As a builder, one of the most common questions that we hear when we are approached for renovation works is – “We are undecided if we should renovate and stay or just move on to find something bigger”. So for those who are in this very same predicament, here are a few hot tips and things to consider if this question often plays on your mind.
1. What is that I am looking for in a house?
What are your NEEDS? That’s right – your needs, not wants! Establish what it is that will make things comfortable for you again and write a list of everything that you feel is a must have. For example; a second bathroom, extra storage or a guest bedroom.
2. What is our budget?
It is important to be realistic about this from get go. Be sure that all your needs are met before focusing on the “pretty stuff”.
3. Do your research
Another important indicator to consider is the market that you sell in, will be the market that you purchase in also. Will you be getting what you are looking for and will it tick all the boxes? One factor to take into account is that renovating is customizing your house to meet your needs.
4. Will I be over capitalizing?
Over capitalizing is when the cost of renovations outweighs how much value it will add to your property. Get in contact with your mortgage broker or bank manager and arrange to have your property valued by a professional. Also take a look at the recent sales of similar renovated properties in your area.
If you have any questions, or would like an expert opinion on your renovating needs, call Chris on 0415 546 839.