Newspaper article News Mail Bundaberg Qld.

Counting the Cost of Making Change

Newspaper article News Mail Bundaberg Qld.

Counting the Cost of Making Change

Article excerpt

ARE you currently pondering whether to renovate, detonate or relocate?

Before taking the plunge, weigh up the costs versus the benefits.

In search of their great Australian dream home, property owners may be faced with the choice of renovating, rebuilding or reselling their family home. But how do they decide on the best path to take?

Homeowners should weigh up the costs versus the benefits of making home improvements, rebuilding or relocating, according to Australia's largest independently-operated mortgage broker, Mortgage Choice.

aWhen homeowners reach a point where their property no longer meets their family's needs in terms of size, functionality and/or aesthetics, it is important to conduct thorough due diligence to decide whether to update, rebuild or resell,a company spokesperson Belinda Williamson said. aPlateauing or falling property prices in some areas may be encouraging signs for those looking to buy well-priced properties more aligned to their vision of a dream home. However buying and selling in a market with subdued property prices means some sellers may need to revise their sale price expectations.

aHomeowners considering relocating also need to examine the costs associated with selling and buying, such as fees for real estate agents, advertising, legal advice, stamp duty, removalists, etc. Those with a loan may need to investigate if there are early repayment or discharge fees, if the loan can be transferred to the new property and if lenders' mortgage insurance is payable on the new property, etc.

aIt may be that for some home owners the extra funds needed to purchase and relocate the family to a more ideal home could be better spent upgrading the existing property.

aTo help make the decision, research possible renovation and/or rebuild costs and ask local real estate agents for a market appraisal of what the property is likely to sell for in its current condition. …

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