New year, new home?

Once the fireworks have fizzled like the short-lived enthusiasm for your new year’s resolutions, what do you want your life to look like in the coming years?

(We promise this is not a Tony Robbins-style ‘new year, new you’ article)

It’s just that the new year is a time to think about the future. That’s why we all end up making ambitious resolutions (only to promptly break them). And while you might be plotting a 12-week body recomposition or planning to learn the salsa this year, the fresh start afforded by a new year is the ideal opportunity to think more long-term, too.

Where do you want to be in 5 or 10 years’ time?

Does your home fit your future vision? If not, why not renovate so that it does!

It might be a lot to contemplate over your morning cappuccino and bowl of weeties, but…

Will you have kids? Will you be a newly empty nester? A career change? A tree change? Will you be fluente en Español, with an Argentinian boyfriend you met at your weekly salsa class?

Will you still live in the same home? And, if so, will it still suit your needs now that you have half of Melbourne’s Latin Americans over for Asado-style barbeques every Saturday night?

Even if your home doesn’t fit your vision for the next 5 to 10 years, if you plan to stay in the area because it’s close to your existing networks, your kids’ school, friends, family, and your favourite bakery, it might make sense to renovate rather than move (you’ll save a whole lot on stamp duty, for one)!

We always ask our clients how long they plan to stay in their homes.

We also ask you to visualise what you want your life to look like in that time. The answers to these questions give us an important insight into how you want to live. And the answers will inform the decisions and the moves (or, cancel the removalists, lack of moves) you make now. It impacts the way your home should function, what physical space you might need and how that space should be able to adapt into the future.

A tale of two renovations

If you do decide to make your current house your ideal home by renovating, there are two types of renovations you could persue. There’s a cosmetic renovation which might involve a coat or two of Natural White, some new kitchen cabinet fronts and possibly even a bathroom facelift.

And there’s a more extensive renovation which is more likely to involve an extension. It could involve strategic demolition, opening a wall or more to get the flow right and to let the light in all the right places, and a large new sliding door opening onto the garden.

A cosmetic renovation may give your home a temporary bump in value. But as soon as the synthetic carpets inevitably pill and the new paint smell evaporates, so to does your home’s boost in value. It’s common to have to redo the kitchen and bathroom after 10 or so years if you settle for a cosmetic reno; it has a limited lifespan. If your plan is to move on in the next couple of years, that’s not such a problem. Well, not your problem, at least.

But if you want to stay in the area, settling for a cosmetic renovation might be selling yourself (and your home’s future value) short.

In contrast, an extensive renovation has the capacity to completely transform how you live. It has the potential to change the way you feel in your home. To allow you to wake up with the sun, feeling refreshed and regenerated. To feel recharged and rejuvenated as you shower and prepare for the day and to fill your cup and your belly as you entertain friends around the kitchen island. And this change in the way your home not just looks, but feels and functions, has a lasting impact; it won’t date like the hexagonal tiles and the lime green feature wall.

In fact, a recent study shows that renovations designed by an architect are likely to benefit from higher capital growth over a 10-year period. This demonstrates that the benefits of a well-designed extensive renovation endure over the longer term, thanks to the structural and spatial changes which transform the home rather than just covering them in fresh paint and an on-trend tile.

Could an extensive renovation be in your future?

So, if you’re planning on staying in your home for longer than 5-7 years, it’s worthwhile considering something more extensive and customised than a cosmetic reno. Similarly, if you were thinking of moving because your current home doesn’t suit your lifestyle? Why not think about saving the stamp duty and staying put? Instead, create a home that perfectly fits your lifestyle with a more substantial renovation and extension.

Of course there’s a greater upfront cost now, but the transformation pays dividends in a greater quality of life and greater capital returns if and when you do decide to pack up and relocate. It’s worthwhile working with an architect so you can enjoy the benefits of your renovation and ultimately be rewarded with a higher sale price than the neighbours.

So, in between Christmas parties and work break-ups, carve out some time over the next few weeks to think about what you really want your life to look like in 5-10 years time. And, if it’s substantially different to what your life is like now, rather than just superficially different?

Perhaps you need to consider undertaking a renovation to reflect and enable the life you want to live.

Over the next few weeks, we’ll be sharing our advice on how to start thinking about and planning your future home. If you haven’t already, sign up for our emails and keep an eye on your inbox because 2023 might be the year you create your ideal home!