Move or knock down and rebuild?
Why move house?
There are plenty of reasons to move onto a whole new home instead of upgrading the one you have. The first, of course, is to relocate to a suburb you prefer. No matter how much you love your home, if it is not in a convenient location, it may make sense to move somewhere else.
Moving can also make sense if you are downsizing. Depending on how much equity you have, there is the potential to sell, buy something smaller and live either mortgage-free or with a much smaller mortgage to worry about. Finally, when you move, you don’t have to go through the process of working with builders to plan a major renovation project. If you’re a busy person and the thought of creating something brand new from scratch doesn’t appeal to you, moving might be the answer. You may want something completely new but be restricted by the rules for building in your area. In this case, it makes sense to move or even buy a vacant lot somewhere else that you can build on. The drawbacks of moving home instead of staying put may be the cost. When you buy and sell, you have to pay stamp duty, agent’s fees and potentially other taxes. You will need to prepare your home for sale and pay for removalists, which all adds up. What’s more, you will never 100% get everything you want if you buy an existing home.