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Upgrading, Downsizing Or Renovating by Eva Judge

Many people are choosing to renovate their homes to meet specific needs these days. Homes have ramps built and hallways widened to accommodate wheelchairs, others have rooms added or walls between two rooms removed to make one big room. Others decide to move to a different locality but retain the original home as an investment and put it in the care of property management. Their choice is made with definite goals in mind. Each decision is based on personal preference and financial stability. There are reasons for and against both options and they need to be weighed up carefully.

In the case of buying and selling, the first component one needs to take into account is that the current home will have to be sold to finance the purchase of the new one, unless of course you wish to rent it out through property management. Selling a home at times can take a little time and it will be necessary to pay commission to a real estate agency out of the sale funds. Moving companies can often be expensive even though they do a great job. There is still expense involved in doing it yourself with help from family. There will be petrol used in the trips back and forth and the cost of trailer hire if you need one.

Buying a new home will involve costs as well, especially if the equity in your home was low and you need to extend your mortgage. Additionally there are the usual government stamp duty fees to consider and any other immediate expenses such as the installation of utilities and minor repairs.

Taking all of that into consideration, one may wonder whether it is easier to renovate. The simple answer though can come down to things such as time and practicality. Not everyone has the luxury of being able to set the time aside for renovations. Families with young children and may not wish to have to go though the dramas and risks of potentially living for months on end in a home that is under partial construction. An alternative to this is to temporarily rent another home or to live with friends or family. This in itself will have additional costs that need to be taken into account such as the storage of furniture and removalists fees.

Of course, there is also the cost component of the actual renovations to consider. Unless you are able to perform many of the tasks yourself, you will have to pay for all of the work, which at times can equate to a considerable amount on money. Tradesman at times can be a frustrating feature of renovating. Inadequate work and unscheduled delays can at times add to the overall cost of the project.

Buying or renovating both have their advantages and downsides. When considering either of the options, it's important to take the above points into consideration. Whilst renovating your own home may sound tempting, there are a great number of variables that one needs to take into account. Upgrading your home can come with associated risks as well; however with the busy lifestyle many people live, it appears to be the preferred option.

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Article Source: http://www.earticlesonline.com/Article/Upgrading--Downsizing-Or-Renovating/1080964