Love It or List It: Should You Move or Renovate?
If you're weighing up whether to extend your home or move to a new property, here are some tips to help you make the right decision.
Many homeowners reach a point where they find themselves at a crossroads.
After many happy years in their home, they realise it no longer suits their needs.
This leaves them with two options: to renovate/extend their property or list it and find something that's a better fit.
Both options have pros and cons (and involve a substantial financial and emotional investment).
So what's the right thing to do? Here are three tips to help you find the answer.
1 Identify your housing priorities
Analyse the pinch points in your current home and identify what would make your living environment better.
If you need more room, be specific about whether it's bedrooms, bathrooms or general living space you require.
Don't just think about how you currently live; consider your likely situation in three or five years. (Factors such as school catchments or accessibility may not seem pressing now, but could be in the future.)
2 Do your sums
You probably have a rough idea of costs in your head, but now's the time to nail down the numbers.
Speak to builders to get quotes for labour and materials (these have increased significantly in recent years).* See if the cost of extending will add the equivalent value (or more) when you come to sell.
Then, research the property market to understand how much ideal properties in your desired area cost.
On paper, list how much each option will set you back. Don't forget to include things like architects' fees and contingencies for building works, as well as mortgage and solicitors' fees for moving.
3 Time to get real
Now it's time to consider the logistics of each option.
With renovations, you'll need to project manage the work or pay a professional to do it. You'll also have to live on-site throughout construction (which can be messy and stressful) or rent alternative accommodation.
If you plan to sell up, you'll need to prepare your home for sale and open it up for viewings. You'll also have to navigate the conveyancing process when selling and buying.
Make a choice
By now, you should have enough information to make an informed decision.
If you're still unsure and have questions about the local property market, contact us.
If you know someone who would find this article helpful, please share it with them.
* Always check the planning regulations in your area before committing to a building project.