Should I renovate or move? What you should consider

After spending so long at home in 2020, many people are looking to switch up their space. You could renovate your current property by adding another room or changing the décor. Alternatively, you could move house and uproot your life to a new area. There are pros and cons to both options – but it really depends on your lifestyle, budget and priorities.

Here are five things to consider when choosing between renovating and moving home.

Plan and budget

Budget is a huge factor to consider. You need to look at what you can get for your money in both scenarios. You should get your property valued to see if it has gone up or down since you bought it. If it’s worth more than you thought, you might be able to afford a much bigger property in a new area. If it’s worth less money, a renovation might be the better option so you can add more value to it.

Planning is essential for any home process. You need to make a list of your priorities and plan how you will spend your money. A fantastic renovation might work better for your budget and preferences right now. You could sell your home when it’s worth more money and make a smarter financial choice.

Think about your location

Unfortunately, even the most elaborate renovation can’t change the location of your property. If you are unhappy with your local area, it might be time to move to a new place. But first, you need to think about what you will be leaving behind. You might live near good schools for your children, or next door to your family members. Weigh up the pros and cons to decide whether it’s time to move to a new area.

Think about emotional attachments

You might have raised your children in your current property or got married in the back garden. Properties have sentimental attachments, and huge life events often happen in our homes. You need to have a long think about whether you can leave behind those emotional attachments and make new memories in another property.

Is your property suitable for a renovation?

Renovating your home can be tedious and expensive. Before you make any decisions, look at whether you can get planning permission to do structural changes on your property. You may struggle to get permission to extend your house with a loft conversion or extra room on the back.

Consider all the costs

There are plenty of unforeseen costs involved in moving home. You need to think about arrangement, valuation, survey, conveyancing and land registry fees. You may need to hire a man and a van service to move your belongings from one home to another. Or, if you’re renovating, there may be an issue with some materials, and you will have to pay an extra fee.

Keep a close eye on your finances and think about every factor involved.