Move or Renovate? Top Considerations to Help You Decide

There are pros and cons to both renovating your home and moving home. The right decision for you will depend on your personal circumstances, as you will need to consider your financial situation, how much space you desire, what location you want to live in, and more. To help you decide, here are some key considerations to think about. 

Do you need more space? 

One of the biggest reasons that people move house is because they require more space. Whether you want to kit out a new home office and gym, or you are expanding your family, more space is an essential requirement for many homeowners. 

Renovating your home is a good way to increase the space. You can opt for an addition or loft conversion, which will provide you with extra room, at a fraction of the cost of moving. 

However, if you don’t have the correct permissions or space to extend your home, then moving house might just be the best option for you. It will cost you money in legal and estate agent fees, but you will be able to live more comfortably and use the sale of your house to make the purchase. You may expect that house prices increase if you are looking for more space. 

Do you need/want a new location? 

Sometimes, no renovation, revamp, or extension will suffice. It is a good idea to consider how your current property, neighborhood, and location make you feel. Are you close to all the essential amenities that you like to enjoy? Are your neighbors friendly? Do you live in a safe and comfortable location? If you can answer all of these with a smile on your face, then perhaps a renovation is the right path for you. However, if you find yourself complaining, then maybe a new location is the way forward. 

What is your budget? 

Budget is going to be a huge factor when it comes to choosing to renovate or move house. This is because both come with different costs, as well as the availability of funds. 

If you want to renovate – then you will need the funds ready and available to use. If you own your property, then a remortgage might be a helpful option. 

If you want to move house – you will have to pay for legal fees and estate agent fees. You may also find that house prices have increased since you last purchased a home. However, if your property is in good condition, you may have a good chunk of equity to cover those costs. If you are currently renting, then you will need a substantial amount of money to cover the deposit and fees. 

What condition is your home in?

If your home is in poor condition, it might be that you are focusing on buying a new home, when you can save a lot of time and effort by renovating your property instead. Renovations can create a huge difference in the look and feel of a home, as you can change the layout, theme, and decor. You can also invest in extending your home if you require extra space. 

A renovation and moving house 

You may find that you decide to move house, but a renovation is also necessary. This might be the case if your home is not in great condition, but you are set on moving. A renovation will be something worthwhile, as it will increase the value of your home, providing you with more equity to use in your new property, as well as increase its chances of selling, and reducing your chances of experiencing gazundering. 

Choosing to move house or renovate your home can be a difficult decision to make. Consider these important factors to help you decide.

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