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Renovating vs. moving: what to consider

 
couple repainting the walls CUA teal

It's the apartment you moved to when you got married, the house you brought your babies home to, or the property where you've celebrated numerous birthdays and anniversaries. But lately there just hasn't been enough space and you really want that extra room. Is it better to stay where you are and renovate – or move on to a new adventure? Here are a few tips to help you consider the pros and cons of renovating vs moving.

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What are the key renovations you'd like to make to your current home? Make a list with your 'must have' and 'nice to have' changes and then find out if it will be possible to pass those changes through your local council. Review the likely costs of renovation and discuss your situation with a real estate agent to get opinions about how it may add to the value of your home.

Consider your local area and how it fits your needs. Do you want to stay in the area, do you like the local facilities and transport? Are you close to family and friends and do you have schooling needs to plan for, or consider?

You'll incur different kinds of costs when renovating or moving, so spend some time crunching the numbers. If you renovate you'll need to budget for: plans, contractors, the renovations themselves, and possibly alternative accommodation during the building period. If you move you'll need to pay: stamp duty, conveyancing and legal fees, estate agents' commissions and marketing costs, moving costs, and possibly refinancing fees.

Choosing to stay and renovate, or sell and move can be a practical but emotional decision. But once you've done the planning, you'll have a good idea of the scope and costs of both options and be able to make a decision that best suits your needs.

  • The Australian Government's 'Your Home' provides a guide on buying or renovating homes in an environmentally-friendly way.
  • Property Republic's resource hub for researching how to buy, sell, build or renovate property.

Whether you decide to stay and renovate or move on and buy, a CUA Fresh Start Variable Home Loan* may suit your needs.

* Available on new lending with CUA^ with a maximum loan to valuation ratio of 80% (20% deposit or equity).

^ Existing CUA home loan customers are eligible with additional lending of $50,000 or more.

If you have a question for a CUA Home Loan Specialist, you can ask us here

Please note: This is only intended as a general guide in relation to issues you may want to consider when deciding whether to relocate properties or renovate your existing one. It is not intended to be an exhaustive list of all relevant issues and you should take into account your own particular circumstances, and obtain independent expert advice where needed, before proceeding.

Jun 06, 2019 | Found in: savings,
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