Could Renovating Be More Financially Savvy Than Moving?

Could Renovating Be More Financially Savvy Than Moving?

When you buy your first home, chances are you spend a whole lot of time mulling over different options before departing with your deposit and committing yourself to a lengthy mortgage agreement. When you first move in, chances are the property you’ve opted for caters perfectly to your needs and preferences. The most work that people tend to do with their first home will be decorating and moving belongings in.

But as time goes on, you may find that your needs and preferences begin to change and your current property is no longer the ideal space it used to be. Perhaps a partner has moved in and you need to take someone else’s needs and preferences into account. Maybe your family has expanded and you need more space for nurseries or childrens’ bedrooms. You could get a pet and find that you need more outdoor space for them to play in. Your income may have increased, allowing you the privilege of a larger home and more space to spend time in. In situations like these, people will often put the house up for sale and start browsing the property market for more suitable properties. But is this always the most financially savvy move? Here’s more information on the subject!

Moving vs. Renovating

If you’ve massively outgrown your home or want to be in a different area, moving may be the only option for you. But if you actually quite like your home but just need a bit more space or different features, you could find that renovations are much more suitable for you. Working with architects can completely transform your home in size and appearance. The benefits? Here are just a few:

  • A renovated home can provide you with everything you want, whether that’s more space, more bathrooms, an en suite, a garage or anything else
  • You don’t have to let go of a space you’ve become attached to, formed great memories in and come to consider home
  • You don’t have to worry about the costs of selling your home (estate agent fees, fees for your new property, removal fees, etc)
  • You don’t have to spend months looking for a new, more appropriate property (which also means no time taken off work for viewings, etc)
  • You don’t have to worry about upheaving children or pets (often, home moves can result in school relocations, registering with new doctors and dental surgeries, finding new and good vets, etc)
  • Renovations can boost the value of your home

Your Options

There are, of course, countless renovations and home redesign options that could help your current property meet your new needs. A few examples include:

  • Extensions
  • Loft conversions
  • Basement conversions
  • Garage conversions
  • En suites
  • Additional bathrooms
  • Knocking walls through to create larger living spaces

We are all well aware that the home moving process can be extortionate. Plus, most of the money is thrown away on fees, third parties and services. When you renovate your home, any money you’re spending benefits you! It really could be a much more financially savvy move to make!



Author: The FINANCIAL