To move or to renovate?

Many home owners get to that point a few years into owning their property when they start to feel like their home isn't quite cutting the mustard.

Whether your family is growing, you crave more space to entertain or the new home honeymoon is simply over, there is no need to despair!

Of course you could start looking for a new home – an upgrade.

Before your head starts spinning too much from the thought of the expense involved with finding and buying another house, not to mention the work needed to sell your current one, know that there is another option – renovation!

Why renovate?

The beauty of renovation is that even small changes can make a big difference to your quality of life.

There is no need to level your house and start from square one again – and certainly no financial justification to do so!

What's more, rather than searching for the proverbial needle in a haystack – a house that fulfils all your criteria – you can start getting closer to your ideal through alterations to your current home.

You know what you want

You have the advantage of having lived in your home long enough to have developed a keen sense of its 'if only…' potential.

If only the kitchen were a bit bigger and had an island; if only there were a deck in the backyard where we could put the barbeque and some furniture; if only we could extend the study to make more room for the kids.

You've already bought a house you like – with a bit of smart planning you can adapt it to your evolving needs.

Save money

In the long run, renovating may prove less expensive than upgrading to a new place, especially when you tally all the costs of buying, such as stamp duty, insurance, inspections and moving costs.

Smart renovations can cost less and also boost the value of your home – you may even be able to fund them through the equity in your home loan.