Whether you’re craving more space, eyeing a sea change, or simply dreaming of a modern upgrade, deciding whether to renovate or sell is rarely straightforward. With construction costs climbing and the property market shifting, it’s more important than ever to think carefully about which option best suits your lifestyle, budget and long-term plans.

Let’s unpack the key considerations.

What stage of life are you in?

Your current circumstances play a huge role in making the right call. If the kids are moving out, you might be ready to downsize. If your family’s growing or you’re working from home more, you could need extra living space or a home office.

Ask yourself: does your current home have the bones to adapt to your needs with some clever updates? Or will it always fall short, no matter how much work you put in?

Also think about how much disruption your household can handle. Renovating often means months of mess, noise, tradies and temporary living arrangements. On the flip side, selling and relocating brings its own pressures, especially if you’re buying and selling in the same market.

Can your property work harder for you?

Understanding your home’s current value is essential. You might have built up more equity than you realise, especially given the value increases in many suburbs over recent years – even with a recent softening in some areas.

A professional market appraisal can give you insight into how much your home is worth and how much you might unlock if you choose to sell or refinance to fund a renovation. This info is also handy when chatting to your lender or financial advisor about next steps.

Renovation costs are on the rise

Let’s be real, renovating isn’t as affordable as it once was. The price of materials and labour across Australia and New Zealand has skyrocketed thanks to supply shortages, inflation, and increased demand. Simple jobs can take longer and cost more than you might expect.

If you’re leaning towards renovating, start by listing what needs to change, whether it’s a cosmetic refresh or a full structural overhaul. Then, get detailed quotes and don’t forget to factor in a healthy buffer. Once the floors come up or the walls come down, surprises can (and usually do) appear.

And if you’re dreaming of luxe finishes, that budget can blow out fast.

Don’t forget regulations

Depending on where you live and what you’re planning, council approval may be needed. Major extensions, layout changes, or work that affects neighbours or structural integrity often requires development approval.

If you’re in a strata complex, it’s not just council you need to deal with. Your body corporate may have specific by-laws around noise, flooring materials, and structural changes – so always check the rules before you start.

Also be mindful of potential hazardous materials like asbestos in older homes. Dealing with them safely adds extra costs and time.

What’s happening in the market right now?

The Australian and New Zealand markets have both been navigating higher interest rates and inflation, which affects buyer demand. While properties are still selling, buyers are more price-sensitive and selective.

So if your home is dated or needs work, it might not fetch top dollar without some upgrades. But here’s the point – renovating to sell doesn’t always guarantee a high return, especially in a softening market.

If you’re not in a rush, it could make more sense to renovate and hold for a few more years while the market regains momentum. But if your area is still in demand or your property ticks all the right boxes, selling now could be your smartest move.

Not sure which way to go?

That’s where we come in. Getting an updated market appraisal is a great first step, it gives you a clearer picture of your home’s value and helps you decide whether renovating or selling is the better strategy.

Chat with our sales team today and let’s figure out what works best for you. Whether you’re ready to list, looking to renovate, or still weighing it all up – we’re here to help.

Tossing up whether to sell or renovate? Knowing your property’s current value is the best place to start. Book a free market appraisal with us today and get the insights you need to make the right move. Whether you’re ready to list or just weighing up your options, we’re here to help you understand what your home’s really worth and how to maximise its potential.