Why renovating can be better than moving

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With property prices and the costs associated with selling increasing, there has never been a more appealing time to stay in your current home and tailor it to your specific needs, all while maximizing your long-term growth. Here are 5 good reasons why a renovation can be better than selling up and moving:

Retain money in your asset

Add up the costs of selling up and moving including stamp duty, removalist fees and agent commission, as well as the additional outlay needed to upsize to a better home. Now imagine putting this money towards renovating your existing home. Do the maths and you might find that your money is better invested in your current asset.

Keep the memories!

Giving your home a facelift, reworking or extending your space, means you can remain in the home you have created so many memories in. Change as much as or as little as you want, preserve your favourite parts of your home and continue to enjoy living in your familiar neighbourhood.

Enjoy long term benefits

Renovating your home for your future needs gives you the opportunity to choose quality fittings and include home benefits that you will enjoy for years to come. Features that increase comfort and lifestyle can be worth paying a bit more for when you know that you will get to enjoy them for the long term!

Reduce your living costs

By choosing energy efficient and environmentally friendly choices that make your home cheaper to run, you will save money over time. Improving your homes BASIX rating, helps to keep it up to standard and compete with all the new homes being built.

Implementing energy and water saving features in your renovation can make you eligible for rebates. Check with your council, utility providers or state government to find out what rebates may be available and factor these savings into your renovation budget.

Have what you want

With a vision to stay in your home long-term, you can transform it into the perfect home for your family. You can prioritise your choices around what’s best for your family’s needs because you don’t have to base every decision on “what’s good for resale” and “if it will appeal to prospective home buyers”. You can have the “bee’s knees” as you will get to enjoy your home for years to come.

 

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