Deciding whether you should renovate your existing home or build a new home elsewhere is a very personal decision. Weighing up the pros and cons takes time and energy. When working through the decision keep a pad and pen handy to jot down your thoughts. As in all decisions some things you should consider when making this investment may not be as obvious as others!
Location and Lifestyle
Considering your current location and lifestyle is the obvious place to begin! Is your existing home providing you with the lifestyle you enjoy in a location you love?
With land at a premium on the Sunshine Coast, especially if you are looking near the beach or on acreage, you home may already be in the ideal location. Have a look at the availability of land near you and see if there’s something that piques your interest. Exploring the market early may save you time and energy by defining your choices. Simply put, if there is nothing available in a place you desire to live staying in your existing home and enjoying the lifestyle you’ve created may be your only option.
Costs to Consider
Building a new home while living in your existing home may require you to have an additional loan throughout construction. Similarly, undertaking a large scale renovation of your existing home may require you to rent elsewhere. Either way there is likely going to be an expense to consider. The costs, and time, of selling your current home can also factor into your decision making process. The real estate commission and additional costs you could pay as a seller may exceed the rent and moving costs if you renovate. If you are able to stay with family throughout your renovation or new build there will likely be storage costs for your contents as well.
Whether you build or renovate consider both the financial investment and the needs of your family throughout the process. You want to ensure as much as possible the disruption to your lives is minimised as much as possible. Who knows, you might decision to rent a unit by the beach and treat this time like an “extended holiday”!
Design and Construction
A new home build gives you a blank slate. There’s no denying that it creates an opportunity for you to design a home that meets your current and future needs without any hindrances.
However, home is home, and completing a large scale renovation can transform your existing home into your dream home in a location you love. Your house can be redesigned, and extend, to meet your needs today and in the future.
Your existing house can become your forever home and the investment of a lifetime!
Whatever you decide your professional builder can offer input to help you understand the full costs of renovating or building. Often the decision comes down to simply knowing where you want to live to the life you dream of.
