shadow s

Homebuyers Resources
Home buyers' checklists
Moving home checklist
Rent vs buy comparison
Renovate vs move comparison
Document checklist
Repayment tips
Loan jargon
Useful links
Home > Homebuyers Resources > Resources > Renovate vs Move Checklist

Renovate or Move?

Renovate vs Move Checklist
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:

Renovating - Advantages Buy and Move - Advantages

By staying in the same property, you avoid the stress of a move and the adjustment required for you and your family in a new location, schools, etc.

If you find a property that suits you and there is virtually nothing you will need to do to move in, you can start enjoying your home immediately.

You can design your renovations to exactly suit your needs. The decorating is also your choice!

If you choose to buy and move, you avoid the discomfort of living in a dusty and uncomfortable environment.

You save selling, buying and moving costs, for example property stamp duty which could otherwise go towards the cost of renovations.

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.
Renovating - Disadvantages Buy and Move - Disdvantages

If you choose to move out while the renovations are being carried out, this can be costly, with 2 moves - out and back in again. Other costs could be temporary furniture storage and connection costs of services at your rental accommodation.

For some people, a move can be a stressful situation. Unless you are buying in the same area, you will have to settle into a new community, new neighbours, new schools, etc.

There is a risk of cost blow-outs for the unexpected, so you may pay for more than you originally planned.

You will have selling, buying and moving costs which could be put towards the cost of renovations.

Renovations, especially major renovations, are not for the faint-hearted. Renovations are generally very messy and often take longer than most people bargain for.


Easy ways to find answers
Contact us T: 02 9972 4452
F: 02 9972 4605

or choose from the options below:
facebook Keep in touch on Facebook
apply online Apply online
Make an appointment Make an appointment
Email us Email us
We'll call you back We'll call YOU back!

aHomebuyers' Resources
aaReports & Checklists
aaLoan Jargon

Member MFAA  
Member COSL
Property Finance Professionals
PO Box 439 Gladesville NSW 1675
Tel: 02 9972 4452 Fax: 02 9972 4605
ABN 77 107 510 574 ASIC Credit License 388317
BF Ventures Pty Ltd T/as Property Finance Professionals
shadow aHome | Contact | Terms of Use | Privacy Policy © 2008
This site does not provide financial advice