Move or Improve from our current home?
This is a question often asked by our clients and the answer really depends on their current situation and future needs.
For some who are just simply looking to improve their lifestyle or meet family needs, moving to a larger, maybe new property, seems to be the obvious answer. The existing home may have been fine for the couple for a few years and from a financial perspective.
But when this situation changes, looking for more space and/or a larger block of land for children and pets, then moving seems a viable option.
Stay and Improve Considerations
- Current property is in a great location with good capital growth, then you need to factor this in before considering moving to a different area.
- In an established neighbourhood with easy access to public transport, schools and a short commute to work, then consider the upheaval factors.
- If you are fortunate enough to own a well-built home with a good layout and enough room – that may only need a cosmetic upgrade, then renovation should be seriously considered.
The other question to ask yourself is – if you could address the issues which are currently prompting you to consider moving – would you be happy to stay, renovate and improve? This is a question we often ask and in the majority of cases, the clients opt to renovate and stay.
In several cases we’ve found that our clients were not aware that making some additions and improvements to the current property will resolve the majority of their concerns.
Moving will of course will be favourable to some. There’s none of the hassle associated with renovating, dealing with contractors, cost blow outs and over capitalisation.
Living in a new neighbourhood in a brand new home seems rather appealing. If this is for you, then make sure to weigh up the pros and cons of what you will gain and what will come at a cost.
For example: if the new home is further away from work – then commuting time might increase. Does the new area have established day care, schools and other community facilities that you will need? Will re-locating children to a new neighbourhood be stressful? How far away will you be from family and friends?
Making Your Decision
Take two blank sheets of paper, draw a line down the middle of both. On one add the heading Stay and Improve and list the pros on one side and the cons on the other. On the second sheet add the heading Move and do the same.
Sheet One – Stay and Improve and Sheet Two – Move
- Left side – list all the pros – then mark out of 10
- Right side – list all the cons – then mark out of -10 (negative score)
- Tally the scores
Say you ended up with:
- First Sheet 75 and -45 then this option has an overall rating of 30.
- The second sheet had scores of 54 and -32 then the overall rating is 19.
- Looks like the first option won!
If you need help with the Stay and Improve option – please contact us or give us a call – 07 5504 7709. We’d be glad to help you explore this option in more detail.
You could also get inspired by other sites, such as Houzz, Pinterest, and Instagram.