Renovate Or Sell

Date: 29 Jun 2022

With Covid causing havoc with supply chain on material and house prices sky rocketing to record levels a lot of kiwi families have to weigh up to either sell their house to upgrade or to renovate their current house.

Pro's to Selling

Selling to upgrade is a fast way to get to the next house on your wish list without having to go through the pain of living in a building site. When buying you get to change and improve the location of the house to suit your employment location, preferred schools, and central to sporting and social activities. A chance to down size, When the kids leave home and its time to down size selling is a great option to allow you to down size the size and upgrade the area and facilities for your later years.

Con's to Selling

 Selling in a rising market may mean you walk away with a large amount of money but it also means you have to buy in a rising market which means you have to spend a lot to get something of decent quality. Bright line tax test could mean you will have a tax bill upon sale, Check with your accountant for all tax obligations. With banks fighting up on lending you may struggle to get or get a suitable loan conditions from your bank. Sky high interest rates, With interest rates going up and up each month you maybe forced to pay a much higher interest rate.

Pro's to Renovating

You get what you want, when you want it without compromise. When renovating you're home you get to stay in a house and community that you have close personal and family ties. Cost effective, When renovating you can spread the tasks over a period of time and also spread the cost over a few months or even years.

Con's to Renovating

 Living in a construction site, renovating may mean your house is partially unliveable while you're doing the renovation. Rising construction material costs, With material costs rising by up to 10% per month at the time of writing this your budget could blow out very quickly. With trade people extremely busy trying to find an experienced trades person to do your job maybe very hard and expensive as well.

Renovate Or Sell

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