All homeowners are faced with the agonising decision at some point between staying put and showing their existing home some love, or listing it and moving on. Arguably at no time is that question raised more within Australian households than around the turn of a new year. This is a time for making new plans and goals – a fresh start for a brand new year. So how do you determine the best way to move forward? The answer is, it depends on your motives. The decision can be made even more difficult when two people in a relationship want different things.

Let’s see what the experts suggest.

The ‘showing your home some love’ option

If you love where you live but dream of living in a more modern home and/or need some extra space to accommodate a growing family, ask yourselves the following questions:

• Would your existing home design accommodate an extension without the need to reconfigure the entire floor plan?
• Do you perhaps have room under the existing roof to work with? If the answer is “yes” then you could potentially save yourself a fortune, as redesigning an entire house comes with a substantial price tag.
• Would your local council, neighbours and the nature of your block support the kind of additions you wish to make to your home?
• Do you love your home and location so much that cost isn’t an issue? If the answer is “yes” then it’s a no-brainer decision – stay and give it the extra love it deserves – even if it means taking your time while you save for the next stage.
• Are you just looking to refresh a tired décor? If so, then this could be relatively easy and cost effective to achieve.

Seek expert advice – not just on the design options but also on the cost you’ll be up for and the current marketplace value of your home. This will give you a clear indication of whether or not it would be worth putting your hard-earned funds into your existing home or whether you would be better off financially to sell and find a home that ticks off your wish list as is.

One of the added benefits of staying in the home you love is the money you will save in moving costs (including the costs to buy and sell).

 The ‘list it and go’ option

 You’ve done the research and discovered that the costs to improve your home will be far greater than the benefits you will get out of it. In this case, listing, selling and moving on would be the best decision.

The benefits of selling over renovating can be significant. For starters selling usually takes less time and far less stress than renovating (two factors that people commonly fail to consider). Moving to a new home in which the hard work’s been done and there’s no money to spend to bring it to the standard you are looking for can be the best feeling. All that’s left for you is to move in and reap the rewards of someone else’s efforts.

Furthermore, if you’ve fallen out of love with your existing home and its location, it won’t matter how much money you throw at it – it will never live up to your expectations. If this is how you feel towards your home, then clearly it’s time to move on. Maybe you’ve learned of changes happening within your local community in the near future and you feel those changes won’t be in line with the way you and your family want to live. This is another cue that it’s time to move on.

Perhaps the kids have grown up and left the nest and you no longer want the responsibility of maintaining a large 4-bedroom, 2 bathroom home with a pool. Selling and downsizing the home and the To-do list can be an absolute joy as it could give you the freedom to do all those things you’ve always longed to do but never had the time or the money to do – like taking holidays.

What if you and your partner have opposing views?

One of you loves where you live and the other would rather sell and move on. This can be quite a predicament and cause its own level of stress and anxiety.

The best thing to do in this situation is not to do anything for the time being. Simply start by compiling a list of Pros and Cons for staying and another for selling and moving on. Try to be as objective as possible, especially when adding things to the Pros column of the option you are not in favour of right now. Many couples are surprised to find that their opinion changes when they do this simple exercise as they see it all spelled out clearly in black and white.

Contact us for an obligation free market appraisal of your home. This is a great place to start with your decision making process. Why? Because it will not only tell you what you could expect to sell your home for, but also how much equity you own in it. This information is vitally important if you are looking to renovate and wish to borrow against your home to do so.