Home remodelling vs buying a new home—which is better?
Outgrowing your home is a common issue, either you want some more space to entertain or need more space for a growing family. Renovating is one way to add some value to your existing home, and the other is to move home to a larger house. Both have advantages, both have disadvantages but what is the answer to your problem?
Below, we are going to take a look at the different factors you must consider in order to come to the right decision for you.
Money matters
There is only one place to begin, and this is with the cost. After all, your budget is going to play a big role and you may assume that moving home is going to be more financially viable. You can sell your property and then use the funds to purchase a new, larger home. With a loft conversion or extension, you will see the value in this when the time comes to sell your house, as you will typically be able to command a higher asking price.
Nevertheless, it can feel like buying a property would be the simpler solution to add space. This is not always the case; there are a lot of costs to consider when moving home including estate agent fees, repairs, furnishings, moving costs, advisor fees, surveyor fees, and stamp duty. You will need to take this all into account in order to get a realistic picture of how much it is all going to cost.
Your goals
You also need to think about your goals and what you hope to achieve at the end of everything. Sit down and make a list of all of the different reasons why you want to move. If you find yourself frustrated because of local schools, neighbours, or commutes, these are the sorts of problems that cannot be solved with a renovation, so moving home would be the evident solution.
However, if your grievances include things such as not having enough natural light, not having enough bedrooms and bathrooms, or small and awkward rooms, then this is something that can be solved with a renovation. A lot of property concerns are caused due to inefficient design and bad layouts. An experienced architect can help you to rectify these sorts of problems.
You may think that there is no way your existing house can be turned into something more enjoyable to be in and more spacious but you would be shocked. We have solutions to these situations and know how to transform spaces and open up areas within the home.
What about timing?
You also need to consider the timings that are involved. As you have moved house before, you will probably already know that this is not a quick process. It is impossible to determine how long a house move will take because there are factors in play that are simply not in your control. For example, if you are in a chain, you need to wait for the person who currently owns the property you are interested in to find somewhere else.
If this deal falls through or they decide they do not want to move anymore, you are going to be back at square one. The good thing about a renovation is that you have the control. You are able to dictate the work that is going to be carried out and when it will be conducted. This helps you to plan better. After all, you may decide to rent a place or stay with a family member while certain work is being done.
Also, with renovations, you can have an accurate timescale of how long everything is going to take, so you will know how much disruption this is going to cause to your life and how long you are going to have to wait to get the house of your dreams. When buying a property, there is simply no telling how long everything will take.
Read about our House Extensions
Hopefully you now have a better understanding of the different factors you need to consider when determining whether you should buy a new property or remodel your current one. There is no denying that there is a lot to consider and there is no magic formula.
However, if you carefully assess each element, you should get a good idea of what sort of option is going to be the best for you.
