Choosing between renovating, or buying something new or renovated, can be as much a personal choice, a financial calculation, or a combination of the two. Here are some practical points to get you thinking!The first step is to work out if your home can be renovated to meet your needs. If you are planning on extending the accommodation, you will have to check with council to see if you are able to add more floor space. Other criteria will be whether the existing structure can support the weight of a new addition. It is worthwhile engaging the services of a professional before you jump into any major renovations; the cost of the advice could help you avoid some costly mistakes later. Before working out the financial benefits, here are some other factors you should take into consideration:
You can design your renovations to exactly suit your needs. The decorating is also your choice!
You save selling, buying and moving costs, for example property stamp duty which could otherwise go towards the cost of renovations.
There is a risk of cost blow-outs for the unexpected, so you may pay for more than you originally planned. Renovations, especially major renovations, are not for the faint-hearted.
Renovations are generally very messy and often take longer than most people bargain for.
Buy and Move
If you choose to buy and move, you avoid the discomfort of living in a dusty and uncomfortable environment.
You have peace of mind without the time, energy and stress that is often associated with renovating
If you buy a new property, you have the certainty of knowing what your financial commitments are from the start.
You will have selling, buying and moving costs which could be put towards the cost of renovations.