To Sell or Renovate?

Around this time of year, we get a higher number of clients asking us the question should we renovate our current home or look to buy another one?

A valid question faced by thousands of people every day. There is a raft of reasons why but the issue may be the current property doesn’t suit their needs anymore; whether it be it’s not big enough, floor plan doesn’t suit their lifestyle or they simply want a newer home.

Whilst the eventual answer is personal it’s worth thinking about your options.

Firstly, you need the figures to make an informed decision. Speak to a builder about what you are looking for and how much it would cost. Also speak to a real estate agent about what your home is worth today. The build or moving costs may help make a decision alone. Then compare what your home is worth plus build costs and compare what else you can buy. If your current home is worth say $800,000 and your renovations will cost $300,000 what can you buy for $1.1m (less costs) that is comparable? It’s also worth thinking about if you spent the money on a renovation would you be over capitalising. Your real estate agent should be able to give you an idea on the ceiling price in your area for homes and if your renovation will exceed that.

Some thought provoking questions. Do you love your neigbours? Are you one of those streets that there are gates between fences, the ‘communal’ pool that the kids walk into without an invitation and everyone has the Friday homemade beverage in Old Sam’s garage? If this scenario is you, then maybe you cannot replicate that anywhere else.

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Do you want to go through the hassle of renovating? It’s safe to say that renovating your home isn’t easy. You either need to find alternate accommodation or live around a worksite for an extended period of time, dealing with trades coming and going, making choices, paying invoices and unexpected build issues. Sometimes finding a home already finished and is move in ready is much more appealing.

The bottom line is without all the information it’s very hard to make a decision what is both financially and personally more beneficial.

Trever Molenaar
Trever has worked in the industry selling property for over two decades. This lifelong profession has enabled him to master the art of negotiation. Trever’s own personal values relate through to his professional life 
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Molenaar x McNeice
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