To Sell or Upgrade? Property Decisions for the Growing Family

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We can all remember how difficult it was to get that first foot on the property ladder, what with saving the deposit and all the costs that go hand in hand with property acquisition, and after a few years, you now have a growing family.

Once it becomes apparent that you need more living space, you are then faced with either relocating or expanding your existing residence, and with that in mind, here are a few aspects to bear in mind.

  • The Neighbourhood – How do you feel about your local amenities? After a few years, you should have a pretty good idea on whether or not you would rather relocate to another suburb, and if you do like your neighbours and everything is nearby, why relocate? Talk to one of the established home renovation builders in Sydney, who could help you design an extension that best meets your needs, and when you look at the high costs involved in selling and buying, it seems like a wiser investment to extend.
  • Adequate Space – If there is sufficient space to add an extension, take a look at all of your options, which include building a traditional bricks and mortar extension onto the side or the rear of the property, or you could opt for a modular home that sits independently. If it isn’t practical to extend, but you do have enough land to accommodate another structure, talk to your local builder about your options.
  • Composite Materials – Using composite materials can really bring the cost of an extension down, and when compared to upgrading to a larger home, it is much cheaper to add to what you already have. Double glazed units with UPVC frames is all it takes to build a large conservatory, and with a local builder who specialises in such structures, you should be very happy with the finished product.
  • Budget – If you have decided to invest in your existing home and you have some equity, you can re-mortgage, which will give you the funds to carry out the work. Have your property valued, and talk to an independent mortgage broker, who can help you refinance and use the equity you have built up over the last few years. A good builder will always try to work to the client’s budget, so you should be able to finish the project and still have a little over for furnishing and fitting.
  • Choosing a Builder – This can be challenging, with so many builders about, all professing to offer a second to none service, and the best way to guarantee good workmanship is to deal with a company that is a member of the Master Builders Association. The builder should have extensive hands-on experience extending homes, and with their own design team, they can help you make the most out of your investment.
Related:
What Happens if my Neighbor Builds Over the Property Line?

Unless you are unhappy with your living location, it is wiser to add to your existing property, rather than selling up and buying a larger home.

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