Should I Renovate Or Move? The Pros & Cons
Looking to make improvements to your home setup? Perhaps you need more rooms, need to make the space more functional, or are just tired of looking at the same old decor. Whatever the reason is that you’re looking for a change, you’ll need to decide if it’s more effective to renovate or move. There’s plenty to consider when deciding whether to renovate or move and so in order to help you make your decision, we’ve put together a list of the pros and cons of each.
Reasons To Renovate
It’s Cheaper Than Moving
Unless you’re considering very large scale renovations, renovating is likely to be a much cheaper option than relocating, and you’ll miss out on having to pay for stamp duty and valuations etc. There are simple renovations you can make that won’t cost you an arm and a leg but will make a huge difference to the overall feel, look and function of your home. You can also make changes that will save you money in the long term, such as making your house more energy efficient to save on your annual bills. There are many different home energy upgrades that you can make such as switching your boiler for an air to water heat pump or installing underfloor heating.
You Can Make The House Your Own
When deciding whether to renovate or move, it’s important to think closely about the main adjustments that you’re looking for. When buying a new property, there will always need to be compromise. For example, you may find a house that has a dream garden but lacks the kitchen or living space that you need. One of the main benefits of making home renovations is that you can customise the property to suit your requirements exactly. You can keep what you already love about the property, and make adjustments where necessary to create your dream living space.
You Can Add Value To The Property & Sell Later On
Making renovations before you sell the property will allow you to increase the value of your home and sell it on for a better price. So when deciding whether to renovate or move, in some cases it may be best to renovate first and then move. There are many improvements that you can make such as converting your loft, renovating your kitchen and making your home more energy efficient. These will all increase the appeal of the property to potential buyers and allow you to sell at a greater value
Cons Of Renovating
Mess & Disruption
When thinking about whether to renovate or move, one of the main drawbacks of considering home renovations is the mess and disruption that they can cause. Having building work done is never ideal for your home life. That being said, moving involves just as much hard work, if not more disruption. Additionally, not all improvements are necessarily complicated and overly disruptive. For example, installing underfloor heating is a simple process when done by a skilled expert.
Large Renovations May Be Long Winded
If you’re considering larger projects such as loft conversions or extensions, this is likely to require planning permission which may take a while to apply for and achieve. It’s also important to note that larger projects have the possibility to take longer than expected if any issues arise, and could end up costing more than you initially budgeted for. In this case, when deciding whether to renovate or move, it’s important to weigh up the total cost of moving vs the highest cost of the home improvements.
Reasons To Move
You Won’t Have The Disruption Of Building Work
When deciding if it’s best to renovate or move, one of the major attractions of relocating to a new property is avoiding the disruption of building work. Relocating to a new house provides you with a fresh start without having to deal with the potential stress that can come with home improvement projects. That being said, it may be difficult to find a property that suits your requirements exactly, and so it’s important to consider this when deciding whether to renovate or move.
You May Want To Downsize
Whilst it’s common for homeowners to be considering whether to renovate or move because they require more space, it may also be the case that you actually have too much space and need to downsize. Perhaps you have children that have recently flown the nest or your current property is simply too big to maintain. In this case, the only logical solution when deciding whether to renovate or move is to change houses.
Your Existing Home Is Too Old-Fashioned
Are you tired of living in an old house and looking to find a property with a more modern feel? This is one reason that homeowners are often swayed towards relocating when deciding whether to renovate or move. If you’re tired of living in an old fashioned building, you may simply want to switch to something more modern. However, if you don’t want to bother with the upheaval of relocating, there are modern updates you can make to your home. This may include updating your heating system to a smart system, removing outdated furniture and investing in modern furniture and appliances.
Cons Of Moving
It’s Expensive
Cost is a key priority to consider when deciding whether to renovate or move. So, as you can imagine, one of the main drawbacks of relocating is the cost. Legal fees, stamp duty, surveys and hiring a removals company are just a few of the main costs involved in the process. In most cases moving will be a lot more expensive than renovating, and so in the majority of cases it will be far more cost effective to make updates rather than relocate.
You May Need To Update The New Property Anyway
If you choose to move property then you need to be sure that it suits your requirements exactly. It can be hard to find the perfect house, and so one of the issues that you may find when relocating is having to make changes to the property anyway so that it suits your requirements. This is important to consider as you don’t want to end up spending a whole lot more money than you need to.
Hopefully this list can offer you some guidance on whether to renovate or move. If you’re looking to make renovations to a new or existing property, please don’t hesitate to get in touch with the team at Pipelife to discuss how you can make your home more energy efficient and cost-effective.