Archicentre said it is a question all homeowners have to face at some point and there's no easy answer as every situation is unique. 

 Families who live in the right place, but in the wrong house have found a solution in renovating.

Prior to finding the right house, home buyers seek out neighbourhoods for qualities they can check off like items on a wish list. They consciously select areas close to work, near schools, public transport services, shopping facilities, parks, restaurants and intend to have a long involvement in the community. If special needs are required, they renovate.

Building has been expensive over the last few years however, with the current economic climate now and low interest rates, renovation or building a new home is an attractive financial proposition.

The notion that a new home or renovation offers a brand new lifestyle experience still appeals to a wide range of people. 
 
Renovations can be very disruptive to family life, creating tensions, particularly large renovation projects, especially if the family is living within the renovation. However it's extremely unlikely to find a house that's perfectly functional or at least doesn't require some modification.

Those people who do move, they don't move far, often remaining in the community or a neighbouring area. Moving is an expensive exercise with moving costs up to $50,000 including loan fees, agent fees, removalist fees, and stamp duty costs. These are expensive fees and charges where the funds could be put to better use paying for renovating your home to improve your lifestyle.

 

The Three Big Questions

Relocate?
The easiest option to consider, but potentially the most costly. This may require a further extension on a mortgage thus loan approval needs to be sought from the financial institution. The new home search begins in earnest to see what's on the market in the affordable price range. Once a property is chosen get a Pre-Purchase Inspection to check both the condition of the building, and the architect's opinion of the property's potential.

Detonate?
Knock it down provided you've received council approval. Pay a visit to display home villages or peruse standard house plans, but keep in mind, it's rare to find a house that totally suits your needs and taste (and alterations to standard plans can be disproportionately costly). A New Home Design from Archicentre can be a positive first step towards building your dream.

Renovate?
If you want to maximise your property's potential and you are not sure if it can be modified, whether it's feasible or within reach of your budget, get an Archicentre Design Report. This is a great way to receive advice from a creative professional, offering ideas on adapting your home for both current and future needs.

 

Renovation has a threefold advantage.  Investment in the family home does not attract capital gains tax when it is sold; people get to enjoy a better lifestyle; and they could turn part of their home into a future revenue stream by creating a self contained living area for rent.                   

Archicentre is conducting a number of Free Seminars on Renovation next week around Australia.

 

Renovating - Ten Things You Should Know About Renovating Before You Start
The seminar will provide everything you need to know about the design and construction of your renovation, including planning, permits, pit-falls and a case study of a completed project with time for questions as well.

Click here for seminar details and bookings.