Should we stay or should we go?
This is the question on the minds of many homeowners. For some people, simple renovations can add a huge amount of value to their property, while others it would be best to look for something new. It’s confusing, right? There are lots of things to consider and it’s important to get yourself all the facts you can find to ensure you make the best choice.
The case for moving
- Do you need a change of location? Whether you need to be in a better school catchment area, or be within commuting distance of a new job, this is a clear-cut case.
- Can you cope with the disruption? Remember that renovations can take a long time and can be extremely inconvenient, which means they’re not for everyone!
- Do you have enough space and is there actually scope to add more? If you are looking for space and there is no option to extend then this is an obvious deal breaker.
- Can you afford the step up? With mortgage rates remaining so low, you might be able to afford a bigger or better home that you think.
The benefits of improving
- Is there is room for improvement? Adding space will generally add value to your home, so consider staying if you have the option to add some significant square footage.
- How much equity is in your home? This will make it harder to afford a new property, especially when you consider the cost of moving. Don’t forget about solicitor’s fees, estate agent’s fees and stamp duty.
- Will the improvements will add value? While a bar in the lounge might be something you have always wanted, it won’t be for everyone! Stick to neutral and modern renovations that will have mass appeal and will make the biggest difference – think kitchens, bathrooms and bedrooms!
- Is your existing mortgage portable? Check the terms on your current mortgage. If you have agreed a fixed rate on your current home for a set period, there may be a hefty charge if you have to pay it off early to move.
- Have you done your research? Do your research on what value you might be able to add. Consider similar homes in your area and speak to local estate agents. If you think your proposed renovations will add more to the value of your home than it will cost you to complete them, then you can be confident this is the right decision!
Finally, speak to us – we’ll come round and advise you on what might be best if you are considering improving your home. We are here to help build your inspiring space!