Now, you’ve outgrown your house and you’re confused on the decision whether to do some renovations/ home extension projects or sell the house and move out? Deciding which one to opt for will require you a couple of factors such as lifestyle aspects and most importantly your budget. So, here are some helpful considerations.
What Will I Consider?
When determining whether you’ll settle on renovating the house or just sell and move in to a new one, better ask yourself first and consider the following:
- Will the home renovation or house extension project be approved by the local council?
- Are you planning to stay long in the current local area you are in?
- Does your current area have all the facilities that you need like schools, shopping malls, public transport and etc?
- Have you already prepared a living space or area to settle in while the current house is renovated?
- Are you willing and ready to supervise the contractors and builders who will be working on the renovation plan?
- If most of your answers on the above questions are YES, then you are ready for a home renovation or extension project.
The BIG Challenge – Renovation Costs and Proper Budget Planning
It is very important to be practical and realistic about the expenses when planning the costs of renovation versus moving out. This will guarantee you that all renovation expenses are worth the risk. You need to carefully look at many renovation options, do some research, analyse the demographics of your community, what is the ideal design of the house and check the sale prices of similar houses in the area.
From those considerations, you will be able to put up a price to your current renovation plans. Architects might cost lesser than what you had expected and they can even help you save on money and time. Once the renovation planning is drawn up, check out at least three reputable home builders, if you are very serious about completing the plan on time and make a background check on these builders.
To cover the entire cost of the project, you can apply for a home extension loan to meet up all the renovation expenses. It is also ideal to speak with your loan provider at the earliest time possible to ensure that the funds are available.
Approval from the Local Council
If ever the renovation planning is not approved by the local planning authority, the project cannot proceed. So it is very important to consult your renovation project with a local council first to meet their requirements and have the opportunity of their approval.
During this process you will be required to have a formal development application for your home address. The process however, depends from every local council. But most of the time, it requires the submission of building plans, proposals, and other important documents. All these documents will go through various approval processes. You need to be patient for the whole process as this can take some time. Most probably it will take up to six months or so.
Living with Renovations
Deciding on having a home renovation is a big endeavour that you must be prepared for. It can take you many months of living with a house full of dusts, construction materials in the yard, and builders walking to and fro in your house. You and your family might need to move out for a shorter period and this can mean additional expenses if you can’t stay with close family or friends.
What’s the best time to move out?
The best time to move into a new house is when:
- You want to have access to better community facilities including schools, hospitals, parks, and etc.
- You would like to have a bigger garden or outdoor area.
- You would like to live near family or friends.
- You are seeking for a more peaceful and quite neighbourhood.
- Your planned home renovation project is not approved by the local council because of its feasibility.
- The current market has a good opportunity of selling a wise value for a property.
But you need to put in mind that there are also numerous costs involved when it comes to moving into a new house. You will need to think about doing the calculations such as:
- The expenses of having a new house versus a renovation project.
- Stamp duty for a new property.
- Legal fees involved including conveyance.
- Real estate agent commission and other necessary marketing fees.
- Relocation/Moving fees.
The main thing here is to decide on whether you will move into a new house or just settle with renovation. Whatever is the decision, it must meet all your requirements and the entire family’s needs.