It’s an interesting time for home-owners at the moment, and the question on many Sydney-siders minds right now is whether they should renovate or sell their home.
With both inflation and interest rates on the rise, home owners are having to re-evaluate their priorities. We sat down to discuss the property market and debate the ‘renovate or sell’ question with Michael Nehme, owner of Taste Living, an established North Shore boutique home building and renovation company.
Michael says that people tend to lean more towards renovating their homes rather than sell and move houses as you can save on the transaction costs. Plus, renovating can yield great short and long-term benefits.
“We have clients tell us that after the renovations of their homes they generally benefit from a significant upside in their property’s valuation,” says Michael.
The cost of renovations tends to be around 50% of the increase in the property value. However, clients must perform their due diligence when selecting the builder and ensure that the renovation costs and what they want to achieve with the works fit within their budget.
This is why Taste Living offer their clients Fixed Price Contracts – different to the ‘cost plus approach’ offered by many builders. Says Michael,
“Most clients are comforted by knowing that there is full transparency with the cost of building.”
If you wish to renovate your home, Taste Living have been bringing families’ dream homes to life for 15 years and can help you do the same.
341 Penshurst St Willoughby
1300 388 888