When the family grows and your space begins to shrink, buying a new home is a typical solution many homeowners would consider. However, there are certain conditions that can get in the way of moving, which is why there is another option: renovation.
If you are torn between these two choices then you might want to ask yourself the following questions:
Where are You Planning to Move?
For a growing family, being close to schools, groceries, hospitals and the workplace is a main concern, especially if both parents travel to work every day. Other considerations for your new location would be security, the neighbours and possible transfer of schools for the kids or even a change of jobs for you and your spouse. If you feel that moving will shake things up too much, then renovating would still be the better option.
Will the Renovations Add Value to Your Home? If you intend to spend thousands of dollars to add a home extension to your house, this may also mean thousands in added value to your home. If the renovation reduces the value of the structure instead of adding to it, then you need to question the wisdom of renovating. Best consult with reputable Perth home extension builders like grannyflatswa.com for proper suggestions and estimates for your extension.
How are Your Payments Affected by Moving? There will definitely be a change of mortgage and property taxes when you decide to move. Mortgage payments may rise if you buy a bigger property. On the other hand, property taxes are based on your new home’s location. Having to change your monthly budget may be a harder option in the long run than just using your savings to renovate your present house.
Renovation can be a viable solution if you don’t want to go through all the challenges of moving to a new property. Having to endure a renovation may be an easier option than uprooting your young children from a familiar area and then requiring them to adjust to a new place. Just remember, in the end, it’s your family’s welfare that should be our priority when making this decision.