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It’s a dilemma that faces many homeowners; a tired home in a great location versus a modern home in a different location. People choose to live in certain suburbs based on considerations such as cost of housing, proximity to schools, shops and public transport, lifestyle (such as beach or hills), and proximity to friends and family.
Renovating an existing home can provide an opportunity to create a new home to love in a location that suits your needs. Relocating can mean finding an up-dated home without the stress of living in renovation rubble.
Your choices are exclusive to you because no other family will have the exact needs and issues that you do. So seek advice from experienced professionals. Ask a builder or Architect about renovating your current home, the scope of such works and overcapitalization. Ask a Real Estate Agent about an appraisal for your current home and possibilities within your home-buying budget.
If you choose to renovate;
– there will be disruptions to your lives
– you may need to temporarily live outside the home
– you will need plans, planning permission, council fees, etc
– you may require a Project Manager
– you have to consider possible expense over-runs
If you choose to relocate;
– your current home will need to be appraised by a Real Estate Agent
– you will have to prepare your current home for sale
– you’ll need the right sale price for your current home in order to up-grade
– you will want to find the right house in the right suburb, at the right price
– there may be work required on your new home to make it perfect for you
Regardless of whether you renovate or relocate you will likely need to borrow funds. Your budget will depend on the level to which you can renovate or the type of home you can buy. A Mortgage Broker will help you navigate the process from savings and loan top-ups to refinancing and construction loans.
Renovation Costs, at a glance
This is a guide only. Costs will vary dependent on many factors including location, quality of materials, and land conditions.
– $600/sqm to $1,500/sqm for internal renovation costs
– $1,200/sqm to $1,900/sqm for ground floor extensions, more to go up a level & wet areas
– allow a budget for storing furniture, rubbish removal, un-seen structural issues
– consider fees for an Architect, Project Manager, legal fees, etc, where relevant
Relocation Costs, at a glance
– based on a median house price of $550,000, stamp duty will be about $25,000 and agent’s commission will be about 2%
– there may be additional marketing costs in selling your current home
– there will be moving costs to relocate
For a confidential chat about renovating or relocating, please contact the friendly team at Amkar Real Estate. Contact firstname.lastname@example.org or call 08 7325 7728