As families grow, needs change. Sooner or later, most homeowners give serious thought to remodeling or extending their home.
If you’ve found yourself in this category, consider the following tips to help you decide whether selling, or renovating, is your best next step:
1. Have your home appraised
To ensure you’re making an informed decision, it’s a good idea to obtain an accurate understanding of the current market value of your home. The Rendina residential sales team should be your first port of call – they know your suburb inside out. Be sure to also ask your agent how much your home would be worth in the current market if it was renovated.
2. Establish renovation costs
Depending on your home, its current condition and how much extra space you need, the cost of a renovation could be significant – hundreds of thousands of dollars. Speak to a builder or two for ballpark renovation costs so you know what you’d be up for should you decide to stay where you are. Remember, it’s important not to overcapitalise when renovating. You should be able to increase the value of your home through renovation by more than the amount of money you spend on the project.
3. Look at the cost to purchase a renovated property
Another important exercise to undertake before embarking on any renovation project is to find out what kind of home you can buy for the same investment. You may find that for the same amount you plan to spend on renovating, you can buy a larger, more comfortable home that will provide more capital gain potential in the long run.
4. Be honest with yourself
Are you up to the task of renovating your home? Being honest with yourself may be challenging, but it’s important none-the-less. Tackling a renovation is a big job – and many absolutely love it! But if you’re not a fan of choosing tiles and taps, living in one room for six months or liaising endlessly with builders and tradespeople, maybe renovating isn’t for you?
Ultimately, deciding whether to sell or renovate is a personal decision. Here at Rendina Real Estate, it’s something we help clients with on a daily basis. If you’d like to discuss your options and understand the value of your home in the current market, please get in touch.