Is it better to renovate or relocate? As home addition contractors, it’s a question we often get asked and unfortunately, there’s no one-size-fits-all answer. But we’ve decided to list out some of the pros and cons of each option to help you make an informed decision.
According to the 2020 Renovation Nation Report, published by the mortgage comparison site money.co.uk, homeowners in Britain have invested heavily in their properties since the beginning of the Covid19 pandemic. As we well know, the recent global crisis has been the catalyst for a lifestyle change for many Londoners, and across the city, people are re-assessing their housing needs. Some are choosing to renovate; some are choosing to relocate.
If you’re like most homeowners in North London, your property is your biggest single asset. And for that reason, it’s important that any serious money you spend on your home adds significant value to it.
So, is it better to renovate or move? Which option gives better returns? We’ll take a closer look here:
Cost
The reality is that either option cost you money, so you’ll need to weigh up both alternatives – quality home renovations like getting ultradecks or patios don’t come cheap, but neither does moving house!
Once you have your renovation ideas down on paper, you’ll need to get a quotation. A good house renovation contractor will give you a detailed quotation that clearly sets out all the stages of the home extension or renovation project and the associated costs. It should also include a figure for unexpected costs and any issues (yes, we said issues) which may arise.
It’s important to weigh up the cost of a renovation against what it will do for your property – will the amount you spend add that much (or more) to the re-sale value of the home? Or are you likely to overcapitalize and not be able to get your money back should you decide to sell down the track?
On the flipside, moving will involve costs too – there’s stamp duty on the new place to consider, and any other property costs involved in the purchase. Then there’s legal fees, removalist costs and agent’s fees for the sale of your property.
Take time to look at the numbers. Do your sums. Be realistic and don’t kid yourself about what each option will do to your back pocket.
The Market
The real estate market is a temperamental one, so you’ll need to do some market
research and find out where its at right now. Where are property prices sitting in your area? What are they like in the area you would consider moving to?
Talk to your local real estate agents and get their advice on market predictions for the next few years – they’ll be able to give you some pointers about where the market is headed, and which areas will see property values increase. If it seems likely that your area will see an increase in value, renovating and value-adding to your property might be your best option.
So, what other factors might influence your decision to move or renovate?
1. Emotional Attachment
When push comes to shove, you might find you’re more emotionally attached to your property than you realized. This is nothing to be ashamed of – after all, our homes are where we raise our families, share special moments with friends, build relationships and create lasting memories by painting some walls together.
If you just can’t face selling your property, then renovation is the obvious choice. And if you intend to stick around for many years to come, then every pound you spend will be well worth it.
2. Family Considerations
Moving house is a huge upheaval, especially if your household includes children and/or teenagers. Leaving family and friends behind and making new friends, shifting schools, learning your way around a new neighborhood, fitting into a new community… be prepared for a lot of meltdowns while you settle in!
3. Stress
Moving is often rated as one of the most stressful life events but living in while you’re renovating a house can be just as hard on the nerves! While neither prospect is particularly inspiring, it’s important to think about which option would be easier for your household to cope with.
If you have the option to move out of your home temporarily while renovations are underway, this could save you a lot of hassle and headache. It pays to hire a specialist to renovate your home – knowing your project is in good hands will take a huge load off your mind!
4. Location
If you love your current location – it’s close to work, school, shops etc. – then renovating your property might be your best choice. And if your plot is big enough and the layout of your home suits your plans, then the choice is an obvious one.
5. Timeframe
Once your home is on the market and you accept an offer, the clock is ticking, and your timeline is pretty much set. Think about whether this fixed deadline will suit your household. Remodeling requires a bit more patience, but there isn’t the same pressure of time.
The decision to move or remodel is a big one, and while it’s important to make sure you get the best return on your investment, there’s a whole heap of practical factors to consider too. Do your research. Weigh up all options. Think about your priorities and what will suit your family best.
And remember, when it comes to hiring a house renovation contractor, Combit Constructions, specialist home renovating, North London, is your go-to every time. When quality counts, we’re the team you can rely on.
