Moving or relocating? Many homeowners will come up against this dilemma in their lifetime. There are pros and cons to both options. The reasons for choosing one over the other are deeply personal and shouldn’t be influenced by anything else other than your living requirements.
It is becoming increasingly popular for people to renovate their current homes over moving, especially those with young families or facing negative equity if they sell.
If you are swaying towards staying put and undertaking some renovation work, this post has some benefits for choosing this option.
First and foremost, when selecting whether to remodel or move, you must set your aspirations aside and consider the cost. Thankfully, a well-planned remodel will not drain your bank account as much as a new home purchase. This method is more economical because you may upgrade your rooms one at a time, allowing you to control the workflow according to your budget.
Easier to Customise
Buying a new house often involves little compromises. For example, you may adore the high-tech kitchen but dislike a slightly smaller and darker living room than your current one. And if you make any alterations, the total cost may exceed the price of your entire home! If you decide to renovate your current house, you can do so for a fraction of the cost of buying a new one and undertaking house renovations after buying. Want to add underfloor heating or oak flooring? Sure. Need to knock down a few interior walls? If your budget allows it, you can do it!
No Need To Get Used To New Surroundings
If you have been living under the same roof for most of your adult life, the odds are that you are familiar with your surroundings. The chances are that you’ll get along with your neighbours and that you’ll know where the best local coffee shops, bars, and independent businesses are in your neighbourhood.
You will not be required to figure out a new commute, and your children will not have to worry about leaving behind their friends or other family members they can enjoy spending time with. As a bonus, unlike the unknowns that come with a new home purchase, you will know precisely when your roofing material, air conditioner, or kitchen stove was last maintained.
If you know the current value of your home and how much your improvements will add to this value, you can be confident that you are investing this expense in your future. Moving to a new home, significantly when house prices rise, can lead to uncertainty, especially if there is a housing market crash.
This leads to negative equity and the feeling that you have made a wrong decision, especially if you need to carry out work on your new house.
Suppose you have been in your current property for a while. In that case, you will be familiar with the current local housing market and be able to work out what is an appropriate use to spend on the work you require, thus allowing you to ensure your home retains or exceeds its value and is still a good investment.