The Benefits of Renovating Your Home versus Moving House
There are definite benefits to renovating your home and staying in it, however, there are also benefits to moving. In my next blog, I’ll go through some really useful tips on how to prepare your house to sell.
Here are the benefits of renovating your home:
1. Renovation costs far less than buying a new home.
When you plan to remodel your house or even move out, the first thing that you need to consider is the price. You need to think practically so as to be sure whether moving out is the right choice to make. Fortunately, renovating your house will rarely cost you as much as it does to settle into a new dwelling. What makes remodeling your house far more cost-friendly is the fact that you can go slow and do things one at a time. There is never really a pressure of running out of money because you can do things or make changes whenever you are capable enough to do so. Action at your own pace.
2. Customisation can be done as you would like.
A well-thought out renovation plan can make your house look like a rather new house. There are a couple of trade-offs that you must compromise when you buy or move to a new dwelling. For instance, you might love how your living room is super spacious, but at the same time, you might not like your kitchen being too cluttered and small for your taste. Making changes to your new house can be expensive when compared to making changes to your current house. Upgrading your old home is always a much more cost-effective option compared to buying and making changes to a new home.
3. You will be familiar with the surroundings.
One of the greatest challenges of moving to a new house is familiarising yourself with the new surroundings. Thus, if you only renovate your current house instead of moving out, this means you still live in familiar surroundings. There are many sacrifices that you would not have to make such as looking for a new job, getting along with new neighbours, familiarising yourself with the nearby shops, coffee shops and other retail stores. There is not much that changes with just renovating your house which could prove to be advantageous for you if you have been living around in the same place for a really long time. Let’s not forget all the memories of you and your family which may be in that home.
4. Increases the value of your property.
One of the most prominent advantages of renovating your house is the fact that it increases the property value. This is an extremely important factor for the future. If in case, you even plan to move out in the future for more compelling reasons, then you can sell your house at a good market price. You don’t have to step back because your house is not “good enough”. Upgrading your house brings a lot of value to your house and makes it easier to sell. Not just this, it also gives you a sense of accomplishment because renovating your house can do a lot – it can mean increasing the size of your house, changing the designs to something much more modern or rustic – the way you like it. If it’s your principal place of residence, then you likely will not cop the ATO’s capital gains tax.
5. Do things you otherwise didn’t imagine you could.
Renovating your house, although is the cheaper option, is also a very practical decision. This is because you can renovate your house in any style you like and turn it exactly the way you want it. If you wish to move to a certain place because you like the layout or design of that place, you can get the same layout / design for your house as well by renovating it. There are no bounds as to how you can renovate your house. You can do everything and anything to customize your house to make it the way you like it. Needless to say, this can be very rewarding and satisfying.
6. Reduces utility and maintenance costs.
One other advantage is that it helps to reduce maintenance and utility costs. Repair costs often take a toll on us when maintenance is not done at the right time or ignored for a long period of time. It often saves us from the extra expenditures that come up. For instance, replacing doors, windows or even sidings can help aid greater security and there is also a higher level of energy efficiency. Moreover, the installation of a sunroom can also help to reduce the energy consumption and even lower the operating costs of the house.
7. You can maximise the space.
As your family grows, instead of thinking of moving to a new, bigger house, you can renovate your house in a way that it can accommodate more people. Maximising the space of your house can help your house feel bigger and less cluttered. You can even customise the newly allocated area to fit the theme of your house. There are many renovating agencies, architects and designers that can help you maximise the space of your house without hurting the current orientation and layout. Thus, you don’t have to worry about moving out anymore as you can reap the benefits of staying in a larger house by just renovating your current home space.
8. Avoid the stress of moving out.
It is natural to feel tired or bored by being in the same home for many years. The urge to move out may start to grow. However, it may not be as easy as it may seem. Moving house can be one of the most stressful experiences of your life (rates right up there with getting married, starting a new job etc). For a start, your old furniture may not fit the new home or suit it. A well-planned renovation can be less hassle than actually moving out. As mentioned earlier, there are a lot of challenges that come with moving out. These challenges often lead to stress when things don’t go the way you want it to in your new house. Thus, it is always a safer and practical choice to renovate your house instead of moving out. However, I should say that if you don’t do the renovation in the right way, then yes, it can prove stressful. For example, if you try to do your own electrical (which is illegal) and cause an accident, injury or damage, then that can be substantial.
I can do your electrical repairs and renovations and a whole lot more. Call me on 0403 026 531.
Sometimes, we just want a change, or there is something we don’t like about our current situation (home) but it’s easily fixed with a change. A renovation can be as simple as adding a patio or upgrading a kitchen or bathroom. The new look surfaces, flooring, tiles or cupboards and walls suddenly make you feel like it’s a brand new home – without having the hassle of selling, moving and settling in. Saves doing a change of address letters to a million people too! : )