If you’ve ever seen the TV show Love It or List It?, then you’ll know full well the dilemma many homeowners face at some point or another when deciding if it’s better to renovate or move.
The truth is our lifestyles and needs change. Therefore, a house that once felt perfect when you first bought it can start to feel less so over time. Maybe your family has grown. Perhaps you’re working from home more often. Or possibly, the layout just doesn’t work the way it used to. Whatever the reason, it’s not uncommon to ask yourself should I renovate or relocate?
It’s a big decision that deserves a lot of thought. Renovating, for instance, can transform a house and make it work better for your lifestyle. Moving house, on the other hand, can give you a fresh start in a place that already fits your needs.
When considering which way to go, it is important to understand whether your home no longer works for you. Here is how you can make that choice.
Related article: Why moving is the perfect time to rethink your home decor
Related article: How to save money when moving house
What are the main signs that your home no longer works for your lifestyle?
Realising that your home is no longer suited to your lifestyle might take a while.
At first, it might manifest through small annoyances, like not having enough storage. Or wishing the kitchen were bigger. However, over time, those little frustrations can grow into much bigger issues.
One of the most common reasons people consider a home renovation vs moving house is simply a lack of space. That is because a home that once felt comfortable can become crowded as families grow. Hobbies take over spare rooms. A family member or two might begin working remotely. When there simply isn’t enough room to fulfil your needs, many homeowners begin exploring ways of renovating to add space. This might include extending the house or reworking existing rooms.
Another common issue homeowners face is the property’s layout. Many older houses in Australia were designed with separate rooms and closed kitchens. But that style doesn’t always suit modern living. Today, people often prefer open living spaces, better natural light and stronger connections between indoor and outdoor areas. When the layout starts to feel awkward, it becomes one of the clearest signs your house no longer suits your lifestyle.
Additionally, changes to your lifestyle may also contribute to the issue. You might need a home office, a bigger living area for family time, or easier access between rooms. When these needs arise, homeowners naturally begin weighing the relative merits of renovating over moving to a new place.
When does renovating your home make the most sense?
For many people, renovating their home is the most appealing option. Doing this allows them to stay in the area they love while improving the way their home works.
The property’s location is often the biggest factor in the decision to renovate. Homes near good schools, work, parks, beaches, or friends and family can feel hard to give up. When the neighbourhood suits your lifestyle, it makes a lot of sense to want to upgrade your current home.
Renovation is also a good option when the house itself still has strong potential. A property with good bones and a solid structure can often be transformed into something truly spectacular with smart design changes.
Popular home renovation upgrades include:
- opening up living areas
- updating the kitchen
- adding another bedroom
- improving outdoor spaces.
All of which can make a huge difference to how a home feels day-to-day.
Of course, the cost of renovating a property is something every homeowner needs to consider carefully. Especially if they want to undertake a major refurbishment. That is why many consult with a refinance specialist when reviewing how they’ll fund the project. This could be a good tactic, given they may well increase their property value overall.
When moving might be the better option
For all the benefits of renovations, there are times when relocating may simply make more sense.
The cost of a large home makeover can quickly add up, especially if it involves structural changes, major extensions, and rebuilding parts of a home. When it starts to approach the price of buying another property, many homeowners might see moving instead of renovating as the better option.
Additionally, some properties have physical limitations that make renovations difficult or not viable. Small blocks, planning restrictions, or council rules can prevent homeowners from making the changes they want.
At the same time, changes in their lifestyle can also encourage people to move house. For instance, you might want to live closer to work. Move to a different city or suburb. Or find a home with a bigger backyard for your family to enjoy.
What are the real costs of renovating vs moving
Often, the decision between renovating and moving primarily comes down to money. Each option comes with its own costs. So, it’s important to look at the full picture.
If you want to renovate, you may have to factor in the cost of:
- design plans
- building materials
- labour
- permits
- temporary accommodation while work is being completed.
There is also a strong likelihood that you may encounter unexpected issues that need to be paid for once builders start opening walls or working on the structure.
Moving house, on the other hand, brings a different set of expenses. Typically, this includes:
- stamp duty
- legal fees
- agent commissions
- cleaning services
- removalist services.
It is also worth noting that both renovating a home and selling to move can cause major short-term disruptions to your daily routine. The former can mean months of noise, dust, and living with upheaval. The latter requires packing and living around boxes and a cluttered mess for a while.
How to make the right choice for your home
Every property and every family situation is different. So there is no single answer that works for everyone. That is why only homeowners can decide what the right thing for them to do is.
Some homes only need thoughtful improvements to become comfortable and functional again. Others simply can’t deliver the space or lifestyle changes people need. The most important thing is to make the choice after considering every household member’s needs, not just your own.
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