Renovate or Relocate?

The ultimate question! One that will surely cross your mind at some stage of your life! Both renovating and relocating bring change and opportunity as well as their own set of risks.

You might love the area you are in, or you may be seeking a change of scenery, and your choice between the two can sculpt you life for decades to come!

So when you approach the question “Should I Renovate or Relocate?” You’ll need to ask yourself a few smaller questions before you can answer the big one!

• Do you plan to stay in the area for a long time? – How well tied to the community are you? Are you well placed for work and family? Does the area have adequate school facilities for you’re your children? (if you have any or are expecting). Your lifestyle is subtly being decided for the next few years with this choice.
• If you like living in the suburb/community you are in, is your home a suitable candidate for renovation so that it suits your future needs?
• Do you have the time required to invest in a renovation project? – A project like this may take up a lot of your leisure time and it can be mentally as well as physically draining.

• Do you have surplus funds for extras? – Unexpected costs can come up during a renovation like structural issues, asbestos clearance, or delays. You might even be required to temporarily vacate the house during work, so you will need to keep money aside for these considerations. If you are leaning toward selling and repurchasing elsewhere do you have the funds to cover the costs of removalists, real estate agents, stamp duty etc.
• Is the local council on board? – Make sure that local councils aren’t blocking your plans, and they are on board with your plans!
• Have you consulted professionals? – People like building inspectors or engineers or qualified tradesman can save you thousands of dollars before you even decide by assessing your houses state. Financial planners and Real Estate agents can help mitigate and assist you with budgets and costs to ensure you are not overcapitalising on your property.
• Does the market present a good time to sell or stay?

Once you’ve asked these questions of yourself you will begin to discover what it is that you truly should do. This is only the beginning of your journey though!

Once you have decided what you want to do, you must map out your plan of action, recruit the help and support of those you need (tradesman, real estate agents, financial advisers, friends and family) and prepare for anything that might come your way!

Most of all don’t be frightened to make any of these decisions! Yes they are big choices, but if you have asked yourself the right questions and surrounded yourself with the right people, then you should be confident that your choice is the right one!

Hicks Real Estate team is available to call today on: 07 3355 6845.