9 Reasons to Renovate and Not Relocate
If recent figures are any indication, Perth homeowners are indeed opting to renovate rather than relocate—a trend that’s excellent for businesses like ours at Ross’s Discount Home Centre, where we specialise in home renovation products.
While renovating might seem costly, the surging property prices and acquisition costs in Perth make it a far more appealing option than moving—and it appears that many homeowners share this view. According to recent data, Perth’s median house price reached $668,000 as of June 2024, marking an 11.3% increase from December 2023 and surpassing the previous peak of $545,000 set in 2014. Additionally, forecasts suggest that house prices in Perth are set to continue their upward trajectory, driven by high demand and low stock levels in the market.
With prices climbing and listings remaining limited, staying put and investing in renovations can be a smart move. Read on as I outline 9 compelling reasons why renovating might be the better choice over relocating. I hope you’ll agree by the end!
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, writes.
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 your 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
With climate change driving global temperatures upward, energy costs are also on the rise. In light of this, opting to renovate rather than relocate is not only practical but also environmentally responsible. Renovating generates far less construction waste compared to building a new home, thus reducing landfill impact and carbon emissions from material production.
Furthermore, a home renovation provides an excellent opportunity to incorporate sustainable features that improve energy efficiency. By upgrading insulation, installing energy-efficient windows, or integrating solar panels, you can renovate your existing home to be better equipped for future climate challenges—making your space both eco-conscious and cost-effective in the long run.
8. To restore character homes
Perth is known for its charming character homes, rich with history and architectural detail, located in suburbs like Victoria Park, Mount Lawley, Fremantle, and Subiaco. Other notable areas, such as Shenton Park, Claremont, and North Perth, are also home to stunning period properties that showcase Federation, Art Deco, and mid-century designs. These homes, often unique and well-crafted, add a distinctive character to Perth’s suburban landscape.
Architects, historians, and designers alike encourage homeowners to preserve these heritage properties, choosing to renovate rather than demolish. If you own one of these homes, consider restoring its original charm and preserving its value instead of relocating. Renovating a character home can increase both its historical and market value, and if you ever decide to sell, the appeal of these timeless designs will likely yield a substantial return on investment.
9. Perth’s median house price is on the rise
Recently, REIWA revealed that Perth’s property market is experiencing a significant upswing. As of June, Perth’s median house price reached $668,000—an impressive 11.3% increase since the end of December 2023 and a 22.6% rise from the previous peak of $545,000 set in 2014. This ongoing price increase signals a strong growth in property values, meaning that any renovation you undertake now can only enhance 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.
Conclusion
There are countless reasons to choose a renovation over relocating to a new home. Renovating can significantly boost your home’s value while preserving the memories you’ve built there. Plus, it allows you to customise your space to meet your needs without facing the hidden issues that can sometimes come with a new home.
Beyond the personal benefits, renovating is often far more cost-effective and eco-friendly than moving. Why consider relocating in this competitive housing market when you can enhance your existing space without the hassle? With Perth’s rising median house prices, staying put and upgrading your home is not only practical but financially savvy. No wonder renovations are soaring in popularity across Perth.
If you’re planning a home transformation and wondering how to renovate your home without moving out, you’ll need quality products and fittings to make it happen. For this, look no further than Ross’s Discount Home Centre. We stock everything you need—from tiles to kitchens, bathroom fittings and fixtures, and laundry essentials, as well as appliances, doors, windows, and more! Visit our extensive showroom at 57 James Street in Guildford or shop with us online today.
Choose Ross’s Discount Home Centre to bring your renovation vision to life!