WEIGH UP THE BENEFITS OF A ROOF CONVERSION OVER MOVING.
For many homeowners, there comes a time when lack of space becomes so much of an issue that a decision is required - convert or move!
The prospect of a new home is often very exciting, that is until your consider the associated costs of buying and selling.
Stamp duty alone on a $750,000 home with a $400,000 loan for example, would be:
- $29,000 in NSW
- $42,000 in VIC
- $21,000 in QLD
- $40,000 in SA
Taxes, fees, stamp duty, conveyancing and legal costs, not to mention the Removalists, all add up. When you then add on the additional mortgage repayments, many buyers are surprised at how much they are actually paying just for an extra room or two!
The Housing Industry Association (HIA) states renovating a home remains an affordable option for people wanting to increase the size of their homes.
When planning a move or renovation, cost is the primary consideration.
One of the dangers of “trading up” is not over-extending yourself. It’s easy to get excited about a new home and easier still, to spend more than you should because you fall in love with certain features of the new home. Coupled with all the associated costs mentioned earlier, moving home is a very expensive exercise and, you leave the area you and your family are familiar with. This also often involves changing schools and moving away from friends and extended family.
Therefore, staying put, has its advantages, but you must be careful not to over capitalize. The cost of renovating can quickly escalate and you need to be very careful and stay on top of the project.
Roof Space Converters takes away this headache and removes the pressure by giving you an all-inclusive quotation from start to finish.
While many additions and improvements will add value, it is important to weigh up the size, location and style of your home and renovate accordingly.
HIA says that increasing the floor area is the best way to increase the value of a house. "Renovations to kitchen and bathrooms were once perceived as the best value for money, but now it is about adding area and that means either a ground floor or second floor extension," said a statement from HIA.
Enzo Raimondo, Chief Executive of the Real Estate Institute of Victoria (REIV), says modest renovations, such as the addition of a bedroom, were a relatively inexpensive way to add value to a house.
Roof Space Converters provide a full range of solutions for a wide variety of budgets.
We take our work very seriously and pride ourselves on giving customers great value for money. The fact we won the 2007 MBA & HIA awards for building excellence in the sub $150,000 category suggests we’re doing something right!
Interested in finding our more? Contact us on 1300 655 525 or book your obligation-free consultation.