Being happy at home
Paul Ryan | June 27, 2018
If you’re thinking of more space or a bigger home you have two options.
1. Sell your existing property and start looking for the property that suits your needs and desires
2. Check out what needs to be done to your existing home to achieve the same goals.
Here’s a little hint. When you start exploring options there are two groups of people you need to be wary of when you seek their opinions.
Builders and Real Estate agents. Here’s why:
If you ask for a builder’s they’ll very quickly suggest that renovating is the best option “why would you want to sell and pay commission to an agent and then have to pay stamp duty on buying a new property’.
If you ask a real estate agent they’ll very quickly steer you away from renovating and they’ll share stories of blowouts in budget and timing expectations, shoddy workmanship and then all the additional rent you’ll have to pay.
I’m being a little cheeky, I know, but there’s nothing like self-interest… it’s a horse that runs every race.
Cheekily, if you’re in the presence of a builder and agent at the same time, ask the question about selling/buying versus renovating and see what response you get. Don’t forget me if you get the giggles up.
In all seriousness, it is important to speak to an agent and a builder as they both form part of the research you’ll need to undertake before making any decisions.
I’d suggest a grabbing a pen and blank piece of paper to consider your wish list, lifestyle needs and consider:
* What work would you need to do to your existing home?
* How happy are you with your current location?
* How will moving impact your current lifestyle?
* Where are you in terms of your family and the kid’s lifestyle choices?
* Does your land size and council regulations allow you to complete the renovations you want?
* Is there an option to knock down and rebuild?
* Will the cost of renovating be reflected in the increase in value of the property?
* How does your home compare with other properties in the area and check out the comparable sales in recent months?
Only you will know the answers to the questions above.
Whatever decision you make, you need to give yourself the chance of achieving the outcome you’re looking for especially if it means a bigger mortgage.
A bigger mortgage may very well enhance the quality of your home but if it brings a higher level of financial pressure, the honeymoon period will last only a month or two before your lifestyle and happiness are diluted.
If the financial pressures of renovating or buying a bigger home are too big to comprehend there are a couple of smaller ideas that may well be worth considering;
Creating space
* Can you remove a wall to create a greater sense of space and openness
* Can you paint a particular area a lighter colour to create the perception of a bigger area
* Can you change the window furnishing to allow natural light to shine through a window or two?
Landscaping
Many of us love being outdoors. Is there an option to create an opening leading directly to an outdoor area? Early morning coffees and space for the kids to roam may not be that difficult or expensive.
Entertaining
Something as simple as a small BBQ area/Out-Door dining deck can essentially add an extra ‘room’ to your home. If you have the budget consider contacting an outdoor entertaining expert as you might just be delighted with what they can come up with.
Kitchen and Bathroom
It goes without saying that a new kitchen and/or bathroom are always a winner for increasing value and lifestyle.
First impressions
Street appeal is not only for selling houses! Think about what you can do to the front of your home. A lick of paint and some structural shrubs may make all the difference and bring a smile to your face every time you return home.
With any of the above, you may not have the funds right now, but by researching the options and understanding the costs you can work towards a savings plan to achieve your goals.
Grab a pen and paper, whatever the way forward, a happy home is always a nice place.
