Do you own the worst house on the best street or have a dream to sell up for bigger and better surrounds? An extension or renovation could allow you to achieve the best from your property whether you want to add value for sale or expand your living space to improve your lifestyle.
When the time comes to make the move from a compact, family or even childhood home into a larger property consider your options, as buying or moving, although idyllic and often cheaper on face value, can cost considerably more than a well designed renovation.
Director of The Outside Perspective, Nathalie Knight, advises home-owners to carefully consider their options and calculate the true costs associated with moving and buying into a larger property before proceeding. She says the stamp duty and legal charges alone could cost upwards of $100,000, which comes after your real estate fee’s and moving costs.
In Queensland you can expect to pay around 5% of the first $18,000 and 2.5% of the balance of your sales value to your real estate agent. For the median house price of $500,000 this equates to approximately $13,000. You can expect to pay a further $15-18,000 in stamp duty, legal fee’s and moving costs associated with your next property purchase. Together these costs combine to be a substantial chunk of a renovation bill, or even a whole project depending on the scope.