When you’re deciding whether to move home or renovate your existing abode, it’s important to look at every angle of the situation to help determine the best decision for you and your family. To help homeowners choose whether to move or improve their homes, here are a few questions and subjects to consider which will help you get closer to the solution.
How Much Will It Cost to Renovate and Move Home?
Those on a budget will appreciate the importance of thinking about which option is feasible based on their finances. To find out how much a renovation, such as a new kitchen, an extension, or a new outbuilding will cost, ask for quotes from a few builders and decorators. With your quotes to hand, note them down on a spreadsheet to compare with the cost of moving home.
Then, sum up the estimated costs of moving home. Look at the type of home you want, and note down the price and any associated costs, such as moving fees and the deposit you will need. Take a look at the total estimated cost of moving and improving your home. Which option is financially better for you?
Moreover, if the cost for one is higher than the other, do you still feel you would rather spend the extra money regardless?
Scenarios and Solutions
Here are a few example scenarios of when it might be best to consider either moving home or renovating.
- So if, for example, you have a small apartment in a rundown neighbourhood, it could be too small and unsafe for your family to live the life you want. As such, it makes sense based on your needs to move to a safer area and a home with more room.
- In another scenario, if you live far from work and want to move closer to cut down on a long commute, moving could be beneficial in helping you free up more time in the day and save money that would otherwise be spent on traveling. As such, money spent on moving closer to work could be better for your wellbeing and pockets.
- Another scenario might be that you love where you live and appreciate living near friends and family, but you’ve fallen out of love with your home or have grown out of the space. In which case, renovating your home to include more room, open plan living, an extended kitchen, and a lick of fresh paint could be the better option.
To dig deeper into whether renovating or moving is the right choice, we’ll look at how whether you can solve the current issues with your home below by staying and renovating.
Problem Solving Current Issues
It’s now time to analyse whether there are other creative ways to fix the issues surrounding your current residence.
For example, if the commute is a problem for you, is it possible to negotiate working from home with your employer? Instead of moving, you could remodel your home to include a new work area where you can focus.
On the other hand, if there’s a new baby on the way and you’re desperate for an additional room, take into consideration that children don’t necessarily need their own room and sharing with siblings could be an option.
Figuring out whether there are solutions beyond moving home to fix what bothers you could save you a lot of money. However, if you’ve tried to think of new solutions to your issues, but there’s no answer, it may be time to consider moving somewhere that fulfils your needs and wants.
Is There Room to Grow?
How long can you see yourself in your current home? And will your current home fulfil the aspirations you have for the future? Ideally, it’s wise when you buy a home to stay there for at least 5 years, to ensure the home has time to appreciate in value. Equally the cost of buying a home to move to can be expensive.
As such, think about whether your current home works in line with your future plans. Or whether relocating to a different home, which you plan to stay in for at least 5 years or more, will be better.
Deciding whether to stay in your current home and renovate or move is a big decision. Numerous factors need to be considered, such as whether the area, size of the home, local amenities, transport links, distance to work, and so on meets your needs now and in the future.
Plus, you need to choose whether renovating or moving home is affordable. Both can be as costly as you want to make them. While it’s often beneficial to save up to renovate or save up a big deposit to buy a house, sourcing loans or a bigger mortgage is possible.
To gauge the affordability for a home renovation or house move, contact a mortgage broker who can help you figure out your options. Moreover, look at your savings and lending options to see how much credit you can afford to borrow to complete a renovation.
Lastly, write a pros and cons list for moving and renovating. In doing so, you can make a thoughtful and calculated decision about what choice is most suitable.
Image Credits: vu anh, ElasticComputeFarm, Michal Balog
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