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When you’ve decided that your current home no longer complements your lifestyle and you can’t make up your mind about whether it’s time to upgrade your existing home or to move to a new location, this practical advice and list of considerations may be able to help you decide.
Renovating your existing property allows you to create the home you want in the location that you’re already settled in. However, a home remodel also comes with various challenges, including the disruption factor, the need to temporarily vacate, as well as the expense and time involved.
These are common signs that a renovation may be the right choice for your situation:
Whether you’re planning a major home remodel or just some small cosmetic repairs, renovating your property can offer several benefits:
The total average cost for a major renovation could be anywhere from $15,000 all the way up to and exceeding $100,000 — however the cost will vary depending on the type and scale of the project.
You’ll need to factor in costs for:
There are several options people commonly use to fund renovation:
Before you decide to renovate, talk with professionals to help you make the right decision. Speak to your bank manager, accountant, financial planner, contractor and local real estate agent to make sure that the renovation is feasible and realistic.
These professionals can help you determine the scope of the renovation, whether it can be achieved on time and on budget and help you avoid pitfalls that can arise with a home remodel.
If the renovation numbers don’t add up or the work involved is too extensive, then relocating may be a better option for you. Relocating involves selling your existing home and purchasing a new one.
It may be time to relocate if:
If you decide to relocate, you’ll need to budget for:
Compare home loans below if relocating makes sense for your personal situation.
When relocating, it’s a good idea to speak to a local real estate agent or appraiser to help you coordinate the logistics of moving from one property to another.
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