Is your starter home on its last legs? Perhaps it’s starting to look a little worse for wear, or maybe you’re simply running out of space.
There are several factors that can lead to people wanting to move house. Maybe your current property has fallen into disrepair and you simply haven’t had the time to maintain it, or maybe you’ve welcomed a few extra little ones into your family since you moved into the property.
Regardless of the causes, both pose the same question – should you renovate your property, or just move to a new one and start with a clean slate? Before making the call, you should weigh up both options.
Renovating vs moving – what should you choose?
Whether you’re leaning towards renovation or moving entirely, take a step back and try to look at the situation from the most objective perspective possible. Look past your current situation to your future – will your decision have a significant enough impact to solve your problem for the long-term?
If you’ve had new additions to the family recently, you’re likely going to need a bit of extra breathing room. Think about it, though – do you have any children due to fly the nest any time soon? If so, will you really see the benefit of stretching your budget and upsizing? Although it seems attractive, it’s not always the best solution.
Take a look at your home’s structure and think about repurposing the space. Would knocking down a few rooms and changing your property to an open-plan structure solve your problems? By doing this, you might discover that you don’t actually need the extra room at all.
Changes to your neighbourhood
Are dramatic changes to the area you live in pushing you to move to a new neighbourhood? Whether it’s a new school, hospital, or even a main road, think about how they could affect the price of your property.
Although they might add a bit of inconvenience to your working day, take a moment to think how they could affect the value of your home. Easy access to main roads, catchment for good local schools and nearby hospitals can all influence your home’s market worth for the better.
In this situation, it may well be worth staying put and renovating your home, so as not to miss out on the capital growth.
Extensive renovations incur hidden costs
If you’re thinking about staying in your home and shaping it into the property you need, don’t forget that the costs can stretch further than just building materials and labour. If your renovations are going to be extensive, it’s likely that you won’t be able to live within your home whilst the work is under way. During this time, you’ll have to find alternative accommodation. For those who can’t stay with friends and relatives, this will mean hotels or short-term rented accommodation.
Research is the key to making the right call
Overall, regardless of the decision that you’re thinking about making, be sure to conduct your own research. Take a look at your local area to learn about upcoming developments, look into the structure of similar-sized properties for renovation ideas, and also check other neighbourhoods to see what you could get for the same money.
If you conduct thorough research before settling on an option, you’ll be much more likely to have made the decision that works best for both you and your family.