Renovate or relocate?

When your kids are demanding their own bedrooms, that old-fashioned kitchen is getting on your nerves or your house needs a major overhaul a difficult decision awaits: to renovate or relocate.

Renovating an existing home offers to chance to create the house you want in the location you know and love.  It avoids upheavals such as changing children’s schools or settling into a new community.  But the difficulties are obvious: the disruption to lives, the need to temporarily rent or live in a building site, the expense and potential for cost overruns, the work involved in planning permissions, design and project management.

Buying a new home may seem easier.  But it brings its own challenges, not least of which is finding the home you want in the location you want.  As well, it entails selling your existing home for the right price and coordinating moving from one to the other, preferably without renting in the interim.

It’s a tough choice, and one of those occasions when making lists of pros, cons and priorities can help.

Start by asking yourself what you want most: is it to stay in your existing location?  Is it to live in a home which meets all your requirements and fulfils that wish list you have been compiling for all those years you have settled for second best?

If the answer to those questions is yes, ask yourself whether all the downsides of a major renovation, from potentially months with no kitchen and/or bathroom to choosing everything from light fittings to drawer handles are worth it to achieve your location and dream home goals.

If you decide that the end result is worth it, start interviewing architects to obtain ballpark figures for your renovation and ensure that what you want is achievable with the funds you have.  And thoroughly analyse your finances, including meeting your bank manager and accountant, to ensure you can raise those funds, plus contingency.

It is also time to talk to your Trusted Localized Real Estate Agent to ensure you will not be overcapitalising your home.  If the cost of your renovation will take the amount spent on your home above the ceiling price for homes in your area it may be time to rethink.  Even if you plan to stay long-term, so assume you will eventually be in profit, overcapitalising is not a good idea. Sometimes selling unexpectedly is necessary and if the house is overcapitalised .  You may lose money.

If you decide the upheaval of a renovation is not justified, or are undecided about it, an estate agent can help.  Have your home appraised – is the amount it is likely to sell for enough to buy the home you want?  What are the chances you will be able to buy the home you want for the amount you will have in the area you want?

There are many important questions to be asked and answered.  Weigh all the factors involved, decide your priorities, draw on the professionals for advice and talk to friends and family who have renovated about what was involved.  appeal and sale price when it comes time to sell.

Best Regards Linda & Carlos Debello “Your Local Property Management Specialist” LJ Gilland Real Estate Pty Ltd ( PO BOX 19 ZILLMERE 4034 (07) 3263 6085 0400 833 800 (Mob 1) 0413 560 808 (Mob 2) 0409 995 578 (Linda) & Find Us on Google+

Removing the Hassle from Sales & Rentals.  A family business working on referrals in this our 20th Year 2015!

About ljgrealestate 据联大

Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. LJ Gilland Real Estate Pty Ltd LREA推荐书LJ Gilland房地产 L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085.
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