If the latest figures are anything to go by, one could make the assumption that Perth homeowners are looking to renovate rather than relocate. This happens to be great for businesses like ours at Ross’s Discount Home Centre who deal in home renovation products.
While you may think that renovating is expensive, rising property prices and acquisition costs in Perth make it much more viable than relocating – and it seems that I’m not the only one who thinks this.
According to REIWA December 2016 figures, listings for sale in Perth were 3% lower than December 2016. Moreover, these figures also show that median house price in Perth increased 1.9% to $535,000 through September to December 2016. This offers all the more reason for homeowners to stay put and renovate rather than relocate!
So, continue reading this article as I list 9 reasons why you should consider renovating you home rather than a relocating. Hopefully, after you read through, you’ll agree with me.
1. To increase the value of your existing home
One of the prime reasons why people opt to renovate is to increase the value of their property. By renovating your home, you can revamp it to appear more modern and consequently increase its market value.
“The bonus of renovation is that it allows you to construct specifically what you want to your own budget. If you need another bedroom or a home office or a living extension you can design it according to the land size, needs and aspect.” – Angela Mollard, writer.
If executed properly, a renovation can easily add hundreds of thousands of dollars to your home’s value. Renovating is the simplest and most effective way of increasing the value of real estate. No wonder renovations in Perth are favouring relocations.
2. To avoid hidden issues with new homes
Many people choose to renovate their home rather than relocate to avoid hidden issues with new homes. Indeed, with a relocation, you’ll always be at the risk of inheriting problems from the previous homeowner.
While home inspection reports usually provide comprehensive details, few issues may not show up on these reports. Problems with roofing, flooring, siding, boxing, exterior wood and electricals usually become apparent only months after the initial inspection report.
If you relocate and find yourself with these problems, you’ll have no choice but to fix the issue and pay out of your pocket.
By choosing a renovation over relocation, you can avoid these hidden issues.
3. To preserve your memories
Another reason why many people choose a renovation over a relocation is because it allows them to preserve their memories. When your children have grown up in the family home, you’re bound to have some fond memories. Now, relocating would mean that you will have to leave your beloved home and all your memories behind.
Preserving memories may not be reason enough to choose renovation over relocation for some people. However, you should always give it a thought – it’ll take a while before you’ll have memories in your new home. On the other hand, with a renovation, this will never be a problem.
4. To custom design your home to suit your needs
After a relocation, many people realise that their new home does not suit their exact needs. Invariably, they end up having to modify their new home to suit their personal lifestyle requirements. Moreover, you’ll need to spend some time in a new home before you can figure out what changes are needed.
You can avoid this hassle simply by choosing to renovate rather than relocate. Custom designing a home is much simpler if you undergo a renovation. With a renovation, you know exactly what your home requires as you’ve already lived there.
This is another reason why relocations are not as popular as renovations in Perth.
5. To live in your dream home sooner
Strange as it may sound – it takes much less time to complete an average renovation than it does to relocate. This is because when relocating, you’ll have to do a lot of house hunting before finding your dream home.
Worst of all, after endless house hunting, you may realise that your dream home doesn’t exist or exceeds your budget.
Some people think that knocking down and rebuilding a home can help. However, let me tell you that this process will take more than 6 months. On the other hand, the average renovation will take only about 3 months.
If you choose to renovate rather than relocate, you’ll be able to live in your dream home much sooner. More and more people are beginning to realise this fact and consequently, renovations in Perth have increased.
6. It’s cheaper to renovate
Like I mentioned earlier, the high cost of new property in Perth deters many people from selling up and moving on. On the other hand, renovations are far less expensive. This is something that has been acknowledged by property advisors as well.
“Investing in a thoughtful renovation rather than moving house is almost like getting the renovation for free.” – Richard Wakelin, Director, Wakelin Property Advisory.
There are several costs associated with relocating to a new home. First of all, you’ll be paying hundreds of thousands of dollars (if not millions) for a new home. You’ll also have to bear added costs of advertising, stamp duty, real estate preparation and moving costs.
Experts reveal that across most cases, you’ll have to pay 10% more than the price of a new home. And if you choose to finance your costs through a bank loan, you’ll have to pay extra for interest.
I’m sure you see that it is much more advisable to renovate you home than to relocate. Many people understand this and as a result, renovations in Perth have been on the rise lately.
7. Renovations are eco-friendlier compared to relocations
Global Warming is no joke. As it currently stands, our climate is only going to get hotter and hotter. This, in turn is causing energy bills to rise.
In this scenario, it is always advisable to renovate rather than a relocate. Why? Well, because renovating your home is far more energy efficient than building a new home because there is less waste produced.
Moreover, through a renovation, you can remodel your existing building to cope with changing climate both economically and efficiently.
8. To restore character homes
Perth boasts some elegant character homes located in the suburbs of Victoria Park, Mount Lawley and Fremantle. And because of this, many historians and designers have urged these homeowners not to demolish their homes but rather to renovate valuable designs.
If you own a character home then I urge you too, to consider renovating. Character homes are immensely valuable and their charm is unparalleled. Rather than relocating, renovate and restore the character of your home.
Trust me, if you ever plan to sell your home in the future, you’ll make a killing!
9. Perth’s median house price is on the rise
Recently, REIWA revealed that the median house price in Perth rose by almost 2% in the quarter ending December 2016. This price increase is a definite sign that the value of your existing home has also increased. Therefore, renovating will only improve the value of your home further.
You’re going to make more money if you stay put. Not only will you save on stamp duty and other selling and buying costs, but your home value will also appreciate.
With these facts, it’s not surprising that experts have predicted that renovations in Perth will continue to rise.
There are several reasons why you should choose to renovate your existing home rather than relocate to a new one. A renovation can increase the value of your home significantly, while also allowing you to preserve your memories. A renovation allows you to avoid any hidden issues that a new home may present whilst allowing you to customise your home to meet your specific requirements.
Moreover, renovations are far cheaper and are more eco-friendly than relocating – really why would you dream of moving in the current market!
With Perth’s median house price on the rise, it simply makes much more sense to renovate rather than relocate. Certainly, no wonder why renovations in Perth are so much more popular as compared to renovations.
If you’re planning to renovate your home, then you’ll need to purchase products and fittings for your renovation. For this, you needn’t look any further than Ross’s Discount Home Centre.
We offer all types of home products including tiles, bathroom, kitchen and laundry products, tapware, appliances, doors/windows and more! We have a huge showroom in Guildford which is chock full with over $1 million in stock.
Look nowhere else for your home renovation products. Shop from us at Ross’s Discount Home Centre today!