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Home Living : September 9 2008
2 HLN - HOME LIVING: NORTH, Tuesday, September 9, 2008 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 firstname.lastname@example.org HOMELIVING RENOBROTHERS Renovation experts Matt and Simon Judkins show you the way to make DIY easier Receive *FREE single door awning (800mm x 600mm) Valued at $500 OPENING ROOF INSULATED AWNING PERGOLA GLASS ENCLOSURE LIC 168459c AUSTBIND PTY LTD Call Now for your FREE In-home design & p 3 Marsh St Granville *Conditions apply Ph. 9897 0300 FIRST CALL BONUS OFFER 2116609i hln wk7 Modular Rooms Aluminium Windows Gutters & Fascia Glass & QLD Rooms Cladding Decking Factory / Showroom 1/9 Powells Rd Brookvale 2100 www.supershades.com.au email@example.com • awnings • shutters • blinds • curtains SHUTTERS *FREE INSTALLATION on all timber shutters AWNINGS *FREE ELECTRICAL INSTALLATION Applies to Remote Controlled Folding Arm Awnings only. Beat the Heat ORDER NOW to Reduce your Energy Bills this Summer Call us for a FREE measure, quote and advice ph 9938 4377 *Special offer ends 31 October 2008 2172228i hln wk7 To find a fully licensed Master Plumber in your area go to Master Plumbers Association of NSW or call toll free or call to find an enviroplumber in your area
September 2nd 2008
September 16 2008