Monday, May 20, 2019

home

As your family grows, you might start asking the common question... should you keep your roots and embark on a renovation project to extend your existing home OR would it be better to upgrade to a bigger home? It is a tough decision, and here we present some advantages and disadvantages for both options. 

Renovate - advantages:

  • Costs: it might be the case that renovating and extending your current home will result in a significantly cheaper cost when compared to selling and buying. Also, depending on how long you have owned your home, your equity might have got to a point where you can fund the renovating costs.
  • Stability and keeping roots: if you are happy with your current location, your neighbourhood and local community, the facilities and other services around you, it may be a major factor for you wanting to remain in the area. 

Renovate - disadvantages:

  • The right people for the right job: choosing the right, reliable, experienced builder can be quite a hard job and this applies also for any other skilled workers you might need along the way. 
  • Exceeding capital cost: once into the project, the renovating costs together with the cost of your current home can exceed the value of your property. This is one of the main fears in renovating. 

Upgrade - advantages:

  • Chance to make it better: choosing to buy a better property in a better area usually results in a better outcome with regards to financial growth. 
  • Chance to make a change: you will have the chance to buy the ideal home for your family in the ideal area that you think will be the best for your family's future years.

Upgrade - disadvantages:

  • Costs: buying a new home and selling the current one meals real estate commissions, closing sale costs, legal costs, stamp duty and any other expenses involved such as moving. 
  • A real quest to find the right home: trying to find the perfect home can be quite impossible as your ideas and dream are yours alone. The way forward has to be whether the positives outweigh the negatives. Going through a good agent will help secure a promising home sooner. 

After weighing all the advantages and disadvantages, and when thorough calculations are done, it will be time for a decision and taking action. If renovating is not your choice and you opt to upgrade, you need to follow the right strategy. You will find it easier to understand the current market conditions of the area and any other factors which could play a role in selling and buying through the help of an agent. 

We are ready to offer you all the help, advice and support you need along the process whilst navigating through the current property market. Through knowledge and experience we will guide you along any of the hurdles and make sure you will end up finding the perfect home for your family.  

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Contact Details

Zippy Finance 

PO Box 3078
North Turramurra
NSW 2074

T 1300 855 022 

Louisa Sanghera is a credit representative (437236) of BLSSA Pty Ltd ACN 117 651 760.  Australian Credit Licence 391237. ABN 85 168 278 975.

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