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Renovating Vs Moving Out
Have you decided that your house is just not right for you any more and you would like to move out into something more suitable? But maybe renovations would give you just what you are looking for. There are pros and cons to each, so take a moment to consider just what each entails.
With your present home, you can measure exactly how much the value has gone up over the years. This allows you to assess the future worth. If you buy in a new area, you can't tell how the value will rise, but you may be lucky enough to catch a housing boom.
If you renovate, will this over-capitalise your home? This means that it will be a great deal more expensive that others in the street - a bad idea when you try to sell. It can also be a problem if you decide to build a big
new home in a street where the others are all small and old. This will make it hard to recoup your investment.
Costs of moving and buying a new home or building one may be greater than the cost of renovations. You have the costs and stress of moving, stamp duty, refinance costs, legal and agents fees. Renovation costs also mount up, but are generally less than a new house.
Moving will uproot the family from all their friends and school, while staying may mean a period of discomfort while those renovations are in progress.
Look for Construction home loan information online and QuickDirect details at http://www.quickdirect.com.au/
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