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If you're a homeowner, you may have reached a point where you're considering whether to renovate or move. Whether you need more space, want to upgrade your home, or simply want a change of scenery, this can be a difficult decision that needs careful consideration. 

There are advantages and disadvantages to both options, and it's essential to weigh them against your personal circumstances and goals. In this blog, we'll take a closer look at the positives and negatives of each option to help you make an informed decision.
 

Benefits of Renovating a House:

Cost-Effective

Renovating your current home can be more cost-effective than buying a new home. Moving to a new home requires significant costs like real estate commissions, refinancing costs, insurance, and moving expenses. These expenses can add up to a significant amount, especially if you're moving to a more expensive neighbourhood. By renovating your current home, you can save these expenses and put the money towards the renovation project.

 

Personalisation

Renovating your home allows you to personalise it to your tastes and needs. You can make changes to the layout, add or remove rooms, and choose finishes and fixtures that reflect your style. Personalisation is especially important if you have unique needs or preferences that are difficult to find in new homes. Renovating allows you to customise your home to fit your lifestyle.

 

Familiarity

You're already familiar with the neighbourhood and community of your current home. You may have established relationships with your neighbours, have a good understanding of the local schools, and know where all the amenities are. Renovating your home allows you to keep these familiarities and avoid the stress of adapting to a new environment.

 

Negatives of Renovating a House:

 

Disruption

Renovating a house can be disruptive to your daily life. Depending on the scope of the project, you may need to temporarily move out of your home, deal with noise and dust, and adjust your routines. A major renovation project can take several months, and during that time, you may experience inconvenience, stress and unexpected costs. 

 

Uncertainty

Renovations can also come with uncertainty. There may be unexpected issues that arise during the project that can add time and cost to the renovation. For example, you may discover that the plumbing or electrical systems need to be replaced, or there may be structural issues that require additional work. Such uncertainties can be frustrating and may prolong the renovation process.

 

Limitations

Depending on the age and condition of your home, there may be limitations on what you can do with it. For example, some older homes may not be able to accommodate modern amenities like open floor plans or large bathrooms. Renovating can also be limited by local building codes and regulations, which can affect the design and scope of the project.

 

Benefits of Moving to a New Home:

 

Move-In Ready

A new home is move-in ready, which means you can avoid the disruption and uncertainty of renovations. You won't have to worry about living in a construction zone or dealing with unexpected issues. A new home also means that you won't have to make any immediate repairs or upgrades, which can save you time and money.

 

Modern Amenities

A new home may have modern amenities that are more energy-efficient and cost-effective than older homes. For example, new homes may have smart thermostats, high-efficiency HVAC systems, and energy-efficient appliances. These amenities can save you money on your utility bills and make your home more comfortable to live in.

 

Potential for Appreciation

If you choose a new home in an up-and-coming area, there may be potential for appreciation in value over time. This can be a significant benefit if you plan to sell your home in the future. New homes in desirable areas tend to appreciate in value faster than older homes in less desirable areas.

 

Negatives of Moving to a New Home:

 

Cost

Upgrading to a new home can be more expensive than renovating your current home. New homes tend to be more expensive than older homes, and you may have to pay a premium to live in a desirable area. In addition to the cost of the home, you'll also have to factor in property costs, moving expenses, and other associated costs.

 

Limited Personalisation

While a new home may have modern amenities, it may not have the personalisation options you're looking for. New homes often have a cookie-cutter design, which means that you may not have the ability to customise the layout or finishes to your tastes. If you're looking for a unique home that reflects your style, renovating your current home may be a better option.

 

New Environment

Moving to a new home means that you'll have to adapt to a new environment. You may have to establish new relationships with your neighbours, find new schools for your children, and navigate a new community. While this can be an exciting experience, it can also be stressful and time-consuming.

 

Overall, there are many pros and cons to both renovating your current home and moving to a new home. Ultimately, the decision depends on your personal circumstances and goals. If you're looking to save money and personalise your home to your tastes, renovating your current home may be the better option. On the other hand, if you're looking for modern amenities and the potential for appreciation in value, upgrading to a new home may be the better option. 

Regardless of your decision, it's essential to carefully consider your options and work with a reputable contractor or real estate agent to ensure that you make an informed decision that meets your needs and budget.

 

Need help with your home loan?

Whether you’re considering renovating, moving, refinancing or investing, you should consider CWCU’s competitive home and personal loans. 

When you bank with CWCU you bank with real people. Our Lending team will work to ensure you get the loan that best suits your goals and circumstances. Get in touch with us today.