Should You Renovate or Sell Your Home?
When your home no longer meets your needs, you can renovate (improve the existing home), sell (buy something better), or knock down and rebuild. Buildana (Lic. 487805C) helps families make this decision with honest numbers.
Financial Comparison
Renovate (ground + first floor extension, kitchen, 2 bathrooms): $380,000–$500,000 • Stamp duty: $0 • Agent fees: $0 • Moving costs: minimal (may stay during construction)
Sell and buy (sell current home, buy larger home in same area): • Agent commission on sale: $20,000–$25,000 • Marketing: $5,000 • Stamp duty on purchase: $40,000–$60,000 • Moving costs: $3,000–$5,000 • Legal costs (two transactions): $4,000–$6,000 • Total transaction costs: $72,000–$101,000
The $72,000–$101,000 in transaction costs is dead money — it does not improve your housing outcome. That sum alone could fund a significant renovation.
When to Renovate vs Sell
Renovate when: you love your location, the existing house has good structure (solid brick, good foundation), the required changes are achievable within budget, and transaction costs would consume 15%+ of your improvement budget.
Sell when: you need to change location (schools, work, lifestyle), the existing house has fundamental problems (subsidence, termites, widespread asbestos), the renovation cost exceeds 60% of buying a comparable finished home, or you want a completely different type of property.
Contact Buildana for a free renovation assessment.
