Selling vs Renovating – Which is Right For You?

Couple sits on the floor and looks over plans for selling vs renovating

Family homes are more than just a financial investment; they’re an emotional one too. These are the places where we form memories, learn lessons and watch our children grow up. That’s why parting ways with our home can be just as hard as watching our children move out.

But if your family is getting bigger or your home is looking tired, you might need to think about selling or renovating. Both of these options have their own benefits and challenges and in the end, this is a decision that only you can make.

All we can do is offer a professional opinion and give you a few things to consider when making this decision.

Do You Love Your Current House?

As we’ve already said, a family home can be a legacy and that can come with truly strong feelings.

Perhaps it has been passed down through your family for generations. Maybe your daughter took her first steps in the exact location that you took your first steps. If your current home holds sentimental value, you might not have to sell it. Consider what makes it unsuitable for your needs and determine if renovation can be a solution.

Do You Like Your Neighbourhood?

If you love your neighbourhood and don’t want to leave, you might think twice about moving. If you’ve got children and moving would put them into a different school, you might also want to reconsider. While children will always adapt, moving home and school can be a traumatic change for them.

What Condition Is Your Current House In?

It’s important to get a professional to examine your house with a site visit. This can help to determine any obvious problems, as well as issues with your wiring, foundation, plaster and stumps. Finding out the hidden costs of a renovation may determine whether or not you go ahead with it.

Consider Your Family’s Needs

Where are you now, and where do you plan to be in five years? Are you having more children? Are your children moving out? Keep this in mind for whether you plan to move or renovate.

If you’re renovating, you might want to consider things like building a second bathroom for your teenage daughter over an alfresco dining room.

Take a Look at Your Neighbourhood

If your neighbourhood isn’t close to schools and isn’t the most family-friendly, you may not want to invest time and money making your own home a family home. When it’s time to sell in a few years, you might not be able to find a buyer as easily.

Do the Maths

 If you are driven by finances, you should sit down with a builder, contractor or engineer to determine how much renovations would cost. Whatever they say, add 10 percent for unforeseen costs. (View our list of home improvement ideas that won’t break the bank here.)

Next, consider how much buying a new house would cost, how much you could sell your current house for, and things like real estate and moving costs. Make a chart to determine which would be the most cost-effective option, both now and in the future. Do your research and speak to experts.

Are you considering a home renovation? When you need building services in Sydney, trust the full-service experts at Rescon Builders. We will help you find a custom building solution at a price you can afford.

Call us today to schedule a free site visit.