Sell Up Or Renovate: A Numbers Crunch

Sell Up Or Renovate: A Numbers Crunch

Sell Up Or Renovate: A Numbers Crunch

As renovation specialists we are often in the homes of Sydney property owners who are desiring to modernise, update, extend or simply recreate their existing living and working spaces.

A key question we might ask is this one: “how long do you envision being in this particular property?”

Some clients who feel that their current home is their “forever home” will be more motivated by lifestyle upgrades whereas those clients who might be less sure about their ownership longevity at the current address may be more concerned about return on investment and what might be seen as being financially viable.

Let’s do a quick numbers crunch at the costs of selling up and moving address.
The latest Domain house price report shows Sydney’s median house price in NSW as at August 29, 2019 is $1,027,962. Add stamp duty $42,318. Add 3% in real estate agent’s commission. Add conveyancing and legals at say $2,500 and a modest $2,000 in moving costs. Totals at $77,656.86.

Add that $77,656.86 to your new median purchase price and you’re at $1,105,618 and rising.

Should we discuss the accuracy and validity of pre-inspection reports? Now there’s a lively discussion.

And need we go on to explore loan application fees, loan interest, loan brokerage, fixing up the new property, necessary furniture purchases, potential landscaping and the big one … joining the crush to even find the new property?

The reality is that many home owners are choosing to renovate rather than move due to the high cost of stamp duty alone

The benefits of utilising the targeted and licensed services of a renovation specialist like Rebilt extends to accuracy in quoting, creative ideas, discussion of real options, matched skill-set of tradespersons and professional project management rollout minimising project duration. Call 1300 REBILT.

Share Now:

Leave a Reply

Your email address will not be published. Required fields are marked *


Providing Quality Home Renovations, Extensions, and Structural Repair Services in Sydney