Moving home is always a significant undertaking. With solicitors to be paid, surveys to be completed and, of course, the uncertainty of being part of a chain, buying a new home could be more hassle than it is worth. This is especially true if renovation of your current property is an option. So, should you renovate your house or move?
When is moving the best option?
If you are looking to move to a different area or relocate entirely, then a renovation won’t do you much good (apart from potentially boosting your resale value). Similarly, if you are looking to downsize to a more affordable property, then moving is probably the best option for you. In other situations, particularly when you are keen to stay in the same area, a renovation may be a better option than moving.
The cost of moving may be greater than the cost of renovation
One reason that renovating may be a better option than moving is that the cost of moving may be greater than the cost of renovation. The biggest upfront cost for buying a home is usually the deposit, but even if your deposit comes from the sale of another property, there are also solicitors’ fees, estate agent fees, surveys, stamp duty, removals and van hire to consider.
By renovating, you may also add value to your home
From another financial perspective, by renovating, you may also add value to your home. Therefore, when you do decide to move, you can afford something more expensive or at least recoup more income from the sale of your current home. As well as aesthetic changes and adding extra living spaces, making your home more energy efficient with improvements such as external wall insulation or a new boiler can increase its value.
If you move, you may still have to renovate
In most cases, moving into a new home means a lot of work; very rarely is the house in the state you want to live in it long-term. Therefore, if you do move, you may still have to renovate anyway – such as redecorating and making energy efficiency changes – but with all the additional costs of the move.
Renovations that can make your home seem brand new
Renovating can improve both the interior and exterior of your property, making it seem brand new. Therefore, unless you are looking to relocate or downsize, you might want to consider whether you would benefit from some of these renovations instead.
Converting a room into a liveable space
Adding an extra room, such as a loft conversion, can increase the value of your home by up to 20%. It also provides you with more space within your home, either as an extra bedroom or a breakaway space.
Installing external wall insulation
External wall insulation can decrease your annual heating bills by up to 50%, which is more important now than ever. As well as the energy efficiency of this improvement, you also get a new look for the exterior of your property, as the new insulation is finished with a render of your choice.
Install better windows
While upgrading your windows might not be the most glamorous of renovations, it can make a huge difference to your home’s energy efficiency. It will make it much more comfortable to live in your home if the heat is not escaping, and may make it more attractive to potential buyers too.
Redecorating would likely be the first thing you would do if you bought a new house, but a fresh lick of paint can make a huge difference to your existing home. Coupled with some new furniture and some energy-efficient changes, redecorating can make your home feel brand new.
Whether you should renovate your house or move completely depends on your personal situation, and what your goals are. However, it is worth considering that, even if you do want to move, some thoughtful home improvements could increase the value of your property and make a more lucrative sale.
We provide external wall insulation for those who are looking to improve the energy efficiency in their home.