Feel like a change of scenery? If you’ve been living in the same Sydney location for a while and find yourself less and less enamoured with your existing home design, you might be thinking about moving to a new suburb or location.
The problem is that moving in Sydney can be a major hassle. You have to move all of your belongings across a fast-paced city and deal with moving costs, removalists, packing and unpacking, maneuvering furniture and so much more.
Of course, all of that depends on whether you make it past the auction phase and the challenging housing market.
With this in mind, a renovation might be an easier and more affordable solution to a fresh start in Sydney. You won’t have to tackle the moving process and you’ll get that “change of scenery” you’ve been looking for -- it’s a win-win situation. To help you choose between moving or renovating, here are four reasons why a renovation project is a better idea in Sydney.
#1
It’s cheaper than buying in Sydney
Did you know that Australia has the third most expensive housing market in the world? Even worse, Sydney is the second most unaffordable city in the world, followed closely by Melbourne -- and the prices are only going up.
As of December 2021, the median price for a home in Sydney was $2,845,000 and $1,050,000 for a unit. In lockdown, people were spending more time at home -- this caused house prices to rise by a whopping $957 per day!
"We have seen phenomenal levels of demand in the market, and we're seeing total stock for sale hit multi-year lows. I think what the pandemic has done is really put our homes into focus – we've spent more time in them, they've become our everything in and out of lockdown," Dr Nicola Powell, Domain's Chief of Research and Economics, said.
"Homeowners are putting spare cash normally spent on travel into their home. That's partly why we've seen this high level of demand for property over the past year as people fast track their decisions."
If you already own a home in Sydney, we recommend staying put -- for some perspective, the Housing Industry Association (HIA) estimates that half of all renovations in Australia range from $40,000 to $300,000. Considering the state of the housing market right now, it’s more cost-effective to renovate or extend your existing home!
#2
It’s easier than MOVING in Sydney
Moving house is a universally stressful experience. In 2020, 1,000 Americans participated in a survey about life’s most stressful experiences -- 45% of respondents said that moving house is by far the most stressful experience in life, even more so than breakups, divorce, marriage and having kids!
A very reasonable 43% of respondents said they would never do it again.
During a move, you have to maneuver furniture through doors, pivot furniture up and downstairs, pack and unpack, decide what items are going in the bin/getting donated, spend valuable cash on removalists and finally, hope that everything makes it to your new home in one piece.
Just to add extra complications and stress, imagine doing all of that in a busy, bustling city like Sydney. We can all agree that moving is a massive, stressful hassle.
While a renovation takes time and effort, it eliminates the need to pack everything up and move across the city. Instead, you can stay in your own home and watch the transformation happen from start to finish.
#3
You can reduce ongoing maintenance costs
Sydney is full of homes and buildings that are decades (even centuries) old. With this in mind, homeowners are often making repairs and improvements to their homes -- think leaky roofs, broken windows, aging timber and peeling paint.
A homeowner’s work is never done in Sydney!
The downside of ongoing maintenance and repairs is that it really starts to add up money-wise and over time, you may even be sacrificing the functionality, value and comfort of your home.
A significant home renovation and/or extension will address the breakdown of your home perfectly -- you can repair everything in one hit, while also improving the appearance and functionality of your home.
On average, there are now 3.6 active bidders on average fighting it out at auctions -- in the previous housing boom, the number of average active bidders never passed 2.9. Karen Young from PropertyZest said it’s not unusual to see six to eight bidders at an auction, but she recently saw 36 offers on a single house.
Plus, the competition is hot for even the smallest of properties -- for some perspective, an online bidder recently bought a one-bedroom unit in Manly for $1.1 million!
Auctions are fierce right now -- if you already own your own home in Sydney, we recommend steering clear of auctions and opting for a renovation instead. You’ll save yourself a world of stress and give your home a fresh start -- without having to move or fight another aspiring homeowner on the street.
What a renovation looks like with Cubitt’s
Here at Cubitt’s, we’ve built our business around home extensions and renovations. We’ve completed more than 300 extensions across Sydney, Newcastle, Wollongong, Canberra and beyond - we love seeing a house transform into a dream home, which is why we’re considered one of the leading renovation teams on Australia’s east coast!
Reinvent your home with Cubitt’s - give us a call on 1300 721 150 for an obligation-free consultation today!
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