It is almost inevitable that every homeowner will come up against this decision sooner or later – should you renovate your current property, or move to a new one? Very often there is no single right answer, and the choice that is right for you will depend on a wide variety of factors including your specific needs and wants, the current state of the housing market in your area, and financial considerations. To help you make the decision a little clearer in your mind, here are four of the main factors to bear in mind when making your choice.
1. The Cost
As always, money plays a big role in this situation. Both renovating your current property and moving to a new home are expensive ventures, so it is worth taking the time to work out (as accurately as you can) roughly how much each option would cost you. This ensures that you will be making an informed decision. Whichever you go for it is also worth researching all your financial options, for example taking out a bridge loan or remortgaging your property, to help you make the best choice. Bear in mind that renovations can often involve unexpected costs, but also add value to the price of your home.
2. The Location
We are often told that location is key, and in this case, it is true. You can do as much renovation work on your property as you like, but you cannot change where it is located. This means that if you currently live in a neighborhood that you do not like, or in an inconvenient location in terms of work or school, moving to a new house in a better area is likely to be the preferred option for you. On the other hand, if you love your neighborhood or are unlikely to find anything more convenient in terms of your family, work or school, renovation could be the way to go.
3. Your Emotional Attachment to Your Current Home
Homes are special places to us for many reasons, one of which is all the fantastic memories that they hold. If the thought of moving out of the house you or your children grew up in fills you with horror, don’t do it! Even if a renovation will be more expensive, it could be worth it to stay in a home you truly love. Just be careful not to listen to your heart over reason too much and stay put in a house that is unsuitable for your needs just for sentimental reasons.
4. The Feasibility of Your Renovation Project
Just as you cannot change the location of your home, there are other factors that a renovation project cannot alter. Think about your needs, and whether it is possible to address them through a renovation. For example, if your house just needs redecorating to modernize it, that is fine, but if you are running out of space for a growing family and have no options for expansion then moving house to somewhere bigger is almost certainly going to be necessary for you.