Is it best to renovate or sell?

It may be better to stay put and renovate.


So you like where you live, but your home doesn't meet your family's needs anymore. Should you renovate or sell?

The best reasons for improving your home may not be the ones you think of right off the bat. Here are five to consider:

Sometimes, staying where you are is better

There are many good reasons to move: relocating for work, downsizing once the kids are grown, or wanting to be in a different area. However, if this doesn’t apply to you, you might consider staying put and creating a modern, more spacious home that fits your lifestyle. Staying where you are can also minimise the upheaval for your family, for example, no need for the kids to change schools.

Searching for a new home can be stressful and time-consuming. Instead of spending months looking for that perfect home, upgrading your bathrooms and kitchen or removing that wall that's been bugging you, just might be the best solution.

Make your spaces more functional

Construction preferences, just like decorating styles, change over time. What worked when a home was built in the 80’s may look and feel dated by today’s standards. This is also true of the actual layout and construction of the house, which may not flow in a way that meets the demands of your busy lifestyle.

If you don’t need a walk-in closet for a guest room, perhaps that space would be more efficiently used as an extra bathroom. If you’ve spent years hauling laundry downstairs or to an external space, maybe the laundry can be moved to the main floor. Consider opening up a living room with modern Stacker style doors and adding a deck to create an indoor-outdoor living area with great flow.

Tap into equity

With interest rates at or near historic lows over the past few years, homeowners have locked in rates they don't want to give up. After a rush of sales over the past few years, real estate agents are now finding that homes are frequently being passed in at auction. Furthermore, moving costs can really add up, so why not tap into the increased equity you may have and utilise the capital to improve and renovate the home you already live in?

Renovating made easy

New government regulations and national organisations such as NZ Certified Builders, provide a great deal of reassurance for anyone considering a new build or renovation. With access to the internet, websites and social media at your fingertips, there’s not much you can’t find out about the reputation and quality of a builder’s work. The entire building process can be quite transparent, particularly with the use of various online tools and apps to track your renovation project in real time.

Home is where the heart is

Probably the best reason to renovate your home is to make it a place you love. Your home should provide comfort, enjoyment and be your haven. If your apricot countertops in your 80’s bathroom drive you crazy, or if a new kitchen, a dream bathroom or master bedroom and ensuite is going to enhance your lifestyle, then why not?