Updated: Feb 10
Refurbishing your existing home can often be a much better option than moving house. Property prices are constantly and consistently rising so if you live in an popular area where houses are becoming more and more expensive to buy in, or you need a bit more space for your family or home office, then staying where you are and improving can be just as life changing as moving to a new house.
Here are some thoughts on why you should consider improving not moving!
Some mess, but a lot less stress!
Moving house is often seen as one of the most stressful things you do in life. When this is coupled with the physical requirements of moving and the constant worry of a buyer pulling out or chain breaking down, it can often become unbearable.
Of course, adding a big extension or any kind of building work comes with a degree of stress, but on a much smaller scale. Where you have to complete a move in one go, you can add to your home in your own time and add the most important bits first. You may simply want to add elements like new windows or underfloor heating.
Adding space can add value.
If you like the area you live in but simply need more space, then building an extension could be the best move for you. You’d be able to gain the space you need whilst staying in the location you love.
From a financial perspective, a well built extension can add a great deal of value to your home and can be much more attractive to buyers in the future. Where possible, a double storey extension (adding space both upstairs and downstairs) could give you an additional bedroom, bathroom or dressing room upstairs, and a much bigger kitchen or a office/playroom.If done well, and abiding to planning, then there is no doubt this can add substantial value to you home, up to 21% in some cases.
Moving house often requires building work too.
At the very least most homes we buy will need substantial decorating, whether that be painting, wallpapering or new flooring. More often than not, you’ll want to slightly alter how you live in a new home, this could mean knocking down walls or moving doors, all of which is not only stressful and expensive too.
Mortgages are now harder to get.
Following the recent events and the knock on effect on the economy, mortgage lenders are being a lot stricter with who they lend to. You may be able to get that bigger mortgage for a larger house but it may now mean your monthly payments are a lot more expensive than you were expecting.
With home renovation you can spread the cost and only do certain areas when you can afford them meaning you’re a lot more in control of your finances and haven't had to make a big commitment to the mortgage company.
Get in touch today for more information on how we can add value to your home.