The question of whether to renovate your existing home or bite the bullet, sell and move on to another property is one of life’s great decisions. There are pros and cons to both, so it pays to take your time and weigh up your options, and ultimately, what’s best for your family.
Consider both your current and future needs. Be clear of your genuine needs now and any future requirements that will change the way you live. Think about any future additions to the family, or growing kids.
Then do a health and condition check of your home. Consider the age of your home, and always consult experts with regard to what can be done. Improving useable space, amenity and performance specifications can often be achieved effectively, and may reduce your need for a new construction or an extension.
 

Watch your neighbourhood

Do not overspend on renovations, because you may overcapitalise for your local area. Overcapitalising is usually not an issue if you are considering living there for a long period of time.
 Do some research. Consider various taxes that you may have to pay when you sell your property, stamp duty to buy your new home, financial set-up and moving costs.
 

Real life vs reality

Consider the type of renovation you really want. After careful thought about your needs, consider the type and extent of renovation you require, and whether it is for profit when you sell or for your present quality of living. Renovations can be rewarding by adding value to both your property and your lifestyle.
Do a feasibility study of your renovation proposals for both design and financial considerations. Sometimes it may not be feasible to build your dream plans due to various financial or architectural constraints. Running out of money before a renovation is complete can be a disaster financially and personally.
Do not blindly follow the renovation shows on television, which are there for entertainment only.
 

DIY caution

We all consider our home as our first project. Renovating your own home can be a rewarding experience, but inexperience often leads to unforeseen social and financial costs. Evaluate your skills objectively at the outset and use professional people.
Then consider your choice of tradespeople. Dealing with numerous tradespeople at the same time can be very challenging and daunting. The last thing you want is to fall into a trap of low-cost quotations, which then could lead to a massive difference in costs.
Make your dream renovation come true by using a renovation specialist who will engage tradespeople with the right pre-qualifications, licences and insurance. ❐