Should I Move Or Remodel?
Picture the scene: you have a beautiful property; two-bedroom semi-detached with a small garden. It has served you well for a long time, and you’ve enjoyed the fact that you can be on the property market in a lovely little house with the ability to decorate it how you see fit. The thing is, you planned enough space for a family that could occupy two bedrooms, and now things have changed. Your family has expanded and while you didn’t anticipate that during the first house move, you need to do something about it right now or you face being somewhat squashed in together. You need more space – another bedroom, a second bathroom, a new lounge for the family to retreat to in the evening.
Whatever it is that you need, the two-bedroom property that you’ve always been so pleased with no longer has the same effect. You’re seeing that it’s not big enough to fit your expanding family and it’s becoming a problem. The longer you leave it, the less time you have to sort something out – but you don’t know if you want to move house. Sure, there’s a gorgeous three bedroom detached house with the bigger garden, driveway AND a garage, but you’ve poured a lot of your life into your two-bed home. So, the question is presenting itself: should I move, or should I remodel?
A Big Decision
It’s really not an easy decision to make, though for some it’s a no brainer. The chance to upgrade your living situation by moving somewhere with an extra bedroom, more garden space and a garage (with a driveway) is easy, especially as then your life is not disrupted by the noise of renovation. Moving house is far more comfortable than a remodel, they say, just get packed and buy elsewhere. The flipside to that is that it isn’t always about the need for extra space. Perhaps you love your neighbourhood and don’t WANT to leave your friends and family who live nearby. Maybe you’re in the perfect position in the area to commute and be in the catchment for a great school. You could even be a walk away from your local shops. There is so much more to a house than its four walls.
So the decision between remodelling the house and moving to an entirely new one takes careful thought and consideration. People around you may throw you a load of pros and cons, but realistically it’s going to be about more than the house when it comes down to it. While you’re pondering your neighbourhood and your school choices, we’ve put together a list of the pros and cons of both a house move and a remodel. It’s essential that while you research what’s best for you, as well as the best construction company Colchester has to offer, that you know all the facts. Your entire future is going to rest in your decision; making the right one is crucial.
House Move Pros & Cons
The Pros
Is there really anything better than those first weeks in a brand new house? You get that feeling that you’re on a bit of a holiday because this beautiful home with the new carpet smell and the fresh paint cannot possibly be yours, but it is! A new house that you sign the mortgage for is an empty space for you to really put your mark on. If you have that extra bedroom waiting and a new baby on the way, you have a whole nursery you can decorate and furnish. The new garden is more prominent, which means that the space for those summer barbecues is waiting and ready to go for your whole family.
You have a driveway and a garage, so the two cars that you have as part of your household both have somewhere to live now – and your insurance has reduced because of it. Whether you’ve gone for a new build or an older property doesn’t matter at all; the fact is you have a ready-made house to get busy putting your stamp on to, and you can still make sure you’re in the excellent school area and the right neighbourhood for a commute. You’ll get to make new friends and experience a whole new home to settle into, and that’s a rather lovely thought!
The Cons
The biggest con is going to be the cost. The cost of moving house isn’t just about the deposit you need; it’s the insurance, estate agent fees, stamp duty and whole host of costs that you have to consider. Moving costs, extra furniture to fill the new bedroom, possible work the house might need – the list goes on. Moving to a new house can break the bank in ways that you don’t want to consider, and you also have the added stress of packing! Packing is a laborious task that – for some – can take weeks to complete before you entrust movers to get everything to the new house.
Lastly, moving can be stressful to pets and children you may have as they may not have any understanding as to the upheaval and why it’s happening.
House Renovation Pros and Cons
The Pros
Aside from moving to an entirely new property, you could choose just to renovate the one that you have. You could stay in your current neighbourhood and keep things familiar while upgrading your existing space. You can go beyond decluttering the house for a bit more room and add on that extra much-needed bedroom by having the best construction company Colchester has to offer come in and add an extension to your home. You can throw up a wall or two and make a new space, add that garage you’ve been longing for or even build a loft into the roof space so that you have an extra bedroom without trying very hard. Even better, these changes can add some considerable value to your house.
You may have no intention to sell right now, but life changes, and there’s every chance that you may want to sell in the future. House prices are on the up, and yours could be as well with a few tweaks here and there. Renovations can pay for themselves over time, and it’s not difficult to impress the masses when you take an ordinary looking two-bedroom property and turn it into your masterpiece.
So, as with moving to a new property, renovation does have the unfortunate downside of being limited. You won’t be able to do every tweak you’ve envisaged, especially if you require planning permission for any of the upgrades that you need. There’s also every chance that you haven’t physically got the space outside to expand into, which can be a pain when you don’t want to leave. Renovation work is also not easy to live with, as there can be rather a lot of disruption to your everyday life with builders and brick dust.
Which Is Cheaper?
So, let’s be honest here: the only question you really need to know is which of these options is going to be the kindest to your bank account! Buying a whole house is a significant expense, and we’ve covered all of the fees that you’ll have to consider when you do take the plunge and buy again. However, in no world will renovation and upgrades ever cost as much. Moving house can cost you 20% as a deposit, plus fees, plus more fees, plus insurance – you’re looking at £50k+, and that’s before you’ve thought through furniture and the rest of the home loan you’ve just saddled yourself with paying.
A renovation is only as expensive as the job being done, which can depend on what you’re upgrading and how many times you choose to do it. The renovation also pays you over time, as your home goes up in value and you get your money’s worth out of your upgrade. It’s always cheaper to make space than to buy it, and if you’re choosing the right kind of renovations, you can always get the best people in to help you to build it efficiently and to the budget that you have.
Making A Choice
Of course, costs are not everything. Newly built homes give you features that older homes don’t have, such as underfloor heating and extra built in appliances that often come as a package with a new build. When you are considering the whole should you stay or go question, you need to think about the costs of keeping your house running in the first place. You have the electricity and other utilities to consider, as well as these, the costs of repairs all have to be estimated and included in your own calculations for your choice.
Newly built houses can be cheaper to run as they are built with better insulation and double glazed windows, so weigh the costs you have on your current utilities and measure it up against the new ones (if you were to move, that is).
Buying a property is the most significant investment that you could make, and it’s not likely to be a one-off. You could buy this new house and need to expand further later on down the line as your circumstances change. Moving house is not cheap, and some people look at the worries surrounding the housing market and decide to sidestep it entirely in favour of building on their existing and much-loved home. It can be hard to get on the property ladder again and money talks, so often it’s easier to stay put and upgrade where you can.
Selling your current home and buying all over again can be a daunting process ahead, but you don’t have to be afraid if it’s truly what you want. In the meantime, you could choose to renovate first and add value to the property that you have. This way, you get the best of both worlds when you sell up later on to buy that bigger house, and you get more than you bargained for with the home you’ve chosen to upgrade. It’ll sell for more money, so you’ll be able to buy a better house later.
It’s the smart choice to make: thus, when you can’t decide, why not do both?! Renovate first, sell up and then buy a new home!
