When your home no longer meets your needs, you’re faced with a big decision: renovate or move? Both options have benefits, but the right choice depends on your lifestyle, budget, and long-term goals.
Reasons to Renovate:
-
You love your current location and community.
-
Renovations could significantly increase property value.
-
You want to customize your home to your taste.
-
Moving costs (stamp duty, agent fees, legal fees) are higher than renovation costs.
Reasons to Move:
-
Renovation costs outweigh the potential increase in property value.
-
Your current home layout can’t realistically be adapted.
-
You want a bigger change—like relocating to a different area.
-
Living through a major renovation isn’t practical for your family.
How to Decide:
-
Compare costs: renovation vs moving expenses.
-
Consider lifestyle factors: schools, commute, family needs.
-
Think long-term: which option will still suit you 5–10 years from now?