“Should we sell up and build new, or renovate or extend? How do we know what will work best?”
“We like where we live – but it is too small for our needs.”
When considering to build, renovate or extend, the first assessment to be made is location. Is the location of your current home desirable?
Things to consider:
1) proximity to workplace – consider commute times
2) proximity to childcare/schools/universities – consider morning commute e.g.: daycare/school/work run.
3) proximity to shopping/necessities like medical/dental etc.
4) public transport access, or access to cycle ways and other modes of transport
5) does your current location necessitate a second car?
6) block size – is a back yard/garden/green space important to your family?
If you’ve considered where you live and your location is A+, but you’re still not sure on the prospect of a renovation or extension, do a little research. Some areas of Toowoomba with the older, bigger blocks are being subdivided, providing prime land in desired locations, and a new build could still be an option.
This is also where research becomes invaluable, as the location may be ideal for you, but the value of your proposed renovations or extension may be more than the extra value you’d add to the property. If this is the case banks are unlikely to lend for these overcapitalising renovations. Your renovation or extension may still be possible, but chat with your builder to consider reducing the costs to match your budget.