space without having to add on You will not have to deal with tradespeople, builders, architects etc. and lose home privacy for a time or suffer noise, mud, dust etc. effects from renovations A move might reflect changes in the family structure
- older children and older parents may be best accommodated by getting a home that provides more private space for teens and parents The shape or era of your existing house has never pleased you Some issues appear unsolvable, such as mould infestation, proximity to industrial facilities etc. "Tacking on" an extension to your existing home will probably spoil its character Renovations will end up over-capitalizing on the property given the area you live in and the current market values , Perhaps there are things on the list for staying that you cannot see in your current situation.
For example, you may have a lovely home but no space to extend, or your neighbours will probably object if you seek planning permission to build an upper level to your home.
Perhaps, however, some of the reasons for leaving your home can be overcome with good planning and advice.
For example, additional space gains can often be made to an existing home in an aesthetic way that provides little inconvenience if you head off to the cottage for a month or two during the worst of the renovations.
It is important to talk to your architect and/or builder about the possibilities before giving up on fixing your existing home.
A financial adviser or lawyer can also assist with advice on the potential for over-capitalization and this may be enough to allay any concerns. , Sometimes it is as simple as it being time to leave the place you have spent many years in.
Energy can be renewed and family spirits lifted by a change of view, location and lifestyle possibilities.
If you are feeling that it is the right time to move on, this may be the top motivating factor that leads you to move on. -
Step 3: Weigh the pros of leaving.
-
Step 4: Consider both lists to see where the balance comes out.
-
Step 5: Go with your instincts.
Detailed Guide
It is important to know what you might be getting yourself in for if you stay and renovate or you leave and up size.
On the whole, it is cheaper to stay in your home unless you are over-capitalizing on your property or the house you are considering shifting to is the same price or cheaper than the price at which you are selling your current property.
Then there are other considerations, such as the financial, time and emotional costs related to leaving
- including removals, re-connections, re-directions, school shifts etc.
Unless you are staying in the same suburb, upheaval counts heavily against moving and favours staying.
On the other hand, living through renovations is stressful and financial blowouts above estimates are not uncommon, let alone delays and builders doing several shifts between properties and never being available when you need them.
It can be really helpful to create a list of reasons for why you want to stay and renovate.
Here are key positive considerations:
Existing mortgage has low interest rates, repayment amount is low Less fees are likely to be involved in staying over leaving (e.g., lawyer's fees, real estate agent's fees/commissions etc.) Established life in local community
- neighbours, friends, school, clubs etc.
Existing access to urban infrastructure such as public transport, shops, schools, libraries, gyms, doctors etc.
Existing improvements you have already made, e.g., insulation, heating, cooling, older extensions, carpets, upgrades etc.
Sentimental attachment to your home Plenty of space upwards or outwards to extend without loss of amenities , In the same vein, consider creating a list of the pros for leaving.
Here are key considerations:
You will get more space without having to add on You will not have to deal with tradespeople, builders, architects etc. and lose home privacy for a time or suffer noise, mud, dust etc. effects from renovations A move might reflect changes in the family structure
- older children and older parents may be best accommodated by getting a home that provides more private space for teens and parents The shape or era of your existing house has never pleased you Some issues appear unsolvable, such as mould infestation, proximity to industrial facilities etc. "Tacking on" an extension to your existing home will probably spoil its character Renovations will end up over-capitalizing on the property given the area you live in and the current market values , Perhaps there are things on the list for staying that you cannot see in your current situation.
For example, you may have a lovely home but no space to extend, or your neighbours will probably object if you seek planning permission to build an upper level to your home.
Perhaps, however, some of the reasons for leaving your home can be overcome with good planning and advice.
For example, additional space gains can often be made to an existing home in an aesthetic way that provides little inconvenience if you head off to the cottage for a month or two during the worst of the renovations.
It is important to talk to your architect and/or builder about the possibilities before giving up on fixing your existing home.
A financial adviser or lawyer can also assist with advice on the potential for over-capitalization and this may be enough to allay any concerns. , Sometimes it is as simple as it being time to leave the place you have spent many years in.
Energy can be renewed and family spirits lifted by a change of view, location and lifestyle possibilities.
If you are feeling that it is the right time to move on, this may be the top motivating factor that leads you to move on.
About the Author
Nicholas Garcia
Nicholas Garcia has dedicated 3 years to mastering lifestyle and practical guides. As a content creator, Nicholas focuses on providing actionable tips and step-by-step guides.
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