Whether it's brand new or an established home, it brings a sense of fresh beginnings to its new owners. But moving home is not the best choice for everyone looking to upgrade.
Once you have put down roots in a suburb, and a street, the attractions of staying put in your current home can be substantial.
Let's take a look at some ways you can solve common shortcomings in your home by renovating:
Accommodating a new family member or guests is one important reason that people move to larger homes. However, the increase in cost can be very significant. Let's take a look at housing in Melbourne as a quick example.
According to the Real Estate Institute of Victoria, the median price of a middle-city suburb house with three bedrooms was $ $750,000 in December 2016. For a four-bedder in the same region, this figure was $1,040,000. This is a difference of $290,000.
Instead of moving, why not consider a bedroom renovation using a construction home loan to have an extra space to build a new one?
With the building of a new wall, L-shaped rooms often have the capacity to host a new bedroom.
Obviously, the potential to do this varies depending on how much space is available. Still, you might be surprised at how much unnecessary space you have that can be utilised for a new bedroom. Spaces such as unused study or playrooms can also have the same potential.
Service Seeking reveals that the average size of a new bedroom is around 13 square metres, with the average cost being $19,000 to $25,000. This is a fraction of the cost of moving to a bigger home.
Our common living areas are boring
It's easy to get bored with communal spaces in the house. Sometimes, giving certain key rooms a facelift is all you need to inject some character and new life into the entire home. An important room that people often renovate is the kitchen.
Crucial in function and as the hub of the home, a clean, neat and modern kitchen can be a joy to cook in and to be around. A cluttered and tired-looking one can be a major drag. Take a look at a few ideas you could use in a kitchen upgrade:
Try restructuring the kitchen to an open-plan design, which makes it feel contemporary and attractive while being practical to use.
Less is more - a sleek, minimal approach to design will often look better than one that has all sorts of extravagant or intricate patterns.
If your home's kitchen is a little more old-fashioned, don't hesitate to experiment with different materials for countertops like marble or smooth wood surfaces.
Service Seeking pegs the average cost of renovating a kitchen at between $14,000 to $18,000.
Our rooms feel dark and drab
Sometimes, all it takes for a home to feel fresh and interesting is more natural light. A lot of this has to do with its orientation. In many regions, real estate that is facing north will receive the maximum amount of sunshine. If your residential property isn't oriented this way or is simply positioned beside a hill or taller buildings, it can feel like your home is constantly covered in shadow. From there, it's not long before your property feels drab.
Passive design principles can naturally increase the amount of warmth and daylight coming in.
Skylights are a perfect example of this. These are windows that are installed on the roof of houses and can be the perfect solution to a home that is feeling dark and drab.
According to the Department of Industry, Innovation, and Science, skylights allow up to three times more light in than a vertical window. Tubular skylights are smaller variants of this and channel sunlight in through a reflective tube.
Taking out a construction home loan to install a series of passive lighting features could be all it takes to make your home feel new again. Plus, it'll help to lighten power bills, as you won't be as dependent on electricity for your lighting and heating.
There you have it - a few ideas that can help transform your home if buying a new one is not an option.
Whatever your situation is, refinancing can have benefits. Think carefully if it makes sense to refinance your home loan.
If you've been thinking of refinancing your home loan, but don't know where to start, here's a step-by-step guide to help you.