MOVE OR IMPROVE?
Many homeowners are often faced with the dilemma of whether it’s better to renovate, decorate and improve their existing home or take the plunge and move to another property
Your home has everything you like but over time, and often as your family grows the choice to stay and expand or fly to a different nest becomes a decision you need to make, and there are of course advantages and disadvantages to consider for both.
A well thought out renovation is generally kinder to your bank balance than moving to a new home. Improvements can be done one room at a time, allowing you to freely control the project to your available budget. Of course, if you want to remodel most of your existing home then it probably isn’t worth the investment, and if your ultimate goal is to downsize then a new house is clearly the right way to go.
Planning is key if you decide to renovate as costs can vary dramatically and it’s important to check that the work you are doing will eventually add value to your property, as you may still want to sell at some point in the future.
Before deciding to renovate or extend you need to know whether your property is even suitable for such a project. There may be planning permission to consider, especially if you want to add an extension or make external changes. This can be complex, and it is always best to seek professional advice – a property surveyor could help avoid costly mistakes.
Buying a new home usually means that an estate agent will do a lot of the hard work for you – both promoting and selling your house whilst also helping you find your new dream home. And buying a new build often means that everything will be built in from the outset and be in touch with modern design.
Location is another important aspect to consider. Your current home may be in a perfect place and close to family and good schools, but the ideal location isn’t always easy to find. If you can’t find a new property with the same amenities then maybe alterations to your existing home is the best choice for you. Alternatively, if you want to move to a new location then even if renovating would be cheaper, a new house may be a better option.
There are lots of decisions to make and things to consider – but there is also a whole range of expert advice out there to help make sure you make the right choice for you and your family.