To sell your property or renovate
Families grow, kids move out of home, you buy a new car, or decide to work from home.
There are plenty of reasons why your lifestyle needs can change, and sometimes your home needs to change with you.
So do you sell your property and buy one that is better suited, with an additional space in the garage or room for a studio, or do you renovate, and simply build a car port or update the spare room?
As reported by the Real Estate Institute of Victoria (REIV), more Australians are currently buying a property that better meets their needs, rather than updating their current one.
In 1996, 22 per cent of residential construction work spending went into renovations, which was the highest point in the last 30 years.
By contrast, renovation spending was at a low in 2010 when it hit 13 per cent of residential construction expenditure.
Last year, this spend was up to 14.5 per cent.
The REIV warns home owners that while either option can prove costly, spending on renovations does not necessarily mean that you will see that investment pay off when you decide to sell.