Move house or Renovate the current Home?

This is a torrid question. Given the very high fixed charges of Agents fees, advertising, moving costs, renovation, repair costs at the new location and Bank fees. These costs will add up to atleast ten percent of the value of your home, more likely 12%. So on a $700,000 home, the moving cost adds close to $84,000, this gives one pause for consideration, this would buy a lot of renovation. I am inclined to prefer the renovation option in a flat market. If you want to do the renovation, yourself or have a modest outlay, then stay where you are and renovate. The array of cheap products from big, bulky goods, Bunnings, Lowes, Masters, Home Depot warehouses and quality tradesmen favour renovation.
I offer the idea, it also depends on your age and plans to stay in an area or ‘upgrade ” to a better location. If you are expecting considerable capital growth and have the years to achieve this growth, then you may prefer to relocate. If you have a desire for a much improved suburb and are willing to make a large outlay, then consider moving. The advent of reverse mortgages, suggests one can add substantial value into your home, even as a savings plan. Consider your personal circumstances.

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Melbourne Suburbs Home equity levels

I am reading about the relative equity levels of some Melbourne suburbs. It is interesting to note, that some have much higher levels of home owner equity than others. This could be indicative of a much higher ability to meet home mortgage repayments during any financial stress period. The highest equity levels are as follows, homes with more than a fifty percent equity, Boroondarra 80.4% Eastern middle Melbourne suburbs, 79.9%, Eastern outer Melbourne 77.7%. While, the suburbs with low levels of equity include, Inner Melbourne, 65.3%, Melton/Wyndham, 59.2% and South Eastern outer, 65.8%. Simplistically, I say, these ones with a lower equity level, are areas where home owners may find it harder to hold their homes, in any financial crisis time. So the Eastern suburbs, are the safer places for home renovating to hold a home for the long term! Thats where the big money is made by compounding growth over the long term.

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