It is always a big decision when making up your mind as to whether to move to a new house or renovate your current home. You need to determine what would suit your family best, and, at the same time, you need to look at the financial aspect of things and the time which would be involved in both cases.
Since everyone’s situation is completely unique, there can be no right or wrong with regard to this matter. It might be so that even though you love your home, you are unhappy with the area. Alternately, you may be very happy in your neighbourhood but are encountered with either too little or too much space in your home. Whatever the case may be, it counts to do a comparative analysis of the positives and negatives of shifting to a new house against those of home renovations Cannon Hill.
Positive and negative aspects of renovations
Positive aspects:
- You don’t need to pay stamp duty
- You don’t need to pay real estate commissions
- You usually pay a fixed price and there are no hidden costs associated with the builders who do the renovation
- You get to stay in the area which you are familiar with
- You remain close to your family and friends
- You get a chance to maximize your property value making it more saleable
- You get to customize your house according to your tastes
- You have the freedom of making changes to your house to suit your present lifestyle( upsize or downsize)
Negative aspects
- Your day-to-day life will in all probability be disturbed while renovations take place
- If your house is pretty old, renovation can be expensive
- If done improperly, it can result in a decline in your property value
- If you have considered adding storey extensions (two or three), you might need alternative accommodation during renovations.
Positive and negative aspects of moving to a new house
Positive aspects
- You stand to enjoy new and more modern facilities if you shift
- You would not need to worry about development applications
- The movement can be done quite fast
Negative aspects
- You would have to leave the area you are familiar with
- You need to pay stamp duty
- You need to pay real estate commissions
- You open yourself up to the fluctuations of the property market
In order to decide which option you would like to go for, you should consider having a meeting with your family and make a list of reasons as to why you would like to go for renovations and another list of reasons as to why you need a new house.
On the whole, a home extensions Brisbane plan that is well-designed is a novel way of creating extra space and might just be more affordable compared to the high costs that are involved if you decide on moving to a new house.