It’s a common question among homeowners who are looking to make a significant change to their current living situation. Do we go with a kitchen renovation, or do we buy a new home? Unfortunately, there is no one-size-fits-all correct answer to this question. And there are many factors that contribute to which option is best for each individual situation.
Whilst we cannot magically answer the question for you, we can give you some things to think about if/when you find yourself pondering the options and wondering where to go from there.
Kitchen Renovation: Is the pain worth the gain?
Perhaps one of the most major renovation projects to be undertaken is a kitchen renovation. Not only is it often the most expensive home renovation project but it can also be the most complex and disruptive too. Taking one of the most regularly used rooms of the home out of action for some time can definitely be disruptive and is likely to be stressful too. But that certainly doesn’t mean that it shouldn’t be done. When done well, with the help of experienced kitchen renovation professionals, a kitchen renovation can really maximise the potential of a home, making it a truly treasured place to live and share meals every day, as well as perhaps increasing the property’s value and sale price too.
The alternative isn’t a walk in the park either
Buying a new home also comes with similar challenges. It may not be as disruptive to your daily routine as a kitchen renovation but it’s definitely not a cheap venture and can definitely be stressful. When all is said and done, the end result is still an amazing home for your family to enjoy.
So what should you consider when deciding whether a new kitchen (or any other home renovation really) or a new home is the way to go for you?
Let’s take a closer look at the potential pros and cons for a renovation project vs a new home.
Here’s some reason why a kitchen renovation could be the right move for you.
- Home is where the heart is
There might be so many things that you already love about your current home. The memories made with family and friends, lovely neighborhood, proximity to the kids’ school, and other favourite pastimes and activities. Or maybe you just feel hesitant to uproot the familiarity and routine you currently have. Renovating allows you to keep all of these things that are important to you, and then enhance it as with a new kitchen.
- Improve on a good thing
Have a look at recent price performance and sale results in your area. If there is a solid track record, and future growth potential looks favourable, then it could be beneficial to stay put and improve your current home. Renovation can also be a great idea if you need more space or facilities in your current home but aren’t able to afford to upgrade your entire house to a new one.
- Have the dream kitchen you’ve always wanted
If you’ve been dreaming about your ultimate kitchen for as long as you can remember, then a kitchen renovation is the logical way to make those dreams a reality. There’s no need to go in search of a new home that has something close to what you are after when you can create exactly what you want without going anywhere (assuming that you’ve got the space and resources to do so of course!
When considering kitchen renovation, it is important to be mindful of the following risks.
- Dollars in doesn’t always equal dollars out over-capitalisation
Not every renovation will result in adding the equivalent dollar value or more to your home. You need to be smart with your money and your actions. Before launching into your kitchen renovation project, if increasing the value of the home is a major factor for you, be sure that you are making the correct choices towards achieving that outcome. If resale value is not something that is necessarily important to you at this time and you are more interested in building your dream kitchen, then go for it!
- Strict regulations and processes
Most renovations will require some kind of building and/or council approval process. Following the correct regulations and protocol required can be costly and time-consuming, but it is essential. Not following the requirements could result in even more substantial costs and time delays down the track and no-one want that. So when embarking on a kitchen renovation, be sure you allocate time in your schedule and funds in your kitty to allow for following the correct regulations and approval processes.
- Can be complicated and disruptive
Amongst the budget juggling, council approvals, and the many designs and logistical decisions to be made, there is no doubt that renovations can generally be complicated and disruptive to your lifestyle. That doesn’t mean that it has to be a complete bedlam. If you engage experienced kitchen renovation professionals to help you manage and navigate your way through your exciting project then that definitely helps to minimise and share the potential stresses and workload of the situation. Once you have your dream kitchen, it will all be worth it!
New Home Pros
There are many great reasons for buying a new home, including:
- Take advantage of growth in a new area
Buying in a new area can be a great opportunity to take advantage of spots that might have better growth potential than your existing area.
- Change is as good as a holiday
Your current home has served you well, and of course, there is a level of sentimentality attached, but maybe it is time to change things up for a fresh new start. If you have become tired of the status quo, the area that you are in has seen better days or it doesn’t suit your lifestyle anymore then a new home could be just what the doctor ordered. A new home in a new area presents a great opportunity for some new experiences and new friends for everyone. It’s also a great chance to have a big-old clean out of all those things you’ve accumulated.
- You know what you are going to get
With a new home, there are (generally) no surprises. You get to have a look, or two, around the property, get your inspections done and are very clear on exactly what you are getting before you sign on the dotted line. For some people this works well for them, they like to be able to walk in, unpack their bags and settle right in. But if you have something very specific in mind, then it can be hard to find that in already built homes.
New Home Cons
Buying a new home is definitely a big decision so it is not something to be taken lightly.
- It takes a little more than some pocket change
For most people, buying a new home is the single most expensive purchase they will make in their lifetime. And so whilst there are so many great reasons to buy a new home, the reality is that some people may simply not be able to afford it.
- It’s a BIG change
Buying a new home is not just about the bricks and mortar that you are acquiring. It’s about the complete life change that comes along with it, and that is not for everyone. Whilst you can always find your new favourite coffee shop or a great new playground for the kids, do you rely on the support of family and friends around you? How does it impact your commute to work/school and how will that impact other areas of your life too?
Of course, we are not home investment or finance experts so this is all some general information of things you can think about when making the big decision whether to renovate your existing home or buy a new one. The good news is, that whichever option you decide to go with if you play your cards right, you should still end up with a great new kitchen! And we think that’s a win, win.
Harrington Kitchens has many years of experience with kitchen renovations and new builds. We’d love to help you with your kitchen project, whether it’s a renovation or you’re building a new home. Contact our team on 1300 662 112, submit an online enquiry or visit us at our Narellan or Bowral showrooms to discuss how we can make your dream kitchen a reality.