Video· Buying· Cash Flow
$70,000 Renovating Your Home vs $70,000 Moving House
Published · 1 min read
There's a big difference between spending $70,000 on your home and spending $70,000 just to move out of it!
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🏡 Would You Rather Spend $70,000 Improving Your Home… or $70,000 Just Changing Your Address? 💸🤔
It's a question more homeowners should be asking before deciding to move!
Think about what happens when you sell your current home and buy another one.
🏠 Real estate commissions and selling costs: Potentially $20,000–$30,000. 📑 Stamp duty on your next property: Another $30,000–$40,000, depending on the purchase price. 💰 Suddenly, you could have spent $70,000 or more without actually improving your home!
And that's before you factor in removalists, conveyancing, repairs and all the other expenses associated with moving.
Now imagine putting that same $70,000 towards the home you're already living in.
You could potentially:
✅ Renovate your kitchen. ✅ Modernise your bathrooms. ✅ Create an outdoor entertaining area. ✅ Upgrade your flooring and landscaping. ✅ Make significant improvements to your family's lifestyle.
And depending on the renovations, you might even increase the value of your property! 📈
But the money spent on real estate commissions and stamp duty? That's gone.
Of course, sometimes moving makes perfect sense. Maybe you need a different location, a bigger block or a completely different property.
But if you love your neighbourhood and you're only moving because you're unhappy with the house itself, perhaps renovating is worth exploring first.
💡 There's a big difference between spending $70,000 on your home and spending $70,000 just to move out of it!
🎥 Thinking about renovating?
Discover our FREE MortgageSMART Cashout/Renovation Strategy and learn how you might access equity to improve your home without unnecessarily extending your mortgage.
✅ No email required. ✅ No phone number required. ✅ General information only, not personalised financial advice. Costs vary by property and circumstances. Renovations may not increase property value by their full cost. Borrowing is subject to lender approval.
