on air now

Scott Haywood says it’s better to renovate that relocate

It’s a question many home owners have had to consider: renovate or relocate?

Now, Finance guru Scott Haywood believes he has the answer.

‘My argument would be: if you like the current condition of your house, in particular the location, then it could be much more viable to renovate,’ Mr Haywood said.

‘The average renovation where you go out and up could cost up to $400,000.’

By way of contrast, he says more than 80% of Victorian properties currently sell for more than that.

But even a ‘like for like’ trade can be expensive.

Mr Haywood said moving from a $1 million property to another can cost $80,000 in marketing, photography, conveyancer, and other incidental fees.

Click play to hear the full story