Should you move or improve?
There is often a choice to be made between improving your existing home or moving to a new one. It's a tough decision but here are some pros and cons of both for you to consider.
Every case is different but here are some things to consider which should help you to make a decision.
Let’s start with improving your current home. So what types of changes could you potentially do?
Extension – You may the option to build at the back or the side of your home and you can even create a room downwards by digging out or converting a basement.
Loft conversion – By adding a dormer and a velux window, you can make your loft a useable space and you may not even need full planning permission. Many loft conversions can be built under ‘Permitted Development’ but you must check this before you start any building work.
Conservatory – this is one of the most common ways to increase the space downstairs in your home and in most cases is slightly cheaper than a full single storey extension.
Let’s start with the benefits of improving your home.
Cost - Making improvements to your home will usually cost less than buying a new one. Obviously a loft conversion or an extension isn’t going to be cheap but usually the total spent will be less than moving.
Increasing the value – if you do decide to improve your home, then the new extension or the extra bedroom will add value to the home and you’ll see the benefits of that financially if you stay put and the housing market continues to grow.
You are happy in the area – If you already love the area you live in, then making changes to your current home means you get to stay in the place that meets your needs. Often having children in a particular school is a big factor in choosing to improve rather than move.
But what about the negative side to renovating.
Disruption – whenever any large scale building work starts you may find the mess and disruption quite stressful especially if you have young children in the house.
Costs – even though we’ve mentioned that it’s usually cheaper to renovate than to move, it’s rare that the final costs of the improvements will be the same as the quoted price. There can be unexpected costs so it’s worth factoring in a buffer amount.
Time – If you need to get planning permission for the building works this can be time consuming. You will need to have plans drawn which can be costly but then they need to be submitted and obviously there is a chance that you may not get the permission to build.
Now let’s think about moving home.
A new start – the most obvious benefit is that you have a new home and a new beginning which is an exciting time for everyone involved.
A better fit – Once you’ve moved, it’s likely that the new home suits your needs and lifestyle better than your old home.
No contractors – You won’t have the hassle and disruption of having contractors in your current home and this is arguable the main factor in people choosing to move rather than improve.
But what about the cons of moving to a new home?
Works to the new home – so even in your new home, you may find that you want to improve or change things immediately so you could have the scenario where you have contractors working in there soon after you move in.
A new area – it’s unlikely that you will move to an area you don’t like but even so, if you have strong ties with the town that you’ve moved from, it can be difficult to move away from friends, family, doctors or schools etc.
Cost – there’s no point trying to get away from it, moving home can be quite costly. Stamp duty alone can be expensive so you’ll need to factor all of these costs into your budget.
In most cases, your final decision will be based on finances but it clearly isn’t as straightforward as that. Your children may love the school they are in. You may be near to a really good dentist or doctor that you trust. You may have wonderful neighbours. There are many factors in making this decision and we can help you to go through all of your options if required.