One of the questions almost every homeowner ends up asking themselves at some point is whether they should move house or give their current home an upgrade instead. There’s no single right answer to this question, and the choice that’s best for you will depend on several different lifestyle and circumstantial factors. To help make the issue a bit clearer, here are four considerations to think about when weighing up the decision.
Cost
As with many aspects of life, cost is an important factor to think about here. Both moving house and renovating involves a lot of money, so take some time to work out how much each option would cost (as accurately as you can estimate) to ensure that you’re making an informed decision. Don’t forget that renovating can often end up costing more than anticipated, but can also have the added bonus of boosting the value of your house if you later choose to sell. One issue to be aware of though is that most properties have ceiling prices, so if you’re hoping to add value be sure the amount of money you spend doesn’t exceed the amount of value it’s possible to add to your house.
Feasibility
When it comes to renovation, think about what the specific issues are that need fixing and whether it’s possible to solve them. For instance does your home simply need modernizing, or are you running out of space for a growing family? If space is the concern, do you have room to expand into or will you find yourself running out of it again in the near future? While renovating can give you freedom to design the exact home you want, moving into a new build from a developer such as Linden Homes that comes with everything you need already included might be easier.
Location
No matter how much renovation you do on a property, you can’t change where it’s located. So have a think about the area you currently reside in. If you already live in a perfect location – whether it’s proximity to work and family, accessibility of amenities, or good public transport links – then renovating might be preferable. This could be true even if it’s the more expensive option. Alternatively, if the place you currently live in is inconvenient or there are factors about the neighborhood that you don’t like, moving to a new house in a better area might give you the best of both worlds.
Emotional attachment
Another aspect that you can’t change is your emotional attachment to a house. If you truly love the home you’re in, and have loads of great memories associated with it such as your children growing up, then it might be worth staying put even if a renovation project will be slightly more costly than moving. However, don’t let your heart rule your head too much and end up staying in a property that’s truly unsuitable purely for sentimental reasons. You’ll always have photos and other mementos that you can take with you, and you’re sure to make plenty more happy memories in your new home!
