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With house prices falling flat over the past few months it is not surprising that growing families are accessing their need to renovate or move with more caution.
Some of the considerations around moving include:
The cost of stamp duty
Conveyancing ($800 to $1,300)
Marketing ($6,500 to $8,000)
Agent fees (two to three per cent of sale price – for example $15,000 on a $500,000 home)
Property styling your house to a sellable standard (property staging companies can charge up to $6,000 depending on the type of furnishings required and the length of time it takes to sell).
expenses such as agent's commission, legal fees and stamp duty, loan fees and removalist fees. as listed above could be 10% of the property’s price
Some of the considerations around renovating include:
Overcapitalising - spending more on your home than you will make back. To avoid this get an appraisal from a local real estate agent. Let's assume your house is worth $600,000, and the average price in the street is $800,000: you could safely spend $200,000 in renovations. That's just over double the non-productive costs of moving house.
Better appliances and lowering energy costs
Builder doesn’t do a good job or finish the job
Cost of living somewhere while the build takes place.
What ever your decision make sure you do it totally informed. To understand the time, cost and functionality of your home renovation book at time with me to chat.
Victorian Stamp Duty costs