Moving house is an exciting prospect, but the costs involved can be daunting. Before you decide on relocating, ask yourself, could a renovation suffice instead? Relocating is often thought to be the quickest way to achieve your dream house, so it’s easy to forget about the expenses that come with the process, such as stamp duty, removal costs, and valuation fees.
A less-considered but potentially cost-effective option could be to renovate your current property. Be it an interior decoration project or a more extensive extension to add more space, remodelling your existing home could be a refreshing change that could add value without the added stress of relocating. We’ve created a list of the pros and cons of moving and improving to help you decide whether you should make a call to the builders or the estate agents.
Improving: The Pros
Improving your home allows you to consider your and your family’s needs and make changes you know will make your life easier, whether that’s an updated kitchen, a loft conversion, an extension, or knocking down a wall to create a kitchen-dining area. Furthermore, any money you spend on improvements can add to your property’s value in the long term.
Improving: The Cons
Sadly you cannot change everything you dislike about your current property; for instance, if you don’t like aspects of your neighbourhood or location, we’re afraid you’ll still be stuck with them. You’ll also have to deal with the mess and changes even seemingly simple renovations like a loft renovation or extension can create. It’s also easy for a build to go over budget, and worst-case scenario, you could run out of funds before the renovation is complete. If you’d like some more advice on budget planning for your renovation, check out this internet guide for some helpful tips.
Moving: The Pros
On the other hand, moving enables you to buy somewhere bigger, without the chaos of builders and the mess that accompanies improving. In the best-case scenario, you could find a property ready to move into with features that better suit your family’s needs, whether that be a more extensive garden, more bedrooms/bathrooms, or a better location. Understanding what your family needs before moving will help to streamline this process, and ensure you are finding properties that fulfil your needs entirely.
Moving is also beneficial if you are looking to relocate as soon as possible; perhaps you’re starting a new job and need to move closer, or you’ve got a new baby on the way and need a more family-friendly space. Using a trusted house buying company would assist you in this task, especially if you’re strapped for time.
Moving: The Cons
However, you could find yourself in the same position when you move and still find work to do with your new property, whether it’s just painting or more significant jobs like fitting a new kitchen. Not to mention the costs of moving soon add up, and you’ll have things like stamp duty, removal van costs, and solicitor’s fees to consider, which don’t add to the long-term value of your home.