It might seem a little odd for a real estate agent to talk about staying put, but sometimes the home you are in now IS the right home for later too (at least for a while!) and in an environment of rising prices there are a few reasons why it can start to make sense to call a renovator rather than a removalist as the risk of over-capitalising is (somewhat) reduced and therea are opportunities to refinance at record low rates.
Now, if you are moving because the household is going from 2 to 3 (or 4, or more) and your current home is bursting at the seams, then it’s hard to make an existing space work unless you are going down the path of raising and building in underneath (which can become a very expensive exercise), and equally if you’ve emptied rooms and aren’t enjoying the echoes, then another home might be the one for you.
If you love the location and it’s just a matter of reconfiguring a space to suit changing use though, then its worth doing the maths on staying put. The first step though, is to call in your local real estate agent.
Now why on earth would you call in a real estate agent if you aren’t planning on selling your home? There are two very good reasons here. 1 – by knowing the current value of your home you can better budget what you might be able to afford (or afford to borrow) for renovations. 2 – you can talk to your agent about the value of OTHER homes in your area to determine what works and what doesn’t so, you don’t overcapitalise in the event you do sell sometime in the future. A suggestion though – be upfront with your agent regarding the purpose of their visit. They’ll be better prepared to offer you what you are looking for and less disappointed at the end of an hour with you to find out they’re not getting a job that never existed. A good agent is in the industry for the long term and will appreciate that their time now can lead to your trust down the track.
With a knowledge of current and future values, you can then make a plan for your renovations and get to it. For those going all out, there is also potential to take advantage of generous government incentives too, putting tens of thousands back in your pocket (or in that dream kitchen you REALLY want).