Tips

Renovate or move? Here are some things you should consider

Has your house started to look smaller as your kids are growing up fast? Just because you need more room doesn’t mean that you must go to the expense of moving house, it could be more cost effective to renovate.

August 4, 2022

It may seem easy to put your home onto the market and move to a bigger one. But before you do, here are a few things to consider:  

The costs associated with moving house can be significant and include:

  • Stamp duty – if you are buying a house that costs $700,000, stamp duty and government costs will be approximately $27,700.  
  • Refinance costs – will vary depending on your bank and the loan.
  • Agent fees – The average is 2 – 2.5% or $10,000 to $12,500 when selling a $500,000 house.
  • Conveyancing costs - $700-1300.
  • Building and pest inspection reports – between $500 - $1000.  
  • Moving costs – between $500 and $3000 depending on the contents of your home.
  • Marketing costs – between $500 and $1000 for 45 days.
  • Renovations and repairs to your existing home for sale.
  • Home staging expenses – between $2000 and $8000.  

Before you make a decision, speak to your local, licensed builder so they can give you an idea of what it would cost to extend your home and what you can achieve with your budget.  

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