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Home Living : September 9 2008
2 HLW - HOME LIVING: WEST, 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 6 Melissa Place Kings Park Ph: 9672 1133 Sunfilled indoor garden in your home Ideal for new and existing homes Fits into your existing window frames. No fuss, no mess. Supply and install service DIY kits available FREE MEASURE AND QUOTE 2245360i hlw wk3 PTY LTD Specialised in Shopfront & Domestic Security Shutters • Shopfront Shutters • Window Shutters • Security Doors • Window Grilles • Automatic Garage Door Openers • Automatic Gate Openers Master Lic: 408646770 5% off your lowest genuine price 9632 1111 Fax: 9632 1399 Showroom 77 Larra Street, Yennora www.burwoodshutters.com.au CUSTOM MADE 2073808i hlw wk15 QUALITY PRODUCTS AT TRADE PRICES MANUFACTURER DIRECT WE SERVICE MOST BRANDS OF SHUTTERS • 10 Year Written Warranty • Fast Professional Installation By Qualified Tradesman • Reduce Heating & Cooling Bills • Deter Burglars • Reduce Noise • Storm Protection ROLLER SHUTTERS FREE MEASURE & QUOTE CALL TODAY 1300 302 822 www.maverickrollerproducts.com.au 2158952i hlw wk41 C/L 196633C BUY DIRECT FROM THE MANUFACTURER AND SAVE $$$ We supply Carports & awning kits Metal roofing Guttering Flashings & all fing accessories DIY OR INSTALLATION ARRANGED M PRODUCTS PTY LTD Servicing all Sydney Metropolitan area Ph 9675 5622 www.zammitroofing.com.au 2122060K 2340843i hlc wk6
September 2nd 2008
September 16 2008