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For most of us, it’s easy to form a sentimental attachment to our home. However, there may come a time when we either outgrow the property or would like to make changes. Sometimes these circumstances can make it difficult to decide whether to relocate or renovate.

Here are some of the key considerations to ponder before deciding which option is right for you.

Ask yourself:

  • How do you feel about your neighbourhood? Are you attached to it and do you want to stay put?
  • What’s your budget? Can you afford to buy a new home, or would a renovation be more suitable, given your financial situation?
  • What are your motivations? If a lack of space is the main issue, for example, you may be able to reconfigure the layout to free up more room.

To help make your decision a little easier, here are some of the pros and cons of renovating versus moving to a new home.

Improving your home


  • Remain in the neighbourhood you know and love.
  • Potentially increase the value of your property.
  • Avoid the costs of selling and purchasing a new home. These include real estate fees, stamp duty, legal costs, establishment and bank fees, as well as moving costs.
  • Access funds in different ways to finance the renovation, including potentially using any existing equity to pay for it.
  • Renovate your home to your exact liking and at the same time, improve your lifestyle.
  • It may be more affordable to renovate rather than relocate because of the aforementioned buying and selling costs.
  • Avoid the property hunt.


  • Renovating can be disruptive. You may need to move out temporarily, which could be costly.
  • It can also be time-consuming, particularly if you’re doing some of the improvements yourself.
  • There’s the potential to overcapitalise. This is when you improve a property beyond its resale value.
  • Council restrictions may dampen some of your renovation plans.

Moving to a new home


  • The excitement factor! A fresh start in a new home in a new location.
  • The convenience of moving into a property with the exact features you want and being able to enjoy the property straight away.
  • Avoid the trials and tribulations of a home renovation, such as having to deal with potential delays, managing contractors, and making decisions on every detail.
  • An opportunity to declutter.


  • The selling and purchasing costs can add up. There are also moving costs to consider.
  • If you’re relying on the proceeds from the sale of your existing home to buy your next one, you may also need bridging finance, which can be pricey.
  • The stress of finding the right property in the right location.
  • The upheaval of packing everything up and moving.

The verdict

So, after all these considerations, should you move or improve? At the end of the day, the decision is deeply personal. It ultimately depends on your individual situation and aspirations.

Whatever you decide, we can help you obtain the finance you need to achieve your goals.

If you’re keen to renovate your property, you may be able to refinance and unlock the equity in your home to bring your renovation plans to life. There are all sorts of other finance options available.

If you decide sell, we can help find a home loan that suits your specific financial situation and goals. We can organise bridging finance if required and walk you through the entire home loan application and approval process.

For an honest and unbiased opinion, talk to Think and Grow Finance today on 03 8390 5855 or email