The decision to renovate, build or buy will ultimately depend on your personal and financial position and your willingness to get involved in what could be a large and lengthy project.

Considerations before you start that renovation project.

The size of the renovation project is key. A large project is often expensive, time-consuming and stressful, though the sense of accomplishment that follows its completion is very rewarding.

Here are some of the questions that you should ask yourself before making the decision to renovate

• Which will cost more the renovation or building a new house from the ground up?
• Do you have the time to manage the project?
• What are the existing counsel regulations and standards and will your renovation pass these?
• Are there any restrictions, such as heritage listings placed on renovations?
• Will, you over-capitalize when you renovate? Over capitalization happens when the renovation costs more than the property is worth.

Considerations before building

Building a house from the ground up is a huge project and will require lots of time and attention. The reward for building your home is a house tailor made to your lifestyle, and the satisfaction of having accomplished the project.

Again, there are questions that you should answer before you make this decision.

• Do you have the money to complete the project?
• Do you have the time to manage the builders and other tradesmen?
• Will you receive counsel approval for your plans?
• What building restrictions that apply?
• Will you have money to fund your lifestyle when you’ve finished the building?

Many housing projects over run the budget. The architect and builder will provide you with a quote, but you should also include a contingency amount in your budget.

Considerations before buying

Many people find the idea of getting into a big project such as renovations or house building more than a little daunting. If you’re one of those people who just don’t want the hassle of a large project then buying a new or existing property may be the right choice for you.

Buying a property is, for most people, the biggest investment they will ever make. So, it is very important to make the right decision after careful consideration.

Pertinent questions to ask include

• Do you understand all of the costs involved in buying? These include the deposit, legal fees, conveyancing, stamp duty and bank fees.
• Is the property in an area where you’d choose to live?
• Is there enough space for a growing family? – if this is applicable.
• How much can you put away for ongoing home maintenance?
• Do you have the time and patience to look for the right property?

As you can see, in the end, the decision is a factor of your lifestyle requirements, your current circumstances and your financial position. It is essential that you do your research before you decide which route to take. This is the only way that you can ensure the best outcome for you and your family.