If you have a growing family, there will come a time when you start to think about more living space, and you have two main choices. You can sell up and move to a larger property, or renovate your existing home by adding an extension, and with that in mind, here are a few important aspects to consider.
Relocation
The questions to be addressed include, “Do I like the area I live in?”, Are the facilities adequate? Do I get on well with my neighbours? Are the kids settled in school? If you are happy living where you do, then extending does seem to be the best choice, unless, of course, you have minimal space.
Another thing to consider when thinking of moving is the costs, which would be considerable, what with legal fees, stamp duty and all the other expenses that come with buying a property. You would be better off investing that money into making your existing home larger, and with affordable builders who specialise in home renovations in Sydney, extending is a much more practical choice. Relocation should only be considered if moving to another area is preferable, or you know of a location that would be better suited to your lifestyle.
Renovation
Once you have ruled out relocation, you need to look at your property with a view to how much extra living space can be added. There are several ways to do this, which include the traditional bricks and mortar extension, a stand-alone modular building within the grounds, or even a conservatory, which would allow you to turn the living room into an extra bedroom. Home renovation while extending at the same time does make sense, and anything about your home that you would like to change can be added to the list. Talking to a local builder with renovation experience is the best way to look at all of the options, and if you have some equity built up, this is the best time to use that for the renovation project.
Other Factors to Consider
Think about land prices where you live, as now might not be the best time to sell, and if you are thinking about upgrading, can you afford it? A larger home will cost more than the value of your existing home, so you should crunch the numbers to see if selling up and moving is feasible. If your kids are at school, would have to change schools have a negative impact on their education, and would a relocation mean you have to spend more time driving to work?
Looking at the financial aspect, renovating your existing home would be much cheaper than upgrading, and this should have a bearing on your decision. Before making the decision, talk to a respected local builder about extending, then you will be in a better position to make an informed decision, and you could always take out a home improvement loan to finance the renovation.
