Which is better? Buying or Renovating?

by on 13-05-2021 in Around the Home

Which is better? Buying or Renovating?

Are you in dilemma over real estate investments? Do you want to buy a new home or you want home renovation in Sydney? If yes, then this blog is for you.

You need more room, but you love your current property. You love your neighborhood, but you want a new dwelling. Your current home is enchanting, but it needs a makeover. You want to shift to a new home, but don’t want to leave your garden behind.

People seem to be perplexed and find it difficult when the question to route their investments either to the new property or upgrade their existing one arrives. It is a hard nut to crack because the investment amount is huge and you are emotionally attached to your old home and the current neighborhood. Or maybe you want some more space for your growing family in a techno-friendly and energy efficient smart home.

Let’s find out some major factors that will affect your decisions:-

Neighborhood

It is a major factor in the new-versus-renovate question. If you cherish your current place and don’t want to leave the aura of the current place then you should renovate your property. Additionally, renovation may be a smart move if you real estate prices in the area are on the uptick. In case both these options are missing then shifting will be a wiser option.

Finances

Both Renovating and Shifting demands money. Shifting may be costlier then renovating. So, choose wisely.

Space

In case you want more room then you will have to consider the feasibility of adding space into your current property and local zoning laws.

Personality

Intangible factors like Personality can also affect your decision. It would be better if you know yourselves personally before putting a signboard in front of your house.

Distance from Workplace

You have to visit your workplace every day. Nobody wants to spend long hours on the road. Make sure your property is with a reachable distance from your office and children’s school.

There are pros and cons of fixing up your current property or buying a new one.

Now, when you have lived in a particular property or in a specific locality for years, you are now emotionally and culturally attached to your old house and so is your family. You share a strong emotional bond with your home. You will never like to miss your Coffee at your favorite Coffee shop in your neighborhood. You will hate leaving your friends either.

Renovations will also be most probably cheaper especially when it comes to adding space to your existing property on a per square meter basis rather than shifting to a new property altogether. You will also be able to access money for renovations with the home equity loan.

So, why not exploit the potential of the current property simply by renovating it?

Renovations give you an added advantage of tracking your property’s real estate value and protect you from hassles and extra hidden costs associated with buying a new home. A rational and well-structured renovation plan can increase your real estate value manifolds.

Starting from scratch and building a new home at a new location also comes with some pros and cons. If you are happy with an entirely new building and your budget is not tight then buying a new property can also be a good option.

A new home offers you multiple advantages but moving should be your only option if your current property lacks space and your family is growing because shifting can be a distressing, tumultuous, laborious exercise and quite expensive, especially because of stamp duty.

Investing in new property is not just about paying the property’s price tag. There are many hidden costs that you should be ready to invest in. If I were to choose between the two options, I would prefer old house renovations considering my long term objectives and hidden costs associated with the new property like:-

  • Cost of Selling
  • Stamp duty
  • Agent Fees
  • Moving costs
  • Building and pest inspection reports
  • Refinance costs
  • Legal fees and conveyance costs

In Australia, there has been a steady growth in real estate price tag over the last few years. For this reason, everybody prefers renovation based projects which can boost the value of their property.

The renovation is, therefore, the clear winner!

You can choose to renovate your kitchen, bathroom, living room or your entire home renovation in SydneyDelta Designs and Constructions provide premium renovations services to their clients. You can also optimize your property’s space and build additional living space by using Delta’s home construction services.