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Modernise or move? A popular question

Real estate & property news
25 May 2024
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It’s a question that often occupies the minds of homeowners across the northern corridor of Melbourne when they start weighing up their future property options.

You’ve got yourself established in your own home over several years, and the question then arises…” Should we move onto another home that better meets our changing needs, or should we undertake a major renovation and/or extension of the home we already know?”

Now, there is no ‘one size fits all’ answer to decisions like this, as the answer will depend entirely on individual priorities and preferences. However, here at Barry Plant Thomastown we are often asked for our advice by local homeowners, so here’s a couple of tips that you might want to consider before you make a final decision.

  1. Do your numbers carefully. If you are weighing up the cost of a renovation or extension, make sure you factor in a contingency of at least 20 per cent to allow for cost over-runs and unexpected extras.
  2. How long are you staying? The cost of a renovation needs to be weighed up against how long you plan to stay in the property. For example, if you only plan to enjoy the updates for a couple of years before moving on, you increase the potential risk of overcapitalisation where you may not get back what you spend when you sell.
  3. Get advice. It’s worth getting an objective opinion on what your property will be worth with all of the work completed. That way you can conduct your own cost/benefit analysis to assess whether it’s worth doing.
  4. Certainty. While it’s more difficult to find exactly what you want in an existing home, the benefit of moving rather than modernising is that you know exactly what you’re getting.

Of course, if you are currently asking yourself a question like this, and you’d like some experienced and objective advice to help you find clarity, our team at Barry Plant Thomastown is always happy to help. So feel free to give us a call this week on 466 3233 for an obligation-free chat.

Best wishes,

Con Constantinou

Barry Plant Thomastown

Real estate & property news
25 May 2024
Save Article

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