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Renovate or relocate?

Author: Are you trying to decide whether to renovate or relocate?

There are positive and negatives to both options, so it’s crucial you thoroughly investigate both avenues to see which best suits your situation.

The cost of upgrading to a better home has risen significantly over the last decade, but so have the value of existing homes. This fact often makes selling the more tempting of the two options.

If you are buying in an unfamiliar area take the time to study market values.

It can be tempting and financially rewarding to sell up and relocate to a better home in a less expensive area, but it is also very easy to fall into the trap of overcapitalising.

Speak to a local Rodi agent about the area you’re interested in. They will be able to inform you of what you need to know about local market value.

Renovating often appeals to people because it provides the chance to spruce up a much loved home and bring the changes you crave to you. It can also be the more affordable alternative.

If renovating, it is best to do it properly. Don’t cut corners and avoid cheap alternatives that will affect the re-sale value of your home.

In most areas, properties fit into three categories:

1.Original properties where the value is tied up in the land.
2.Quality-built new homes or completely renovated homes.
3.Properties with outdated or inappropriate renovations (these properties may take longer to sell and can sometimes be a trap for well intended renovators).

If you’re interested in renovating your home, keep in mind the style evolution of housing and remember that the best renovations are those which complement the original style and features. It’s also important to avoid overcapitalising.

Make sure you consult with designers or architects prior to renovating and speak to a Rodi agent in your area about the likely re-sale value. This will give you the best opportunity to ascertain if you’re able to recover the building costs.

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