YOU may have considered it while piling the shopping bags on top of a cramped and dated kitchen bench, or perhaps it crossed your mind after a dog and a baby came along.<\/p>\n
Whatever the reason, if your abode feels too humble, now is the time to take action.
\nRenovations are soaring across Australia as homeowners shun exorbitant moving costs and spruce up their existing homes instead.<\/p>\n
Finder.com.au<\/strong> report that almost one in three Aussies has revamped their current place and this number is set to increase as a result of the cooling property market.<\/p>\n Though it may not be the best time to sell at present, periods of flat growth are never permanent so don\u2019t procrastinate, renovate. Investing in the future value of your property through a renovation can be a wise move in the interim as long as you\u2019re prepared.<\/p>\n Increase property value:<\/strong> For example, if your home is worth $500,000 and you spend $25,000 on the renovation, you have the potential to make over $50,000 when you put it on the market, which is double your initial investment.<\/p>\n However, property values can vary significantly, so it\u2019s worth consulting a real-estate agent or conveyancer to get an indication of how much value your planned renovation could bring.<\/p>\n Spared the hassle of buying and selling:<\/strong> Depending on the scale of your planned renovation, upgrading your existing property is generally a cheaper alternative. A well-managed renovation with a practical budget can easily convert a two-bedroom home into a three-bedroom one or modernise a tired kitchen or bathroom without having to relocate elsewhere.<\/p>\n Before going ahead with your renovation, make sure you finalise any outstanding quotes and work out a realistic budget.<\/p>\n It\u2019s recommended that you add an additional 10% on top of the estimated price to allow for unforeseen costs.<\/p>\n
\nA well-designed renovation can add up to 10 per cent to the value of your property.<\/p>\n
\nFrom stamp duty to legal fees and agent commissions, the costs associated with moving can be extensive.<\/p>\n