Should you renovate or relocate? Or maybe demolish your existing home and rebuild. We have heard it a lot, but what it really comes down to is the golden rule of real estate: location, location, location.
There's no point remodeling a home in a poor location. No matter how much you spend on a renovation, it won't make up for a bad location.
But for homes in an ideal location, renovating wins hands down - tens of thousands of dollars wasted buying and selling costs can instead be used to create the dream home you've always wanted.
If you're happy with the location you are living in, a good starting point would be to sit down and roughly work out the transaction costs involved in moving and then see what you need to renovate.
A small renovation may be able to be done for less than the costs of moving.
But the decision still boils down to location.
Always consider the future capital growth potential of the area you are living in, versus an area you may relocate to. This could have a big influence on your decision.
Outside of a job transfer, a desire for a bigger or better home is what usually starts the exercise of contemplating moving or renovating.
If you are thinking of renovating, understand the driving force behind the decision, Is it for short or long-term gain.
By renovating, do you want to increase the value of your home for when you sell in two to five years? Or is the home remodel for your own personal enjoyment?
Because in most cases, renovation is going to give you better value for your money, as long as you keep the costs under control and ensure that the changes you make will contribute to increasing the value of your property.
Renovations should be in a conservative style to allow the future homebuyer to be able to mold it to their taste without too much effort.
Ideally the changes should contribute to the long-term benefit of the property new kitchens and bathrooms are always a winner.
If you are in the right location but the wrong house you have two choices, renovate or detonate; you can build a new home in the same place.
Sometimes, building a new home can be better financially than doing a complicated renovation. Contact Renovation Specialties for your home renovation or demolition needs.
Original article – news.com