Renovate or move? How to make the big decision

Renovate or move? How to make the big decision

So, what is it going to be? Are you going to renovate your property, or will you take the plunge and move house altogether? Chances are, if you have clicked on this article, you are torn between these two options. 

To help you decide, we have rounded up the advantages and disadvantages of renovating your home versus moving. 

Advantages of renovating: 

·             Add value to your property.  

By renovating your property, you can increase its market value. Therefore, in the long run, you could end up in a better financial position if you decide to sell. 

·             Stay in the same location. 

Is your current location perfect, but the house itself just isn’t quite to your liking? If so, a renovation might be exactly what you need!  

·             Your dream home could soon be yours… 

When moving house, you are restricted to the properties available, and chances are they probably don’t quite match the dream home in your head. If you renovate, you can design everything down to the smallest details including finishings, layout, and more. 

Disadvantages of renovating: 

·             It’s expensive. 

Despite being cheaper than a full-on move, renovating is still expensive. It is an accepted fact that you will end up spending more than what you initially budgeted for, so before going ahead with a renovation, you must be confident in your decision. 

·             It can be intrusive and stressful. 

Does the idea of having builders in the house, all day every day, make you squirm? Or maybe you feel distressed at the idea of having to temporarily move out of your house while the work is being done. If so, you might want to reconsider your choice. Renovations take time and lots of work. Not only do you lose privacy during this time, but stress can set in while you are waiting for life to return to normal. 

·             You might need planning permission. 

Depending on the extent of the renovation, sometimes you will need planning permission from your local authority before you can proceed. 

·             It might not be worth the financial strain. 

If you are keen to add value to your property, you first need to be sure that the changes will be worthwhile in terms of raising the market value. 

Advantages of moving: 

·             You can start afresh. 

There could be many reasons why you want to start afresh in life. Maybe you want a career change, or perhaps you want to move to a new part of the country. Whatever your reasons, moving house can provide you with the fresh start that you need. 

·             Upsize or downsize. 

If you are looking to downsize, moving is a more financially feasible option. If you are looking to upsize, it all depends on how much land you have at your current property. Sometimes an extension is the way to go, but if there isn’t enough land to fit your requirements, you might have to move. 

·             Modernize your surroundings effortlessly. 

Say goodbye to old leaky pipes and gloomy hallways. If you are moving house, you could choose a new build if you wish to. This way, you will no longer need to worry about the problematic aspects of your old property. 

Disadvantages of moving: 

·             Moving is incredibly expensive. 

There’s no denying it, moving house costs a lot of money. There will always be costs that you didn’t anticipate such as paying for removals and stamp duty, amongst other things.  

·             Moving house is stressful. 

Moving house is perhaps one of the most stressful life events there is. While it can be exciting, it is certainly non-stop and being in between properties for days (or even weeks) can get exhausting quickly. 

·             You might regret it. 

Until you are settled in, you can’t be sure that you will enjoy living in your new property. Maybe the neighbours are loud, or there is a lot of crime in the area that you weren’t aware of. Moving home is always a bit of a gamble. 

And that’s it! We hope that this article has helped you make your decision on whether to renovate or move. Whatever you decide on, we wish you the best of luck! 

Sources: https://www.halifax.co.uk/