Forever dreams Should you renovate or relocate?
IT'S A DECISION MANY HOMEOWNERS FACE: SHOULD WE STAY AND CREATE OUR FOREVER HOME HERE, OR START THE HUNT FOR A READY-MADE DREAM? ESSENTIALLY, LOVE IT OR LIST IT? HERE, OUR EXPERT TEAM STEPS IN TO HELP YOU MAKE THE RIGHT MOVE
Finding your ideal home is a huge step - our homes are where we create memories as a family, express our inner style and feel most relaxed. But how do you know whether your current abode - with a major renovation or renewed design - could be all you’ve ever wished for, or if your forever home is just around the corner? “Once you have outlined the numbers and your emotional triggers, you will be in a much better position to make a decision,” explains Rebeka Morgan, director of BuildHer Collective. So, what’s it to be – move out and start fresh, or work with what you have? Let’s find out.
COST AND CONNECTION
There are two main aspects influencing the decision whether you stay or go: financial and emotional. Money-wise, chatting to a building designer is a great place to start, as renovating can be a cost-effective option. “If you can be as clear as possible in what you are trying to achieve, a builder can give you an indicative cost guide - this can then be weighed against the cost of relocating,” explains Rebeka. “Ask builders for their opinions, like, would site access be an issue, or can I live in the home while you build the extension? Do you think the existing home is in a good enough condition to keep, or would it be more beneficial to start again?”
In an emotional sense, consider your close connection to your property and surroundings, from friendly neighbours to the nearby coffee spot you love. Rebeka urges you to also ask yourself,
“Do I have family nearby, or is there a nice view? Is this the place where your babies lived, or do you have a dream home in your head and that is all you can think about?” If cost and connection have you leaning towards a renovation, invite a builder in for an initial site visit to uncover any hidden issues and view the process through practical eyes. Transforming your home into your ideal sanctuary is an exciting journey, as Rebeka says: “Renovations can be challenging, but there is so much potential and opportunity.” >
“THINK ABOUT HOW THE HOME ‘SPEAKS’ TO YOU. IF YOU HAVE THAT WARM, FUZZY FEELING PRESENT,THEN YOU CAN NARROW DOWN WHAT IT IS ABOUT A HOME THAT YOU LOVE” ~ REBEKA MORGAN, DIRECTOR, BUILDHER COLLECTIVE
BUDDING BUILD
“If your home is worth renovating, an architect is highly skilled in design and can provide you with ideas and unconsidered potential,” says Angela Jamison, architect at Queensland’s Jamison Architects. An architect will be able to assess the pros and cons of your existing home to help you determine whether to love it or list it. The questions Angela would consider: “Does it have good bones, character to build upon, or is your home orientated for best solar aspect? Is your home functional, efficient and practical? All these factors contribute to whether your home is enjoyable to live in year-round." The verdict ultimately boils down to your budget constraints, your property’s potential for reaching ‘forever home’ heights and the advice from your architect, so setting up a preliminary design consult is vital. “It is a small investment to make in order to make a more informed decision to proceed with renovating or selling,” says Angela, who charges an hourly rate. “Unless your renovation is substantial and there is a realistic budget to match, some architects may favour a new build over a renovation project because it is easier to design right the first time,” Angela adds. However, cost-effective, renovations can end up being more time-consuming due to working with existing features rather than a blank canvas. “In saying that, some architects will see the potential and opportunity to turn something old into something incredible and full of character that you would not get from a completely new build,” she remarks.
“HOW FAR AN ARCHITECT CAN GO WITH A DESIGN IS ONLY LIMITED BY YOUR BUDGET AND COUNCIL AND BUILDING REGULATIONS” ~ ANGELA JAMISON, ARCHITECT
REFRESH YOUR STYLE
If your Pinterest board is flooded with inspiring interiors in a specific style, it’s worthwhile booking an initial consult with a professional interior designer. This is likely to set you back between $150 to $300. “They could suggest new ways of using existing spaces, refresh spaces that feel old and tired, and give you your dream home without having to move anywhere!” says interior designer Catherine Heraghty, creative director of Sydney’s The Stables. “Styling a home with a cohesive look the whole way through will make a house feel complete,” she adds, suggesting that simple style updates such as a pristine coat of paint or fresh flooring could potentially make all the difference.
To decipher if your abode needs a complete renovation or a modern facelift, ask a designer to look at your site’s layout. “If the existing floor plan needs major changes to improve the use of the spaces, it’s likely that a major renovation is required,” explains Catherine. “If it is merely cosmetic, for example, paint, carpet, window treatments and furniture, then this is a much simpler process.” If your home doesn’t lend itself to your ‘most-pinned’ interior style due to structural limitations, aspect or site issues, consider a new build. “You can get exactly what you want,” says Catherine. “You can choose the floor plan that best suits your lifestyle and family, the finishes that appeal to you, and the kitchen and bathroom designs that you love.” >
“BEFORE YOU MAKE THE BIG MOVE, SPEAKING WITH AN INTERIOR DESIGNER COULD COMPLETELY CHANGE YOUR VIEW ON YOUR CURRENT HOME” ~ CATHERINE HERAGHTY, INTERIOR DESIGNER
STEPS TO SELLING
A chat with a real estate agent will give you an idea of what will be required if listing your home ends up being your choice. “A real estate agent has the ability to share their market knowledge with homeowners who can then make informed decisions, rather than those made on feelings alone,” says James Bell, CEO of Century 21.
So, what questions should you be asking your local agent? James advises enquiring about an estimate selling range for your property, the sale method your agent recommends, the timeframe they expect for your home to sell and how much you will need to invest in the sales process (generally about 15 per cent of the sale price). “It is also recommended that a building and pest report is obtained to ensure that there aren’t any hidden issues that could prevent the sale going through,” explains James. Other steps to take before listing your home include attending to minor updates and investing in furniture staging for open homes, the latter of which starts at about $1500 for a basic service.
“Another consideration is to have a plan should the sale happen quickly - you don’t want to miss out on an excellent offer because of uncertainty surrounding where you are going,” says James, describing the benefits of selling rather than staying. “Selling your home may allow you to transition into a location that caters for the stage in your life that you find yourself in. It also allows for change, and as they say, change is as good as a holiday.”
“IT IS IMPORTANT TO CONSIDER WHETHER THE MOTIVATION TO SELL IS PRACTICAL AND WHAT THE MOVE WOULD ACHIEVE” ~ JAMES BELL, CEO OF CENTURY 21