renovate or relocate

Over time, the things we want and need in a home can change. This is when you ask yourself ‘do I renovate and create exactly what I need?’ or ‘do I relocate and find something new?’. Here’s some tips to help you consider what may be best for you.
 
Choosing to renovate
Renovating allows you to customise your plans and create a home that is exactly how you want it to be. An office space, another bathroom, a second living area. Although a renovation may cost you money upfront, any upgrades or additions can add value to your property in the long term.
 
However, renovation budgets can blow out. The cost of building materials can rise, and delays can push out completion dates. There's also the risk of overcapitalising your home. This happens when the renovation costs more than the value you’ve added.
 
Choosing the relocate
If you choose to relocate, you can look for a property that meets your needs, rather than having to work with a property that’s no longer suitable. You’ll have more freedom over location, and you might be able to leverage equity in your current home to buy a property with greater growth potential.
 
Depending on where you want to live, relocating may come with significant costs. This is especially true if you need to sell your existing home before you buy. Real estate agent fees, stamp duty, moving and solicitor/conveyancing costs can quickly mount up.
 
So, which is best?
If your current location isn’t right for you, that’s a significant reason to relocate. But, if you’re happy where you are and you think a renovation could transform your home into what you need, staying put might be the better option for you.
 
Your friendly team at Community Bank Sarina are here for you. For more information on funding options when renovating or relocating, call 4943 2634 or visit us in branch at 37 Broad Street, Sarina.
 
Bendigo Bank – the better big bank.

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