Most of us will reach a point in our lives where we look around our homes and realise we could do with some more space, or simply a refresh in our environment (especially after almost a year confined to our homes – thanks COVID). Moving house is a lot of effort, but so is renovating your current space. Both come with their pros and cons, so which is better – renovating or relocating?
Should You Renovate Or Relocate?
A lot of people decided to sell up and move in the latter half of 2020, and the housing market is still looking pretty busy. We naturally outgrow our environments and sometimes there’s nothing for it but to move to somewhere new. However, there’s also no point selling up if you’re living in a perfectly good house. Does your current property tick all your boxes and if not, are there changes you can make to ensure that it does?
Should you renovate?
Like I said, moving house can be expensive (and stressful, and time-consuming). Stamp duty tax, solicitors fees, mortgage fees – they all add up. Sometimes, moving can cost just as much as renovations, depending on your plans. With that in mind, it can be better to stay put and spend your time getting creative and breathing a bit of new life into your current home.
If you are outgrowing your space and feel like you need a little more room, consider an extension. If you have the opportunity to do it and find a reputable builder and domestic concrete supplier on hand to do the hard work for you, it’s not half as big a task as you might first think.
Before you go ahead and start planning though, consider how much value it will add to your home and whether it will be more than the cost of the project. If you plan on staying in your current home forever, this might not matter too much but if you plan to sell your house on one day in the future, it’s wise to make renovation plans that will add value to your home in the long-run. I highly recommend that you find out the ‘ceiling price’ of properties in your street/town/village. This is the maximum amount that people will pay for a house in the area, regardless of what work has been done to it.
Remember, people are more likely to buy the worst house on the best street, as opposed to the best house on the worst street, so it’s important that your house isn’t already nearing its ceiling price! Get in touch with a good estate agent to advise you on this.
Or should I relocate?
Sometimes, the only answer is to move to get a fresh start in a completely new home. Moving house not only gives you a new space to live in, but it can bring a new area, new schools, parks, pubs and neighbours.
Yes, it can be a stressful process; living out of boxes and a whole host of life admin to contend with for starters. However, you work with estate agents, solicitors and mortgage advisors/brokers to do much of the hard work for you. Once you’ve made the transition from house to house, the most difficult part is over. It will be chaotic for a week or two but you’ll soon find your feet again. Renovations, however, can leave you living in a bit of a building site for long periods of time.
When it comes to renovating or relocating, it all comes down to your individual circumstances, and there’s no right or wrong answer. Whatever you decide to do, enjoy it! A change can be so exciting and at the moment, we all need something positive to focus on and a project in the works to keep us motivated and focused.