Advice
Renovation vs. Buying New: What's Best for Australian Homeowners?
A look at the pros and cons of renovating an existing property versus buying a new home in Australia.
“First home buyers often underestimate how many local grants they can access.”
The decision to renovate or buy new is a major one for homeowners.
Renovating offers the advantage of improving your current space without the cost of relocating. It allows you to customise your living environment, often adding value in the process. However, it also comes with risks such as budget blowouts, planning permits, and temporary lifestyle disruptions.
On the other hand, buying new provides a clean slate and modern features — but often at a premium. It also may require you to compromise on location, especially if you're moving further out to find affordability.
Your decision should be based on your financial situation, long-term goals, and family needs. Consult a builder or property advisor to weigh your options and determine the best path forward.