Renovate Versus Stay: Determining The Better Course Of Action

After staying in a house for a long time, things begin to change gradually. Perhaps the house was bought with a small family in mind and the family has since expanded. Maybe there are parts of the house that one wants to renovate because of wear and tear. One might want to do deck extensions to make space for more furniture or a space for relaxing and having the children play. Whatever the reason, renovations are difficult to pull off properly and normally require a lot of planning. Sometimes it might just be better to move to a bigger house and have everything without all the hassle of renovations.

The following steps might help with the decision before one decides to move. One should understand what is involved in every decision or potential decision they make. The biggest consideration at this point is cost. Various aspects of renovation come at different costs, depending on the style and the preference one wants. Replacing the regular window with sashless windows might be the in thing at the moment but is it affordable? Another consideration is the amount of inconvenience that will be caused by the renovations. Will the family have to vacate the house for a while? Will the noise interfere with the daily activities of the household? One should also keep in mind that costs might escalate above their estimates.

If the other option is to move to a newer house, the two options should be compared side by side to determine the one that has the most merit. Most of the tie, staying put will be the better alternative. Some of the reasons for staying might be because the mortgage has a low interest rate or repayment rate. Staying means avoiding fees incurred in a typical moving process like real estate agent fees, movers’ fees or lawyer fees. Other potential reasons include an established social life in the current neighborhood that one might not want to interrupt. One normally has friends, goes to school, has neighbors they are used to, and has library and gym memberships and so on. Going to a new place means starting afresh which might be tedious. One might have recently made changes in the structure of their house that they might not be willing to leave behind like new stacker doors in Perth, carpets, insulation, heating or cooling systems. Some compounds have a lot of space that make it easier for expansion. In yet other instances, it is a purely emotional decision because of a sentimental attachment to the house.

One can seek the help of a professional before they make a huge decision and move out of their house. They might seek the services of a real estate agent and compare the costs of renovations and buying new house. They might seek a financial advisor to help them work out the implications of a move versus stay situation on things like their mortgage or insurance. Local planners might advise on whether they will be able to get permission to expand their house or the dwellings on their compound.