When you’ve been in your home for a while, there may come a time when it no longer feels quite right. Maybe your family has expanded, maybe you need refuge from your sulky teenagers, or maybe you’re running a business from home. Whatever the case, you may find yourself weighing up the benefits of doing a home renovation – or just moving to a completely new place.
There’s no doubt that renovation can totally transform a home, and often add value – without the not insignificant hassle of moving! But before you jump in, there are a few things worth considering. After all, you don’t want to end up knee-deep in paint swatches and surrounded by loitering tradies, only to realise you’ve made the wrong choice.
So how do you know if renovation is the right move for you? Here are three important boxes you’ll want to tick first.
You’re in a location you love
No matter how beautiful your home may be, if it’s not in the right location for you, you may never be 100% happy there. All the plantation shutters in the world cannot make up for being in the wrong neighbourhood, or right under a flight path! So before you look at your actual home, take a good hard look at where it’s situated. If you’re close to all the things that matter, renovation could be a great investment. But if you desperately need to be closer to transport, or in a different school catchment, you may be better off with a new address.
You can easily add value
While many renovations increase the value of a home, some won’t. It really comes down to the value of the area, and the amount of money and space you have to play with. For example, a simple kitchen update can easily add value to an asset without breaking the bank – but an expensive extension may not be worth it in the long run. The best way to find out is by talking to a real estate expert, or an architect who’s familiar with your area.
Do remember, though, that moving doesn’t come for free either! There’s stamp duty, moving costs and general pain and suffering to consider, so don’t be put off renovating without doing a proper cost assessment!
Your vision is actually realistic
It’s pretty easy to dream up ways of overhauling your home – but remember that what sounds good in theory doesn’t always work in practice, and your home might have limitations you don’t know about. Older homes in particular can present hidden nasties like dodgy wiring, uneven floorboards, and even unidentified termite damage – all of which can quickly blow out your renovation budget. Your proposed improvements will also need to pass muster with the local council, and sometimes the neighbours or strata. So before you get carried away, talk to an architect or licensed builder to discover whether your home is structurally sound enough to handle your proposed works.
Some time spent researching the key issues will go a long way to ensuring you make the choice that is right for you – both today and further down the track.
The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.