If you’ve got to the stage when you want a change, you might be considering whether you should renovate your home or relocate. A tough decision to make, there are several factors that you should consider before you take the leap and settle on your decision.
Of course, for some people, the decision is easy. But for others, you might not know which option will suit you better. To help guide you, here are 5 main factors that you can consider:
This might sound like an obvious one, but it’s a very significant factor in the decision-making process. Each option comes with various costs that you’ll want to think about – and by working out these costs, it will become clearer as to which one is more realistic for you.
If you decide to renovate your home, the costs will obviously depend on the extent of the renovation you’re taking on. For example, if you’re thinking about renovating one room (take the kitchen or bathroom for instance), then you can expect to pay between £1000-£5000 depending on the specifications.
Whereas if you’re considering a bigger renovation, such as updating several rooms or adding something like a loft conversion/extension, then the prices will skyrocket.
However, if you opt to relocate, not only do you need to consider the cost of the deposit, but stamp duty, estate agent fees, etc. Moving house also doesn’t come cheaply. Therefore, it’s a cost that you’ll want to think through thoroughly before you opt for it.
Depending on the extent of the renovation, you can look to wait a couple of weeks to a couple of months for it to be completed. If it’s a larger renovation, you’ll also have to think about the fact that you’ll need to find a place to stay whilst it’s being completed. This uncertain timeline isn’t favourable for many looking for a quick update to their home.
Similarly, the time that it takes to move home will depend on a range of factors – including how long it takes you to sell your current home, how long it takes to exchange etc. A timeline that very much varies house-to-house, you’ll want to overestimate it in case there are any delays.
The effort for a renovation will very much hinge on whether you take it on yourself or if you hire professional help with it. If it’s the latter, then the only real effort you’ll have to put in is working around the renovation as it’s completed. Whereas if you are taking it on yourself, then you’ll obviously have to think about how much physical effort it will take.
On the other hand, moving house takes a lot more effort. Not only do you initially have to find your new home, but you have to contact the estate agent, go for a viewing, put an offer in and sort out your mortgage amongst other things. Although there are ways that you can simplify the process, it’s still one that you have to be organised and prepared for ahead of time.
When you opt to renovate, you can choose exactly what fixtures, fittings and decor you want to go for. The perfect opportunity to finally add a personalised feature that you’ve always wanted or to discover new ones (e.g finding out what is Solid Wood Flooring?), your home will feel brand new.
There is a drawback to this, however. And that is that depending on the size or layout of your home, you may be limited as to the extent of work that you can have done.
By moving home, however, if you have the budget you’ll be able to find a house that’s exactly to your taste with little to no work that needs to be done. This takes the stress off of your shoulders and you can move in as soon as possible.
By renovating, you’ll be able to stay within the area that you love. A location that you’ve put down roots in, you don’t have to worry about making new friends, finding a new school for your child, working out how long the commute to work is, etc.
Whereas if you relocate, you’ll have to take on all of these worries. However, if you’re looking for a fresh start or have to move because of work/other commitments, then this is a decision that’s easy to make. Just make sure that if you do, you are aware of what the housing market is like in that area.
Overall, it’s clear to see that both options come with their pros and cons. It’s, therefore, your decision as to which you would prefer to do. Just make sure that before you do either, you sit down and work out your budget along with the above factors – this will make it a lot easier for you.