You want a fresh start because your old home is, well, not up to snuff - for lack of a better word. We get it. If you're a resident of New South Wales scouring the web for a home builder Bexley homeowners trust, consider Konnect Building Solutions. We've been in the trade for over 20 years and constantly endeavour to exceed our clients' expectations. Whether you want to remodel your digs or have an upcoming multi-story tower project, we're the team for the job. Or maybe a renovation might suffice? As you scratch your head, trying to resolve your dilemma, you might need help. Well, you're in luck - our expert builders' insights below could help you decide
Rationale for Renovation
Sure, a radical overhaul is a costly endeavour, but it allows you to get the look and feel you have in mind. That being said, below are some of the considerations you should make if a renovation is on the cards:
Far too often, we encounter homeowners who adopt a gung-ho attitude to redecoration, only to pump the brakes when they realize they're way in over their heads. That’s after maxing out their budget before project completion.
Before putting your plan into motion, calculate the expenses (including labour) to determine if you're in a financial position to tackle a renovation. This could entail getting project estimates from contractors in your area. And if you're willing to undertake the project but money is tight, you may explore various loan options.
What's the idea behind the renovation? Do you plan to rent out the property or sell it? Is a cozier vibe (for your family) your motivation?
Establish your reasons before committing time and resources to the project. For instance, if you intend to enjoy the home for years, you may splurge on a fancy kitchen or other features.
But if you intend to flip the property, opt for cheaper materials and skip the flamboyant touches to keep the costs low. That way, you can avoid the risk of overcapitalization - basically, overspending on your property without increasing its value as expected. If you aim to sell the home, chances are you'll lose money despite the costly investment in refurbishments.
Picture this; you've moved into a guest house because your property is under renovation. Then, a hailstorm hits your area, resulting in costly delays. Or, you've hired multiple contractors, meaning coordination should be spot on - which takes effort and time. Perhaps, the parts or materials you need are in short supply - ditto.
Unexpected hiccups can add extra weeks or months to the renovation timeline. If you're pressed for time, you may sell the property instead of spending time and money on a radical transformation.
Likewise, your family's situation may preclude you from taking on a lengthy project. For instance, if you have young children or pets, the disruption associated with restorations may be too much to handle. Also, if the inconvenience of living in a perpetual construction zone and the mess therein is unbearable, you might consider putting the house on the market.
Would you give up a chance to live in a dream neighbourhood merely because your house needs renovation? If you already live in a desirable location, complete with all the amenities you need, it's preferable to renovate because you get to keep the locale.
In contrast, if your home is situated in an area where property prices have shot up significantly over the years, selling might make more sense. Thus, you could sell your ‘McMansion’ and purchase a modest version in the same area (or elsewhere).
The Argument for Selling
Sometimes, selling your home makes more sense than a renovation. Here's a peek at some of the scenarios where this could apply.
If you live in an area populated with similar-sized properties, renovations may not yield high returns when you decide to sell. Put differently, it's prudent to drop the idea of remodelling if you could purchase a similar move-in ready abode in the same neighbourhood for much less than the projected gain from a renovation.
Property Size and Age
Your property could be too large for your family (if, say, your kids have flown the coop). In that case, consider selling. Large homes are expensive to maintain, and the taxes are steeper than you'd pay for a smaller yet comparable home.
Additionally, homes with larger footprints may need more extensive renovations, resulting in higher costs. The same applies to older homes as they typically have outdated wiring, plumbing systems, fixtures - you name it. The cost of upgrading such a property could be astronomical, ruling out a restoration project.
The costs of selling your home could easily make you do an about-face as you may end up with less money than anticipated. Consider the following:
In a seller's market, you may get more dollars for your property than in a buyer's market. In the latter, prices typically drop as buyers have more options - meaning less money in your pocket.
If the idea of selling your home and renting (as you scope out the market for a new property) is more attractive, go for it. But if that might throw your plans off track or inconvenience your family, you might be better off refurbishing your den and staying put.
The Verdict: Take Your Pick
Time to pick your poison - which boils down to your circumstances. It's also advisable to seek professional advice from agents, builders, attorneys, and other experts relevant to the decisions at hand. By so doing, you can adopt the most cost-effective and least trying approach.
Nonetheless, you may need to compromise on some of your wishes - in terms of the type or location of the home you want or other aspects. If a renovation is the most feasible option, consider teaming up with Konnect Building Solutions. We're on hand to turn your home into an awe-inspiring living space. Find us at https://www.konnectbuilding.com.au/builder-bexley.html or talk to us for an enriching experience. While at it, browse our gallery to get a feel for the kinds of projects we've tackled so far.
Name, Address and Phone
Konnect Building Solutions, Bardwell Park Sydney NSW 2207, 0402658244
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