If you’ve owned your home for a while, you may be starting to get a sneaking suspicion that you need a change of scenery.
It could be that you’ve become tired of the existing décor or it might be more the case that you want to experience life in a different area altogether.
It can be a bit of a dilemma. Do you update your existing home or just upstick and move? Both options come with financial implications, so you’ll want to think carefully before you decide. Let’s assess the pros and cons of each.
Assessing renovation potential
You probably already have an instinctive idea about any renovations you might like for your house. The term ‘renovation’ is a broad one. It can refer to anything from a complete rewire, a new bathroom or replacing an old bay window with some stylish French doors.
Whatever you’re thinking of getting done, always consult a professional to see if the work is viable and how much it might cost.
If the verdict is positive, giving your house the facelift, it needs could be a great alternative to moving stress and solicitors’ fees.
Remember that if you’re building something completely new, such as an extension, you’ll need to obtain planning permission.
It would also be wise to think about home extension insurance just in case something unforeseen happens along the way.
The case for relocating
Relocating offers the advantages of completely new surroundings and facilities. It’s often easier to upgrade to a larger house than add space to your existing one. It means you won’t have to worry about planning permission and everything else tied up with it.
Alternatively, downsizing can also be a great way to release equity so you have a little bit more cash to play with.
Relocating is a great way to get features that might otherwise be hard or impossible to add to your existing house. For example, switching from a terrace house to a semi-detached might give you a bigger garden and a driveway or garage.
If you’re struggling to decide between your two main options based on the financial implications, you’ll need to do a few figures.
Selling a house is a costly business. In fact, it’s estimated that the average cost of moving house has now exceeded £14,000. Stamp duty, estate agent fees and conveyancing fees are some of the main costs.
With this in mind, assess the costs of any renovations you would like to do. Try to get quotes from several people about each job, so that you can be sure you’re being quoted accurate figures. Once you’ve got a list of potential renovation costs, see how it stacks up against the cost of moving.
Lifestyle impact and personal preferences
Of course, it’s not just about money. Before making your decision, assess whether the moving house would have more positive or negative outcomes. Do you and your family have close community ties that would be hard to lose, for example? Are schools and job prospects in the new area good (if applicable)?
Demand for renovations has ballooned this year, thanks to higher house prices and interest rates. If you decide to renovate instead of moving house, you’re certainly not alone. You might be able to make your space more liveable by building more storage space and using nature-inspired colour schemes. These are current early 2020s trends, so such changes can also add value to your home.
But sometimes, you just know when a house move is what you need. Either way, once you know what you’re doing, you can get planning in earnest!