Should You Renovate or Sell?

Should You Renovate or Sell? Deciding whether to renovate your home or sell it and move to a new one is a question many homeowners grapple with. It's a significant decision that can impact not just your financial future but also your lifestyle and happiness. Based on the data gathered from the recent Dream Home Dilemma quiz, a whopping 85% of respondents are leaning towards renovating, driven by the allure of creating a space that truly reflects their needs and tastes. But is renovating always the right choice? Let's break down the decision-making process.

The Case for Renovating

Renovating has its appeal, especially for those who are attached to their current location and community. The idea of transforming your home into your dream space without uprooting your life is enticing. Renovations can improve both the functionality and aesthetic appeal of your home, potentially increasing its market value. Whether it’s expanding your living space, modernizing outdated areas, or adding personal touches, renovation offers a path to breathe new life into your home.

Beyond the creative satisfaction, there’s a strong financial case for staying put and renovating rather than selling. Moving in Australia is expensive, with costs adding up quickly. With a median house price of $940,000, you could be looking at expenses totaling around 7% of the house price-approximately $68,833. This includes removalist costs, stamp duty, legal fees, pest and building inspections, loan fees, selling commission, and cleaning.
That's nearly $70,000 spent just to move, money that could instead be invested in building your dream home right where you are. For those who took the quiz, the prospect of having a clear path from discovering the right builder to kicking off the renovation was a key factor in their decision to stay and renovate. Knowing that the process can be streamlined and organized gives many the confidence to take the plunge.
However, it’s essential to be realistic about the challenges. Renovating isn’t just about picking out new countertops and paint colours. It can involve unexpected complications, such as structural issues, outdated wiring, or hidden water damage. These issues can quickly escalate costs and extend timelines. But for many, the end result-a home that perfectly fits their lifestyle and taste-is well worth the effort.

The Case for Selling

On the flip side, selling your home and moving to a new one might be the best option if the required renovations are extensive or if your current location no longer meets your needs. Perhaps your family has grown, and even with renovations, your current home simply can’t offer the space you need. Or maybe the neighborhood has changed, and what was once the perfect area no longer feels right. Selling offers a clean slate-a chance to start fresh in a new home that already has the features you desire, without the hassle of living through a renovation. It might also make financial sense if the market is hot and you can sell your home for a premium, giving you more buying power for your next property.

Making the Decision

The key to making the right decision lies in understanding your goals, budget, and tolerance for stress. Renovating can be deeply satisfying but comes with challenges. Selling can provide a fresh start but means leaving behind the familiar.
Ultimately, whether you choose to renovate or sell, what matters most is making a choice that aligns with your long-term goals and brings you peace of mind. Don’t let indecision hold you back-explore your options, and take the first step toward your dream home today.

If you're ready to build your dream home with confidence, join the Skool community. As a member, you'll unlock access to thousands of dollars’ worth of tools and resources that can guide you through every step of your renovation journey. Don’t let indecision hold you back; explore your options and take the first step toward your dream home today.