It’s a question more homeowners are asking themselves: move or improve? Deciding whether to move to a new home or improve your current one is a big decision with many factors to consider. In this article, we’ll weigh up the pros and cons of moving or improving to help you determine what’s best for your situation.
Moving: The Pros and Cons
Pros of Moving
- Fresh start: Moving offers the chance to find a home that better suits your current needs without being constrained by your existing property. A move can tick many boxes – maybe you need a bigger garden, more bedrooms, or a location closer to good schools.
- Potential financial gain: If your property has increased in value, selling could result in a substantial profit. This could serve as a deposit for your next home or be invested elsewhere.
- No building mess or stress: Unlike renovating, moving means you won’t have to endure the noise, dust, and delays that often accompany home improvements. You get a fresh start without the disruption.
Cons of Moving
- High costs: The financial implications of moving house can be significant. Stamp duty, estate agent fees, removals, and other associated costs can quickly add up, making moving expensive.
- Emotional attachment: Leaving a home filled with memories can be tough, especially if you’ve lived there for many years. Moving may feel like leaving a part of your life behind.
- Market uncertainty: The property market can be unpredictable. You may struggle to sell your home at the desired price or find a new property that meets your needs within your budget.
Improving: The Pros and Cons
Pros of Improving
- Adding value: Well-planned renovations, such as home extensions, loft conversions, or modernising key areas like the kitchen or bathroom, can increase your property’s value. This makes your home more attractive to future buyers.
- Avoiding moving hassles: By choosing to improve rather than move, you avoid the stress, expense, and upheaval of moving. No need to pack, change schools, or adapt to a new neighbourhood.
- Customisation: Renovating allows you to tailor your home to your specific needs and tastes. Whether it’s creating your dream kitchen or adding an extra bedroom, you can make your home work better for you and your family.
Cons of Improving
- Disruption: Home improvements can be highly disruptive, turning your home into a building site for weeks or even months. This can be stressful for the entire household.
- Uncertain returns: Renovations can be costly, and not all improvements will add value to your home equivalent to what you spend. Careful planning and budgeting are key to adding value to your home with renovations.
- Planning hurdles: Some improvements require planning permission or must adhere to building regulations, potentially delaying your plans and adding complexity, frustration, and extra costs.
Deciding to Move or Improve
A crucial part of deciding whether to move or improve is understanding your home’s current market value. This information provides a financial baseline that can help guide your decision.
We’d be more than happy to help you assess your property’s value. Contact us today to arrange a chat with one of our friendly property experts and get the guidance you need to decide whether it’s time to move or improve.
Important Links
Book a Valuation
Visit our Royston Facebook Page
Visit our Newmarket Facebook Page
