More and more people than ever before are choosing to improve their existing property instead of moving to a brand new home; there are definitely pros and cons of each. So should you stay or should you go? This is something that is on the minds of many homeowners, especially as people will be thinking about fall and winter, and then coming up to the new year (a popular time for people wanting to put their house on the market).
For some people, making some simple renovations can be all that the need to do, and that could just be what is needed to add a good amount of value to their property, more than they have spent. But for other people, they will all be about looking for something new altogether. So it isn’t always a simple decision of what route to go down. As there are many things to think about, it is important to make sure that you are armed with relevant facts to help you to make an informed choice.
The benefits of improving
- If you have some space to improve things, then why not use the space to create the home that you’re after? Space in an attic to do a conversion can help, as well as extending the home outwards (only if there is space in the yard to do so, though). You could even talk to a professional about the home construction process if you want to do some major renovations to build a home like new. These kinds of thing will generally always add value to your property.
- If you don’t have much equity in your home, then that can make it harder to be able to afford anywhere new, especially when you think about the cost of moving (as there are things like legal fees, realtor fees, and so on).
- There are many home improvements that can add value to your home. But if you are planning to sell at some point, don’t make them too random; not everyone will want a living room with a bar in, for example. Choose to stick to some neutral and modern renovations that more people are going to like, to get the most bang for your buck.
Why moving could be best
- If you want or need to have a change of location, then moving can be the option. It might be for work or for school, but the literal relocation can be better for many people, depending on circumstances.
- If you aren’t able to cope with the upheaval that can come from renovating and improving your home, then moving can be an alternative to the inconvenience.
- You might have a property that doesn’t mean you are able to extend your home or renovate it, so you may not have any other option than to move.
- If you want to get quite high up the property ladder and take a bit of a leap from what you have already been doing, then with lower mortgage rates, you may be able to afford a bigger or better home than you might have first thought.