Should I Stay or Should I Go [Updated Nov 23]

Should I stay or should I go – apart from being the title of the well known 1982 song by The Clash – is one of the questions I am asked most frequently by homeowners.

Stay and renovate, or sell and look for something better? It’s a dilemma that can cause plenty of sleepless nights (not to mention arguments and fights!). But there is an easy way to come up with the right answer – or at the very least get you 90% of the way to the solution.

Let me explain how …

Whenever I am asked this question by clients I respond with three questions of my own, the answers to which typically help to make the decision for them.

Question 1: Do you LOVE the position of your current home?

If you’re in love with your current location, then obviously staying and renovating makes a lot of sense. However, if you are not completely in love with your present location – buying elsewhere might be a better option! There are no shortage of amazing places to live, if you don’t love your current area then it could be a great sign that you’re ready for a change of scenery!

Question 2: What changes does your current home need?

This question is actually more involved than it seems, and can only really be answered by a professional who has looked at your home, your livability goals, and factored in your future lifestyle. Sometimes your current home might only need a minor renovation or extension – in which case you will not need to sell. Other times it might require anything from a large renovation up to a major rebuild – in cases like this, the answer to question three is vitally important.

Question 3: Are these renovations possible, and financially viable?

Firstly we need to look at whether or not the proposed changes to your home are allowable under local building regulations. Assuming they are, we now need to consider the cost – because even if your renovation looks to be straightforward on the surface,  depending on your specific block and what’s required it might actually be a very big job. Important considerations can include things like access for machinery, or the ground on which your home is built. All of these things can have a MASSIVE impact on the cost of your project and are crucial to consider when deciding whether to stay or go!

Conclusion

So as you can see these three questions help to, at minimum, clarify the decision. If you don’t love your current position or if your home needs an excessive or overly expensive renovation, selling and moving is often the best option – after all, if you don’t love the things about your house that you CAN’T change – why invest more money into it? However, if you love your present location and the size and cost of any required improvements are within your budget – then why not stay? This way, you’ll end up with your dream house, in an area you love, without breaking your budget! What’s not to love?

What if you decide to sell?

If you do decide to sell, chances are you will still want to renovate the new property you purchase (at some stage in the future) unless you are building a brand new home from scratch.

In this situation, it pays to get advice on what will be involved in any renovations that may be required to your new home. Our Pre-Purchase Design Consultation is the perfect step to take before making your purchase. As part of this consultation, I meet you at the property you are considering purchasing, and give you my feedback on what is needed to make your vision come true – as well as providing you with an idea of the likely costs of any renovations. I’ll also explain any potential pitfalls or challenges with the property, allowing you to make a truly informed decision before you buy.

If you’re unsure as to whether you should renovate, or sell and buy elsewhere, why not give us a call and let us help you explore all your options! Alternatively, if you have decided to sell and purchase elsewhere, call us to arrange for a Pre-Purchase Design Consultation to ensure that your new property can achieve your liveability goals within your budget.