Weighing up new versus renovate.

Need more space, looking to add value or considering a new project? Before you decide whether to renovate your existing home or build a new one, here are some factors to consider when working out the right approach for you.

Pros and cons of building a new home

Advantages Considerations
  • Create the home you want on a section you like
  • You can design a house that perfectly suits your lifestyle
  • Everything will be new
  • Low maintenance costs
  • Could be more energy efficient.
  • It will take up a lot of your time, even if someone else manages the project
  • Finalising plans, getting consent and building takes many months
  • You need to make sure that you are not over investing. Compare the cost to build to the potential resale value
  • If you are building in a development, future new builds in your area may affect your view, privacy or block the sun. 

Pros and cons of renovating

Advantages Considerations
  • If you like your neighbourhood, renovating means you can change your home to suit your lifestyle without finding a new home
  • Improving your home can add value to your existing property
  • Smaller renovations can cost less than building new
  • You can make your home suit your needs now and in the future.
  • Does your current neighbourhood still meet your lifestyle?
  • Will you be taking something away, such as turning three bedrooms into two, or adding special features that may not appeal to everyone? It's a good idea to keep future buyers in mind
  • Will you run the risk of over-capitalising with the cost of your renovations?

 

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Things you should know.

1 A professional installer must fit the items. If you apply for a Westpac Warm Up loan, you'll need to show an installer's quote or invoice that is no more than 30 days old.

Westpac's home loan lending criteria, terms and conditions apply. An establishment fee may apply. A low equity margin may apply.