So your current home just doesn’t cut it anymore. Maybe you need more space, or maybe you’re just a little more flush than you were when you bought your first home—and want somewhere a little bit nicer.
Well, moving is not your only option. You could renovate.
As usual there are good things, bad things and costs to think about before you decide which way to go.
Moving can be the simpler option because:
But moving also means you have to:
The costs of moving include:
For a rundown on all the possible costs involved with buying a new home take a look at the Buyers Guide: Extra Costs.
Renovating can be very satisfying, particularly if you love the area you live in, because:
But renovating is stressful and will take a lot of time and energy—especially if you manage the project yourself:
The costs of renovating include:
Renovations don’t have to be huge. You might be able to make your current home look and work the way you want just by knocking down a wall, adding storage space and laying floorboards. So some of the costs like rent and council fees might not apply.
Continue to information about planning and funding your renovations.
Aussie does not provide any financial or investment advice. This document has been prepared as a factual guide only. It does not take account of your objectives, financial situation or needs. Aussie recommends that you seek independent financial advice and obtain your own professional legal and taxation advice before making an investment decision.