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Home Living : September 9 2008
HLC - HOME LIVING: CENTRAL, Tuesday, September 9, 2008 1 Renovate or move? Left: The owners of this house decided to renovate, above is the end result. Your home is in the ideal location but perhaps a little small for your family's future needs and requirements. Undertaking a renovation can be challenging. Selling your home and buying another house with everything you need may be the quickest and easiest approach. But is it the right decision? Should I renovate or relocate? Let's consider both options. Renovating When renovating, first and foremost you need to assess the value of your home. Examine the value of unrenovated properties similar to yours, review sales records and attend auctions to get a feel for the price. With renovation ideas in mind, you'll also need to consider the future value of your property after the work. Understanding what your property is worth now (say, $500,000) and what it will be worth once renovated (say, $650,000) will help you set your renovation budget. In this instance, $150,000. Can you renovate and obtain everything you want within budget? If your renovation spend is only $100,000, can you achieve the same result ($650,000) and make a value gain on your renovation ($50,000)? And what are the other associated costs? These aren't always monetary costs. There's the possibility of moving out during the renovation and the costs associated with this. How long will it take to prepare plans and obtain approval for the renovation and what is the estimated time for construction? How hands-on will you be to make decisions regarding fixtures, finishes and furnishings? Can you manage and endure the renovation process while still maintaining your current family needs and work commitments? Relocating If considering relocating, you need to assess the current value of your home. What will you get for your home if you sold now? What are the costs associated with selling, including agents' fees and marketing? What is the cost of repurchasing -- stamp duty and registration fees? What is the cost of relocating? It's possible that these could total some $30,000 to $50,000. Now, that's a handy contribution towards the cost of renovating. Can you purchase a better house in the same suburb or does it mean downgrading to a smaller home? If you upgrade to a larger home, will that mean relocating to another, perhaps lesser, suburb? And can you find a home that has all of the requirements or will you need to do some further work? Renovate or relocate? The question of whether to renovate or relocate is one of money, time, patience and persistence. If you like the location you are in and can co-ordinate your family's requirements around your renovation plans to create the home and lifestyle you've always wanted, then renovating is the way to go. But if you sell and purchase you could be settled into a new home within the next four to six months without the need to endure the renovating process. Details: Visit www.renobrothers.com.au or email email@example.com HOMELIVING RENOBROTHERS Renovation experts Matt and Simon Judkins show you the way to make DIY easier BUILT IN WARDROBES FACTORY DIRECT PRICES BUILT IN WARDROBES FACTORY DIRECT PRICES PH: 9890 7477 PH: 9890 7477 • FREE MEASURE & QUOTE • LIFETIME GUARANTEE Made to suit your budget & needs • Style • Service • Variety • Full range • Accessories • Hinged Doors • Sliding Doors • FreOver 20 years exp. www.sydneywardrobe.com.au Lic: 185628C 2103231i hlc wk7 Stocktake Sale 10 - 50% off PHOENIX PLANTATION SHUTTERS TRENDWOOD CEDAR BLINDS CAFÉ VIEWSCREEN ROLLER BLINDS SHOWROOMS Alexandria 9700 9433 Castle Hill 9680 3160 Mosman 9908 2999 Chatswood 9417 0199 Liverpool 9601 5000 Penrith 4731 8440 Seven Hills 9837 9800 Illawarra 4257 7775 Newcastle 4951 5473 In Home Hotline: 9837 9875 www.accentblinds.com.au To make way for our new ranges, we are clearing a whole range of popular colours and styles. Save 10-50% off clearance Timber Blinds and 20% off Café Viewscreen Blinds. Phoenix custom made shutters for less For a limited time, Accent Blinds is offering a factory rebate on Phoenix custom made shutters. Save 10% off the usual price. Available in a range of painted and natural timber stain colours, custom made for you. 20% OFF 50% OFF 10% OFF SPECIALISING IN Built-in Wardrobes Office Systems Entertainment Units Kitchens Joinery LIC. NO. 198153C Showroom open Saturday & Sunday 492 Parramatta Rd, PETERSHAM For a FREE design quote call: 9572 7515 www.expressionsbydesign.com.au INNOVATIVE DESIGNS UNSURPASSED QUALITY SERVICE EXCELLENCE 2038652i hlc wk5 Metropolitan Built-in Wardrobes Pty Ltd FREE MEASURE & QUOTE SHOWROOM OPEN 6 DAYS Mon- Fri 8.30am - 4.30pm Sat 8.30am - 1pm T: 9763 5899, F: 9763 5877 www.metropolitanwardrobes.com.au Unit 6, 1-15 Wentworth Rd Nth, Homebush (off Bellona Ave) 15 YEARS GUARANTEED 2186337i hln wk42
September 2nd 2008
September 16 2008