Is it wiser to renovate or to buy?

Your kitchen is in drabs but your view is magnificent. Your pool needs work but your garden is fabulous. You love your neighbours, but you need a change of scenery.

These small things can make a very big impact when deciding whether it’s best to pack up and move on up and out or stick around and make some much needed structural changes to your humble abode.

When deciding whether to buy or renovate, there are four very important things to keep in mind:

Do the costs add up?

Whether you move or renovate, both will end up costing a pretty penny. But which one is better value for more?

RE/MAX Dolphin Realtors property agent of the month, Chris Morris, says that due to inflation, building costs are much higher and buying may be the best route to take.

“But buying a new home, and selling your current home, also means real estate commissions, seller transfer costs and the expenses involved in moving your belongings,” said Morris.

Are you happy in the neighbourhood?

Location is key and can often be the deciding point when it comes to choosing between moving and renovating.

If you adore your neighbourhood and have qualms about leaving behind cherished neighbours, amenities and the feeling that this place is home, then renovation may be the wiser choice.

Ask for cost estimates for the remodel project and then determine the fair market value of the completed project. If the new sale price outweighs the cost of the renovations, the decision may be a no-brainer.

Space – too much or too little?

Additional room is very often the motivating factor for wanting a new house.

Renovating an existing house offers two options for expanded space — up or out.

Adding a second story onto a one-story home may be a viable plan, but this needs some careful consideration.

Home is where the heart is

Location, finances and structure aside, your home is your castle.

A renovation is a long, arduous process that demands patience and flexibility.

Living under far from stellar conditions can fray the last nerve after a few months of flying dust, the constant sound of power tools and a bevy of contractors walking through your home.

On the other hand, if the thought of packing up and leaving the cosy comforts of your current home gives you the shakes, the discomforts of a renovation may pale in comparison.

Know what you personally can and can’t tolerate before putting the ‘for sale’ sign in the front yard.

If you decide to take the buying route, or you need a valuation (free of charge) on the North Coast, contact Chris Morris by calling 083 251 6991 or send him an email.

  AUTHOR
The North Coast Courier

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