Renovate vs selling - Spinryde Home Renovations

Renovate vs selling

If you have outgrown your home, you could move or build a new house but have you given some serious thought to renovating instead? Here are 5 reasons why renovating may be a better option for you:

1. Retain value in your own home.

You could turn your existing home into your dream home and increase its value in the process.

2. There has never been a better time to borrow money.

Interest rates are at an all-time low so there has never been a better time to borrow. If you renovate you will be borrowing less money than if you bought a new home and repaying less interest to the bank.

3. Save on Stamp Duty & Agent fees.

If you sell your home and buy a new property, you will be out-of-pocket for significant fees and charges. You will be liable for agent fees plus the cost of stamp duty on a new home. Renovating will provide you with immediate savings because there are no associated fees and charges.

4. Generate a higher rental income.

If you are renovating your investment property or if you think you may rent your existing property in the future, a smart renovation could help you to achieve a higher rental return. Tenants are always willing to pay more for the modern conveniences.

5. You may not need to move out while you renovate.

Depending on the size and scale of your renovation, there is always the possibility a smart builder will be able to complete the renovations while you are still living under the same roof. This means you won’t need to rent while your renovations are underway which could potentially save you thousands of dollars each month.

If you are interested in renovating your home and would like to talk to a reputable builder, contact us at SpinRyde

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