With Sydney now ranking as the 2nd or 3rd least affordable city for housing globally, it’s more important than ever for families to seek the right advice and strategies when it comes to home renovation or home extension. In such an expensive housing market, making well-informed decisions about extending or renovating your home is crucial to ensuring that your space fits your current needs while also being a smart investment for the future.
We often hear stories of families who decide to extend their homes, only to find that they’ve outgrown the additional space within just a year or two. You might wonder how this happens. The reality is that emotions—especially when it comes to finances—can drive families to make impulsive decisions based on immediate needs without fully considering the long-term implications. So the first step to planning a home renovation is master planning.
Think long term
A home extension or renovation should not only meet today’s needs but also be a part of a broader plan for the future. As children grow into adults, their needs evolve, and they may eventually require more space of their own. This natural shift can be difficult to anticipate when planning a home extension.
External pressures—both from within the family and from society—can make families feel the urgent need to extend their homes now.
A strategic, long-term approach is considering whether the space you truly need right now is a larger living area or updated kitchen rather than additional bedrooms. Your current bedrooms might be sufficient for the next 5 years. This allows you the time to reassess your needs, knowing that you have a well-thought-out home renovation or extension plan in place if required down the line.
Evolving needs
Master planning your home renovation is key. Consider how your home might need to evolve over the next 10 years and develop a renovation or extension strategy that aligns with this vision.
Renovations and extensions should be planned in stages, ensuring that each phase meets your immediate needs while also allowing room for future growth. Breaking the project into manageable phases helps reduce stress, maintain affordability, and provides the flexibility to adjust your plans as your family’s needs and financial situation evolve.
Ready to renovate and wondering where to invest? Check out our upcoming article “Why That Extra 10m² Could Be the Best Investment You Make”