Should you move or improve?
It’s a question an increasing number of homeowners in Peterborough are asking themselves.
And it’s a big decision with lots of things to weigh up.
In this article, we list some pros and cons to help you gain clarity about what’s best for you.
Moving: The pros and cons
Pros
Fresh start: Moving allows you to choose a home that better suits your current needs without the constraints of your existing property. A move can tick many boxes – perhaps you’d like a bigger garden, more bedrooms or a better school catchment area.
Potential financial gain: If your current property has increased in value, selling it could provide a substantial profit. This could be used as a deposit for your new home or invested elsewhere.
No building mess or stress: Moving means you won’t have to deal with the disruption that home improvements can bring. There’s no need to suffer the noise, dust and delays that often accompany renovations.
Cons
High costs: Moving can be expensive. Stamp duty, agent fees, removal costs and other associated expenses can quickly add up. These costs might outweigh the benefits, especially if you’re not moving to a significantly more desirable area or property.
Emotional attachment: Leaving a home full of memories can be emotionally challenging. Moving might feel like leaving a part of your life behind if you’ve lived in your current property for years.
Market uncertainty: The property market can be unpredictable. You may find it difficult to sell your home at the price you want or struggle to find a new property that meets your needs within your budget.
Improving: The pros and cons
Pros
Adding value: Well-planned improvements can add value to your property. Extensions, loft conversions or modernising key areas like the kitchen or bathroom can make your home more attractive to future buyers.
Avoiding moving hassles: By improving your current home, you can avoid the stress and expense of moving. There’s no need to pack up your life, change schools or adapt to a new neighbourhood.
Customisation: Renovating allows you to tailor your home to your needs and tastes. It might be a case of creating a dream kitchen or adding an extra bedroom – you can make your home work better for you.
Cons
Disruption: Home improvements can be highly disruptive. Depending on the scale of the work, you may need to live in a building site for weeks or even months, which can be stressful for the whole family.
Uncertain returns: Renovations can be expensive, and not all improvements will necessarily increase the value of your home by as much as you spend. Careful planning and budgeting are essential to avoid overspending.
Planning hurdles: Some improvements need planning permission or adherence to building regulations, which can complicate and delay your plans. Endless red tape can be frustrating, costly and time-consuming.
Part of the decision-making process is determining how much your home is worth in the current market.
This gives you something to work off from a financial perspective. We’d be more than happy to help you with this – give us a call today to arrange a chat with one of our friendly property experts.
