If your housing situation needs a significant change, you’ll typically have two options to consider:
There are various pros and cons for both, and the right answer for you will depend on why you’re needing to make a change and what it is you’re wanting to get out of your property. If you’re looking to renovate, make sure you’ve thought through all the impacts it may have on your life and your finances – especially when compared with moving.
Benefits of renovating
- If you’re happy with where you live, renovating means you’ll stay in the same location. You can of course try to buy another property close by, this may limit your options – and cost quite a bit more
- You avoid the costs that come with buying a home such as stamp duty as well as legal, registration and real estate agent fees
- You may increase your property’s value with the renovations. And you don’t necessarily need to renovate on a big scale – even small changes can make a big difference
- Avoid the stress and hassle of moving
Things to consider before renovating
- If you’re not completely happy with where you live, no amount of renovations is going to change this
- It can be easy to underestimate the cost and time involved in renovating. Make sure you’re across all the necessary details and have both a financial and time buffer in case things don’t go to plan
- You may not be able to carry out all the changes you want to make to your property due to its current condition. A building and pest inspection can help you make sure you won’t be stopped by things like dry rot and white ants
- You may have to live in another property while the renovations take place
Funding a renovation
If you do decide a renovation is right for you, there are a few ways you can fund it. No matter which option you choose, the more you’re able to save upfront before starting your renovations, the more secure your financial situation is likely to be once they’re under way.
Your options include: