Making the decision between renovating or moving house can be a difficult one. Each option has its advantages and disadvantages and ultimately it comes down to what is best for your lifestyle and current circumstances. So, it's important to weigh up all your options outlined in this post before making a decision.
Is it best to move or extend?
Renovating pros and cons
Renovations are often seen as a smart way of adding value to your property without having the added hassle of moving. You may decide that renovating could be the best solution if you love where you live, but want more space, or if it is too expensive to move elsewhere. Renovating also allows you to make use of what’s already there, and with careful planning and budgeting, this can be an effective way of creating your dream home!
Advantages:
● Can add value to your property
Renovating can be a great way to increase the value of your property, and by making upgrades and improvements, you may be able to sell your home for a higher price or attract more potential buyers.
● Allows you to stay in the same area
If you love your current location and don't want to leave, renovating can help you to stay in the same area while still getting the home of your dreams.
● You can create your dream home
Renovating allows you to design and create your dream home from scratch. You can choose everything, from the layout and style of the rooms to the fixtures and finishes.
● Often cheaper than moving house
Depending on the extent of the renovations, it's often cheaper to renovate than it is to move house. This is especially true if you're happy with your current location and don't want to pay for stamp duty, conveyancing fees and other moving costs.
Disadvantages:
● Work can be disruptive and stressful
A big thing to consider can be how disruptive and stressful renovations can sometimes be, especially if they involve major structural changes or require you to temporarily move out of your home.
● Changes may not add enough value to make it worthwhile
There's no actual guarantee that your renovations will add enough value to your home to make them worthwhile in terms of resale value or personal satisfaction.
● You may have to apply for planning permission if renovating is significant
Depending on where you live and what kind of renovations you're planning, you may need planning permission from local authorities before starting work and this permission being granted isn't always guaranteed.
● Renovations can take longer than expected, leading to potential overspending.
Renovations are notorious for taking longer than expected, which can lead to frustration and overspending on budgeted expenses like labour costs or materials.
Moving house pros and cons
Moving house can also be an attractive option vs renovating, as many prefer to have a clean slate and there's potentially the opportunity to have more space to work with. If you love the place where you currently live, consider whether it can be remodelled or extended before transitioning to a new location. If you're open to relocating, keep in mind it could give you access to a more spacious property in an area that resonates just as well with your lifestyle.
Advantages:
● Move to an area that suits your lifestyle
Moving house gives you the opportunity to find a home in an area that may better suit your lifestyle. Whether you want to be closer to work, have access to better schools, or live near family and friends, moving can help you achieve these goals.
● Enjoy a more spacious property
If you're feeling cramped in your current home, moving can give you the chance to upgrade to a larger property with more space for yourself and your family.
● A fresh start with no need for renovating or extensions
Moving into a new home means that you won't have to worry about any of the renovation or extension work that often comes with buying an older property.
Disadvantages:
● Moving can be expensive and stressful
There's no denying that moving house can be both expensive and stressful. Remember, you'll need to pay for stamp duty, removal costs, and other expenses associated with buying and selling property. This handy moving calculator will help give you an idea of moving costs.
● Value for money on your location is not guaranteed
It can be challenging to know where the best places are to move in terms of value for money. You'll need to research local property markets, school catchment areas, crime rates, and other factors before making a decision.
● Competitive housing market
In some areas, there can be a limited supply of larger homes in desirable locations, which may result in high competition when it comes time to buy. This can sometimes make finding the right property more challenging than expected.
Ultimately, the decision between renovating or moving house should be made based on your circumstances and preferences. Both options come with various advantages and disadvantages, so take some time to really consider what would be best for you before making a decision.
At Hunters, we are here to offer expert advice on the current housing market to help make the process as easy and stress-free as possible. If you would like more information on valuing your property to help you make a decision on whether to renovate or move, then please book a free valuation appointment with us today.
