The Mod Blog

Buy or renovate?

With Mackay’s current housing market, many people are facing the question of whether it’s better to move or improve.

To work out what’s right for your situation take into account both your immediate and long term needs.

  • Newly built homes offer updated features but are often located in less convenient areas.
  • Moving to another established home may solve space issues but it could mean moving away from a settled network of schools, work, family and friends—and may still not include every feature on your wish-list.
  • Renovating adds value and allows you to retain the best assets of your home while resolving any problems, but it can cause temporary disruption.

Location may be the answer

Like any good, Real Estate Agent will tell you, it’s all about location. So if you’re in a great spot already—be it pleasant neighbourhood, views or conveniences—renovation could be your ideal solution.

Create a sensible budget

Regardless of the option, it’s important to not overspend. The best way to do this is to pay attention to prices in the home’s surrounding area and be sure to not exceed the anticipated value of your current or new home at point of sale (now or a date in the future).

Create a design brief

Create a ‘brief’ for yourself. This would include asking questions like: What are the home’s current problems and why? What will my lifestyle be like in the next five years? How many people live here?

Presenting a brief rather than a distinct plan to your builder/designer allows you to tap into their experience and can lead you to creative, cost-effective ideas that you may not have even considered.


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