Advantages of Renovating a Home

renovation benefits

The Many Benefits of Renovating Your Home

Perhaps you’re considering giving your home a facelift, or even making major structural changes; either way, there are many benefits to renovating your home.

  • If your home renovation is well-planned and well-executed, you could easily increase your property’s value by up to 10%: an attractive proposition if you’re planning on selling your home in the near future!
  • Because you’re not selling your home, you’ll avoid all the costs associated with buying and selling property; like Real Estate agent fees, stamp duty, and legal and registration fees.
  • Your renovations can be specifically tailored to the changing needs of your family or lifestyle.
  • You can make whatever changes you please, like a new kitchen or bathroom, designed exclusively in your own style.
  • If you’re renovating an investment property, these alterations can potentially reduce the amount of tax you pay, because they’re tax-deductible or depreciable over a number of years.
  • By making your home or environmentally sustainable, you can achieve substantial savings on energy and water.
  • And if you’re handy around the home, you may be able to save money by doing some of these renovations yourself. The bonus is that you’ll get the results you’re looking for; however, remember that doing this work yourself will take time away from enjoying your lifestyle. So, before you pick up that hammer, weigh up the real costs to you and your family.

Important Points to Consider

Because renovating isn’t everyone’s cup of tea, it’s important that you really stop to consider whether buying a new home might not be a better option for you.

The most common reason why people decide to buy a new home rather than renovate, is location. So you need to consider whether buying in a different location might better suit your lifestyle, with the added benefit of increased capital gains.

If you’d like more information about a specific property or an area you’re considering buying or selling in, a complimentary Property Report can be very helpful in helping you make informed decisions, determined by your specific requirements.

Renovations can be expensive, and unfortunately many home owners underestimate the costs involved; or else they overcapitalise by spending more money on the property than it can be sold for. This is a very important decision, so make sure you sit down with a Lending Specialist and crunch the numbers to determine if buying a new home will help you achieve your financial goals.

It could well be that your home is not suitable for the renovation you’re planning, so get both a Pest Inspection and Building Inspection on your property before you do anything else. Factors like white ants and dry rot will affect your decision on whether to renovate or move.

Renovating your home will take careful planning and management. Will you have time to manage these renovations? Remember that it will involve dealing with contractors and having tradespeople in your home for a period of time.

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