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Build or Renovate?

It's a dilemma that arises for many Australians that own their home. There are many factors involved in making this decision. Here's just a few things that you need to think about:.


Building is a time-consuming, but rewarding process. For those who own a home on a large land size it may be financially beneficial to think about dual occupancy.  Building two new houses on the one block may or may not work for you – it depends on your area. So research your local market carefully.

A granny flat can also be a great idea for people looking to be close to ageing relatives or even take in a renter to help pay the mortgage. Make sure to research what the local council planning rules are so you can correctly plan for the renovation.


The renovation option is easier in a freestanding house with plenty of land size around it. The cheapest renovations are single-storey ground floor extensions - they add the most space for the least cost. If you own property in a city location, converting lofts and attics into extra rooms could be worth considering. 

Before making renovation plans, make sure you set a budget and realistically plan around that. It can be relatively simple and cheaper to make changes to specific rooms such as a bathroom or kitchen, without a major expense of a more extensive wall removal. If you do not have a plan or a budget before you start, you would risk overcapitalising on your property.

Before You Decide - Do Your Research.

Make a list of costs vs benefits so you can properly make the right decision for you and your family. This is not a decision that should be made quickly or without research. 

Find out what you can and cannot do within your local area. Speak to the local council and stay attuned to what is happening in the real estate market.

Best Loan Options for Building or Renovating

For more information call 136 126 and speak with a local mortgage specialist or enquire online to set up a FREE appointment.