Are you thinking it might be time for a change? Looking to move from the world of renting to purchasing your first home? Or maybe your family is growing and you’re looking to renovate your existing home!
Before you dive in we’ve put together a few questions that are important to ask yourself before you make a move.
What to Ask Yourself Before a Renovation or Looking to Buy a New Home
Do you like the location of your existing home?
Is it close to shops, good schools or parks that may add value. If so it may be better to stay and renovate rather than move into a less appealing suburb. On the other hand, it may be better to move to a more pleasing area that adds value to your home.
What do You have Planned for the Future?
Are you planning on having a family or have you had your family and would be looking to downsize? Depending on the answers to these questions, then you may want to look for a smaller or larger home to live in as renovating the one you are in may not cater for your needs in 5 years’ time.
Will any renovations you do increase the value of your home?
Always ensure that if you do choose to renovate that it adds value to your home. Some renovations are expensive and in the end, don’t always increase your home’s value. Speak to an expert before starting any renovations.
Can you afford to move? Have you created a budget to ensure you aren’t taking on too much debt?
This relates to both buying a new home and renovating your existing. For example; buying a new home may decrease your mortgage which may work better for you by saving in interest with a decreased repayment or it could increase your repayment and put you under mortgage stress.