Should I Renovate or Move?
Whether your financial circumstances have changed or your family is growing, choosing between renovation and moving can pose something of a dilemma. Both choices have their respective pros and cons, but which one is right for you?
If you’re facing the prospect of choosing between the two, then hopefully this article can help you look at the bigger picture.
Things to think about
Before getting into the pros and cons of moving and renovation, it’s worth looking at the general considerations which will influence which way you end up going.
1. The cost
One of the main motivators or blockers for moving house is whether or not it makes financial sense once all is said and done. Whether or not it’s cheaper to renovate or sell will depend on your current mortgage and what you have in the bank.
While renovations come with immediate expenses you can pay in the short term, selling up and moving makes you money in the short term, with more costs and strings down the line.
2. The market
If moving ends up being cheaper than a heavy renovation, the market will ultimately dictate whether it makes financial sense. Do your research into the current market conditions before listing your current home, and whether or not the season is the right one.
By doing this, you stand a better chance of getting a good price for your home, instead of underselling.
3. The Timing
Whether you’re moving or renovating, you’re going to need time. For instance, you might be redoing an entire bathroom or kitchen, which could take months. Then again, moving also takes time so whatever you’re doing, you’re going to want to make sure you have room to do so.
4. The sentimentality
If you and your family have been living in the same place for some time or have inherited it, there’s a certain emotional toll that selling can take.
If you are dead-set on selling, consider that you’ll feel some sense of loss in the early days of being in your new place. This also counts if you have children, as they will have formed their own attachments.
5. The future
Most of all, you’re going to be thinking long term. Are you planning on starting or growing your family, or are you looking to downsize? Will the property be for investment purposes or do you want to settle down for retirement?
Is renovation for you?
Home improvements let you personalise your space but comes with unique challenges:
The advantages of renovating
- It can be cheaper in the short term.
- You can improve the value of your home.
- You can hang onto a sentimental place or a location you love.
The flipside of this is that major renovations can be difficult. Here are some downsides to staying put:
- It can get complicated, messy and disruptive to your daily life.
- Costs and timelines can shift easily.
- You may need local authority permission.
- The costs might not add the value you hoped for.
The advantages of moving:
You can start again
Moving to a new property means you can do things in a new way. You can choose somewhere with better parks, bigger rooms and better local facilities, as well as the chance to be part of a new community with a new place to explore.
You can live cleaner
Moving is a fantastic opportunity to tweak your way of living and drop all of the normal day-to-day stuff that was in the old place. Just think about all those old clothes you never wear, or those cupboards full of movies, CDs and other objects you’ve collected over the years.
By moving, you can filter out all of the things you don’t need and start again, cleaner and leaner.
It can be exactly what you want it to be
You most likely have a good idea of what you’re looking for. Of course, you can always renovate your own home at high expense and hassle: or simply move somewhere which already has those features. For instance, you might have always wanted an island in your kitchen or a larger bathtub.
You can go for a newer build
Your current home may be a little old, so moving to a newer building lets you enjoy the modern touches we all love. For instance, newer buildings will come with wood flooring, better wall panels, more intelligent uses of space and better electrics and plumbing. If you wanted all of this in your current place, the renovation costs would likely be very high.
You can have estate agents help you
House-hunting can be exciting, but it can take a lot of time as well. By choosing to move instead of renovating, you can recruit the services of a seasoned professional to find your perfect pad and sell your old place at the same time. They can also help you with the admin side of things, including taxes and insurance.
There are usually Removals Deals
Sometimes moving on a certain day can lower your quote. Check out our cheap removalists deal for Tuesdays for example.
It’s your choice!
Ultimately, it’ll be your circumstances and financial situation which dictate whether you move or renovate. If do you choose to move, you’re going to need expert movers to take care of the physical part.
When you’re ready to take the plunge, just give us a call and we’ll be able to help make it easier, even if you need to move an entire apartment.
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