Why Renovating May Be A Better Option
Usually, when a homeowner outgrows their house, then the next decision is often to sell the property and move to a better or bigger one.
However, most homeowners in Sydney will find that the market is not as amenable to moving. It is an expensive decision that leaves most people with only one other option: to stay put and renovate.
According to experts, renovations have become a better option for homeowners because moving is almost always a more expensive option. Reports indicate that in the last six months, more than half of interior decoration clients are people working on renovations rather than new homes.
In a report from Domain, Sydney could reportedly see “home owners needing to spend $100,000 when stamp duty, agent’s commissions, moving fees and advertising costs are considered.” This is aside from the amount you need to spend improving the new home.
Expense has become the primary reason why renovations have turned out to be popular and as backed by the survey from 2016 Houzz & Home report on 10,000 Australians.
4 ways to manage a stress-free renovation
A renovation can be daunting so working with the right local tradesmen is a key must.
A few basic tips to follow when renovating include:
- Meet and get a few quotes from reputable builders and interior designers
- Decide how far to take your renovation. Perhaps you only need to renovate certain spaces of the house which could save you money and still achieve your objectives
- Work out a budget and stick to it
- Understand how much extra value the renovation will add to your property based on its location and size
It is best to think about your long-term plans when deciding on how far to take your renovation project.
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