It's no surprise that people sometimes feel the need to shift homes. Whether their family has grown too big for the current property, the move is needed for work-related reasons, or simply because you're bored of your living situation – there are countless reasons why people would consider moving homes.

However, one option that is always present as an alternative to moving home is to simply renovate your existing property. There are a number of reasons why renovating your current home could be better in the long run than purchasing a new home.

More options

The best thing about renovating a home that you own is that you have all the freedom to make your wildest design dreams come true. Rather than spending your time looking into what other homes can offer you, why not spend it investigating how to make your current property your dream home?

Look at your home critically. After all, there's a reason you originally fell in love with the place. Try and find the magic again, and build on that with new additions, expansions and alterations to create the ultimate living space for you and your family.

Financial restrictions

At the end of the day, it could be easier and cheaper to simply renovate your current home into your own slice of paradise, rather than bother with taking out a new home loan to fund your property search.

Furthermore, all the expenses involved with buying new property, including stamp duty, inspections, lenders mortgage insurance, and countless others could end up costing just as much – if not more – than simply renovating your home.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.