Browse Forums General Discussion 1 Jun 28, 2010 9:05 pm Hi, I am in a dilemma and have been undecided for several yrs. I bought my ex husband out of our mostly renovated weatherboard house 5 yrs ago. I stayed as the house size was great, walking distance to kid's schools, beach, shops and train station. Prices have increased significantly and I am happy I stayed. However, the house is very high maintenance - almost 1/4 acre block, weatherboard, kitchen/bathrms 10 yrs old and need sprucing up, as do floors, carpets and gardens. I have painters painting the entire outside currently and planned to sell after doing a garden tidy up. The problem is I just love the location, plus I think my area is only going to improve in value as more and more houses are fixed up. Also, being on such a big block I have the option to subdivide in 5 + yrs when my kids don't need the backyard. I have considered knocking down and rebuilding 2 units, but are unable to fund this now. Also my current home is freshly painted (almost); new stumps; rewired; replumbed; re roofed. So would seem such a waste to knockdown. My options are: A - sell increase mortgage by approx $60000 and move to a newer townhouse/ house/unit on 1/2 block. Unlikely to remain in such a great location. Depends on what I sell for. But I get a new low maintenance place that has no old memories. B - [b]Renovate[b] Add a wall to large back room and turn into a master with ensuite and WIR; front landscaping; storm water connections/water tank; new benchtop (granite), splashbacks, appliances in kitchen, re grout/tile existing bathrm, plus new tapware. Does anyone have any idea of rough costings for all of this???? Then still have the backyard for the kids to play in and subdivide in future if I want. C - Subdivide Spend $20-30000 on plans, permits to subdivide my block. Plus $20,000 on mine for alterations needed to comply with subdivison (garage, removal of side chimney, fencing). I then lose my backyard, but possibly clear my mortgage and live on a 1/2 block that will need some updating (option B). My need to move has always been that i wanted a fresh new start for the kids and I. However, if I do a renovation perhaps that will be like a new place for me?? Would love anyones thoughts, ideas, suggestions. Thank you, Re: Renovate or Sell?? Love some thoughts on my dilemma plea 2Jun 29, 2010 7:58 am First decide if you can live with the memories. If you can't then sell and buy a similar home in the same area... cost maybe $10k - $20k. Then renovate, but limit that to stuff that adds lifestyle AND value. If you can live with the memories, stay, your home will be an ongoing investment. You can realise that investment anytime in the future, by getting planning permission and selling with PP, you will get 80% of the increased value without the hassle. Turn you post into a vote by adding voting buttons to make choices easy, you will get lots of help here. Ed "ECOECO" At 'EcoEco', we design windows, we design the best windows, we do it for you, so that when you’re happy we are happy. Tel. 1800 326 326 Re: Renovate or Sell?? Love some thoughts on my dilemma plea 3Jun 29, 2010 9:37 am Hi Mumoftwo29 I was in a very similar situation as yourself, I was close to schools, shops etc, however I didn't really like the location as my house was on a busy road. I couldn't keep up with the maintenance of a large yard and the house needed alot of updating. I stayed at the house for ten years after my marraige, and lived with the memories but the final straw came when my new puppy nearly got run over. I decided then and there that I had had enough and bought a block of land and put the house on the market that week. It has been a long stressful drawn out saga going through the building process but now I have a larger beautiful new house and a much smaller back yard to maintain. The landscapers are here and once they are finished I can finally fully enjoy my new house. I'm so glad that I finally had the nerve to do it. I am so much happier and absolutely love the new area that I have moved to. I have no regrets at all! Re: Renovate or Sell?? Love some thoughts on my dilemma plea 4Jun 29, 2010 10:01 am MumofTwo29 Hi, I am in a dilemma and have been undecided for several yrs. I bought my ex husband out of our mostly renovated weatherboard house 5 yrs ago. I stayed as the house size was great, walking distance to kid's schools, beach, shops and train station. Prices have increased significantly and I am happy I stayed. However, the house is very high maintenance - almost 1/4 acre block, weatherboard, kitchen/bathrms 10 yrs old and need sprucing up, as do floors, carpets and gardens. I have painters painting the entire outside currently and planned to sell after doing a garden tidy up. The problem is I just love the location, plus I think my area is only going to improve in value as more and more houses are fixed up. Also, being on such a big block I have the option to subdivide in 5 + yrs when my kids don't need the backyard. I have considered knocking down and rebuilding 2 units, but are unable to fund this now. Also my current home is freshly painted (almost); new stumps; rewired; replumbed; re roofed. So would seem such a waste to knockdown. My options are: A - sell increase mortgage by approx $60000 and move to a newer townhouse/ house/unit on 1/2 block. Unlikely to remain in such a great location. Depends on what I sell for. But I get a new low maintenance place that has no old memories. B - [b]Renovate[b] Add a wall to large back room and turn into a master with ensuite and WIR; front landscaping; storm water connections/water tank; new benchtop (granite), splashbacks, appliances in kitchen, re grout/tile existing bathrm, plus new tapware. Does anyone have any idea of rough costings for all of this???? Then still have the backyard for the kids to play in and subdivide in future if I want. C - Subdivide Spend $20-30000 on plans, permits to subdivide my block. Plus $20,000 on mine for alterations needed to comply with subdivison (garage, removal of side chimney, fencing). I then lose my backyard, but possibly clear my mortgage and live on a 1/2 block that will need some updating (option B). My need to move has always been that i wanted a fresh new start for the kids and I. However, if I do a renovation perhaps that will be like a new place for me?? Would love anyones thoughts, ideas, suggestions. Thank you, There seems to be a lot of pluses to stay where you are as you are with so much done to your home. The only downside seems to be what you call the large block of land, can you afford to have a gardener to take care of that? If so that hassle is eliminated. Do the kids really need a fresh start or is it you that would like that? Your location seems to be otherwise perfect for you. It may be better to wait till the kids are older and don't need the room then move for what you want with a lower maintenance lifestyle for yourself. You are buying and selling in the same market so that should be OK? But the cost of buying and selling could really help paying for the other updating you want to do instead. Just my thoughts Re: Renovate or Sell?? Love some thoughts on my dilemma plea 5Jun 30, 2010 12:38 pm Thank you so much for your replies and opinions! Much appreciated, and feel free to share more! I am 90% certain I am going to renovate the house. Then few yrs from now when my kids are older (and I am earning more), subdivide the backyard for an IP. These are my renovations: Add a wall to large back room and turn into a master with ensuite and WIR; front landscaping; storm water connections/water tank; new benchtop (granite), splashbacks, re tile walls and floors and replace vanity and tapware in existing bathrm; shorten front deck and add steps Does anyone have any idea of rough costings for all of this???? Have the plumbers coming to quote for water tank connection, and storm water drainage. Then I plan to replace a few damaged facia boards - the entire outside (weatherbaord) is currently being repainted professionally. Then apply for a small increase on my loan for further works. Anyone know roughly how much to adding a new ensuite (brand new area, 4 metres from existing plumbing). Plus how much to fix up other bathroom?? Thanks again! Re: Renovate or Sell?? Love some thoughts on my dilemma plea 6Jun 30, 2010 1:05 pm 1/4 acre land? boy I can't even imagine land size that big and its double my land If it was me, I would take up both Option 2 and 3, renovate your current home, then when you are ready, subdivide the block as well. You could sell both your existing renovated home as well as the subdivide vacant block and make a handsome profit. With that profit, you can potentially stay in the same area and get a bigger and better home. Good luck jim Use a product like Equisol's Vitalise to clean the deck then coat with a penetrating timber oil. It will look 10 years younger and add value to your home. Visit for… 1 15794 the step up is 30mm and wanting it to be flat . how much does the concrete have to be lowered .we plan on removing bath and lenghten shower and adding seat. the old bath… 0 11835 if the original house is in good condition most of what you listed could be added in stages without the need for KDR and costs and disruption of having to live elsewhere… 1 13678 |