3 Questions to Ask Yourself When You're Deciding to Renovate or Move Home
Many homeowners ask themselves this question during their life. Sometimes, it is perfect for right now when you purchase a property, not as your end game home. But with the UK housing market seeing massive inflation on house prices, the age-old question; should I stay or should I go needs more contemplating. This post looks at some of the factors that will form your ultimate decision.
How Much Can You Afford
One of the first questions to ask yourself when considering a move is how much can you afford. You will need to calculate how much you can afford to spend on moving and find out how much you would get back in the re-sale of your current home and any mortgage increase you will be taking on.
It can be cheaper and easier to get the renovation work done yourself in many cases. While you will still need to find the appropriate funding options, you can split the work up over longer periods of time when it comes to renovating. You can purchase your own building supplies if you can do some or all of the work yourself or look into hiring contractors to assist you in bringing your plans to life.
Does Location Matter
Location is a top consideration when deciding to renovate or move home. If you live in a city like London, where house prices skyrocket all the time, moving might not be the most convenient thing to do.
If you like where you live and don't want to leave the area, this is another tick in the renovation column. Think about your current commute times, locations of kids, schools, family and friends and so on before deciding whether to move or not. It might be that homes in your preferred area come with an added premium and higher living costs, and an increase in mortgage payments.
What Are Your Future Plans
Your future plans will determine many of the bigger life decisions you need to make. Do you want to start or expand your family? In that case, will doing renovation work give you the space you think you will need? Look at drawing up plans and scoping out whether or not you need planning permission against moving home and the costs associated with this.
Are you wanting to relocate across the country and can put up with your current home for a bit longer until you make a move? Can you wait it out a little bit longer where you currently are by taking on some home improvement jobs to increase the value in your current home? Before making any rash decisions, be honest about how you see your life in 5,10 or even 20 years down the line.
When your current home no longer feels right, it can be tempting to up sticks and start again someplace new. However, by taking some time to assess your situation, the current state of the housing market, and what you really want and need, you can make the right decision.
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