Have you outgrown your Brisbane home? Maybe you have started a family, your children have grown up or you have gathered more possessions over the years and need more space? Or perhaps your tastes have just evolved? You have a couple of options here: namely, buying a larger house somewhere else in Brisbane or remodelling your existing home so that it better suits what you need. It is a big decision with financial, emotional, and other considerations.
Here are some of the key factors involved:
What exactly do you need?
If the problem with your existing property is relatively easily fixed using some building work – say you need a more modern kitchen or an en suite bathroom for instance – then renovation and remodelling may make sense. If there are multiple problems like not enough bedrooms, bathrooms and a new kitchen is required, this may tip the balance in the favour of buying a new home, if all other things are equal.
How much do you love the area?
Your feelings towards your neighbours and the local area will play an important part in your decision too. You may just love the street where you live; your kids may be at an ideal school; local amenities and facilities may be wonderful. In this case, you are much less likely to want to move away unless absolutely necessary. Remodelling might be the best option. If you have no emotional attachments to the area then it is much easier to look into buying a new home elsewhere.
Do the financials add up?
How much is your home currently worth? How much will the remodelling cost? How much will it be worth after remodelling? How much will it cost to buy a new home in an area you like? You can get a real estate agent to do an appraisal of your home to provide information on asking prices, selling prices, and the length of time on the market of comparable houses in the area; and ask several reputable Brisbane builders to provide quotes on the work required. If you’re remodelling to sell further down the line, consider whether it is really adding the expected value, especially if the overall square meterage of your home is not being increased. Also, if your improvements are not matched by other houses in your street, this can restrict the increase in value. If you consider moving to a larger house instead, then don’t forget to factor in all costs, taxes, and commissions payable, as well as potential repair costs. For remodelling consider the costs of being accommodated while the building work is in progress. Perhaps you will need to move to a hotel for while or not be able to cook at home?
Any other issues?
There might be other factors at play. For instance you might hate having to drive so far to work each day, even though most of the other features of the local area add up; you might not particularly like the local area but don’t want to take your son or daughter away from their friends in the community. The decision you make will often have to be a balancing act. Remodelling a home can be an excellent alternative to uprooting and buying a new home but this will largely depend on your requirements, your personal feelings, and the financials. If you decide to remodel, it’s important to find a dependable and established Brisbane builder to prevent construction hassles.
Corella Constructions is a family-owned Queensland business with 15 years experience. We can help
Brisbane homeowners with honest and fair quotes for all remodelling requirements. Call Craig now on
0420 466 286 to book a time to get together.