When you feel it’s time for a change, there are a number of options you would generally consider. With property it’s no different, and one of the biggest questions people ask themselves is whether you should vacate, or renovate?
Either way you go, it can mean thousands of dollars difference, so it pays to weigh up the pros and cons of each.
Option A: Vacate. Here are some things to consider:
– Are you going to buy or rent a new home?
– What is your budget and does it allow you to afford the property type you desire?
– What parts of your lifestyle will change if you move? (Ie: commute to work, children’s schools etc)
– What is the timeframe for your move?
– Are you moving locally or long distance?
Option B: Renovate. Here are some things to consider:
– What do you need to change about your current home to make it more suitable to your needs?
– What is your budget?
– Will the renovations add value to your current home?
– What is the timeframe for your renovations to be complete (always factor in more time than quoted)?
– What can you do yourself and what would you need to contract to third parties?
– Do you know what your design is going to be?
The best thing to do is discuss your options, and your reasoning behind the pros and cons of each option, with your family and loved ones. They generally know you pretty well and will more than likely be honest with their opinions. Whilst you don’t have to take their advice, it can’t help to hear it in case you come across something you haven’t thought about previously.
Vacating and renovating both require organisation. Plan ahead and be realistic about what you can afford to spend your money and time on.