This question comes up eventually for almost every homeowner, and getting it wrong is expensive in both directions. Renovate and you might still be unhappy with the location. Move and you might realise how good you actually had it. The way through is to separate what you love about your current home from what you’d change, then run the numbers properly.
What you love, and what you'd change
Start by identifying what you love about your current home. Some traits are hard to recreate elsewhere, a north-facing yard, a quiet street, a short walk to the things you use every day. Others are easy to find again, larger bedrooms, a pool, more storage.
Then look at what you’d change. Some of it is renovatable: floor area, layout, bathrooms, kitchens, technology, even style, depending on zoning. Some of it isn’t: land size, aspect, traffic, location and heritage restrictions. If what’s bothering you is the address, no renovation fixes that.
Run the numbers before you decide
Work out your changeover costs for moving, then compare that to your renovation cost plus an updated property appraisal. That comparison tells you what you’d actually have to spend in either direction, and it often changes the decision entirely once it’s on paper instead of in your head.
Don't overcapitalise
If you’re renovating with a future sale in mind, the renovation has to match what buyers in your area actually want, not just what you’d enjoy living with. One couple converted their third bedroom into a walk-in wardrobe and ensuite in a market where three and four-bedroom homes were what buyers were after. The $45,000 renovation ended up devaluing the property by thousands. Know your market before you commit to a floor plan.
