5 ways to know whether to renovate or sell 

Moving house is exciting. There are new rooms to explore, new walls to decorate and new fave pizza joints to find. But have you considered making improvements where you are instead?

Choosing whether to renovate or sell is often a question for our hearts as much as our heads. A move can be an expensive process but a change of scenery can be revitalising. On the other hand, sprucing up your current place can be rewarding and cost-effective.

Put your lifestyle on top of the list. What do you love about where you are? Will moving give you something more? A new home better suited to your needs could be a more viable long-term option without the hassles of redesigning or renovating. But redoing the kitchen and installing a continuous hot water unit might be all you need to comfortably stay put.

Selling your home and buying a new place is a major step and you should go in with your eyes wide open. To help you make the right choice, we look at five benefits of moving.

1. Everything is new and shiny.

Anything seems possible when you move somewhere new. It’s like a little injection of optimism, and that’s a buzz that’s hard to beat. When you start fresh in a new home, there’s the chance to become part of a different community, explore places you’ve never been and expand your social network with new friends. You’ll have a whole new perspective – literally.

2. Moving is a chance to blow out the cobwebs.

Old home not bringing you joy? KonMari it. Moving house might be the best possible way to give yourself a clean slate. Yes, you’ll need to sort through years of accumulated stuff, sell the good bits online and hire a skip (or three). But, at the end, you’ll have a clutter-free home and even a few extra dollars to start your new collection.

3. It’s easier than a reno.

In reality, renovating can be a bit like a root canal. There’s lots of drilling, no one will tell you exactly how much it will cost and you have to wear sunglasses to avoid hurting your eyes. Even if you manage to find a budget-friendly architect, a reputable builder and reliable tradies, the actual work is noisy, disrupts power and water, and almost always takes longer than expected. On the other hand, you can probably just walk right into your new place and have a hot shower in peace.

4. You know how much it will cost ahead of time.

It’s true, there are a range of costs involved in moving to a new home. You’ll be up for stamp duty, removalist fees, legal fees, agent’s selling commission on your old home and potential bank fees associated with your new loan (unless you get a ME home loan with zero application fees*).

But at least you know what you’ll be up for. The cost of renovating a house can be slippery and changeable. Every unexpected problem or slight alteration can bring on those inevitable “looks like this will cost a bit more” meetings with the builder. Your manageable budget can quickly turn into a fiscal wasteland. Not knowing how much to spend on renovations makes the fixed cost of buying look pretty good, doesn’t it?

5. Moving can bring you closer together.

Your family unit is your support team. While you’re navigating the ins and outs of being in a new place and making new friends, you’ll lean on one another for support. Plus, you’ll have a blank slate for new traditions and memories.

Moving house can set you up with another support team, too – your lenders. It’s a chance to secure a better rate, enjoy improved loan features and relish the personal attention of a lender who sees you as more than just another customer.

There are many things to consider when deciding whether to renovate or move. Your ME Mobile Bank Manager can crunch the numbers to help you decide whether to turn the page and embark on an exciting adventure in a new home. Pulling up stumps for a new destination is a big decision, but it might just be the best one you’ll make.

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