Moving home is a huge decision to make and is certainly not an easy one, especially if you feel as though your home still holds untapped potential.
Whether it’s time to refurbish your home or simply plant a ‘for sale’ sign, here are a few key things to consider before deciding whether it’s time to move or improve.
Assess your current home
Before making an informed decision, you’ll need to assess your current home as objectively as possible. Consider the following:
- Is the current location suitable for your lifestyle, work, and family needs?
- Are there enough rooms and space for your growing family or changing requirements?
- Does your current property have the potential for expansion or improvement?
Understanding the strengths and limitations of your existing home will help you decide whether your home could meet your evolving needs after a renovation, or if it's simply time to move on.
Evaluate the costs
Whether you decide to sell up or make some home improvements, each option will come with its share of costs.
Moving to a new home comes with expenses like stamp duty, legal fees, estate agent commissions and removal costs. On the other hand, renovating can also be expensive, especially when you account for things like planning permission, building materials, and hiring tradespeople.
A good way to evaluate the costs is to get your home valued by an expert agent such as Ellis & Co. As well as finding out what your home is currently worth, a professional valuation will help you to seek advice on what changes will add the most value to your home. This could offset some of your renovation expenses.
Top tip: Always get multiple quotes from builders and compare them against the potential costs of buying and selling property. This will help you to decide which is the most cost-effective option.
Plan ahead
Think carefully about your long-term plans and how they align with the decision to move or improve.
Moving might be a great solution if you need a quick change. However, you also need to consider whether the new property will adequately meet your needs for the next 5 to 10 years, as moving house is not a quick-fix solution.
Similarly, if you renovate your current home, will it be able to accommodate your lifestyle as it evolves?
You should also research local property market trends. Is now a good time to sell and buy a new property? Will the renovation add value to your home, making it a wise investment for the future?
A conversation with your local Ellis & Co agent will help you to decide.
Think location
Evaluate how your current home and potential new properties align with your lifestyle and daily convenience. Consider the following:
- Commute times to work
- Proximity to schools
- Availability of amenities
- The location's overall appeal.
Moving might offer a fresh start, but it's crucial that the new location truly suits your lifestyle requirements.
Choose your renovation wisely
If you’re leaning more towards staying put, there are plenty of renovations which could increase the value of your home. After all, it’s important to achieve a worthwhile return on investment when it is time to move on.
- Loft conversion – Your loft is an opportunity to add an extra living space to your home. Whether it’s a spare bedroom, an ergonomic office, or a fun games room, the options are endless.
- Extension – Extending your home outwards with a single or double-story extension can create more space in your home. You could even build downwards and dig out or convert a basement into a functional room.
- Add solar panels or upgrade your boiler – Working to improve your home’s energy efficiency can be a simple way to improve your home. . Adding solar panels or upgrading your boiler will help you to save on your monthly bills, while adding considerable value to your home.
- Conservatory – A bright and airy conservatory could add a quiet and tranquil space to your home for working and relaxing.
- Renovate your kitchen – Modernising your kitchen is a great way to breathe new life into your home and increase its value. You could opt for a thorough renovation or a budget-friendly touch-up to get your kitchen looking up-to-date.
- Update your bathroom – The bathroom is a small space that is relatively easy to update, making it a great place to start if you’re new to renovating.
Not all renovations will increase your home’s value, so it’s important to do your research first. Find out the top nine home improvements to avoid here.
Can you do both?
Moving and improving is a great option and one that is gaining in popularity. Many homeowners take on major home improvement projects with the sole intention of selling up and moving on later down the line.
If you focus on worthwhile projects that are certain to increase the value of your home, then making changes before putting your house on the market is as good as money in the bank.
If you’re willing to pay a large sum upfront for renovation and go through the hassle, improving your home with a mind to sell could ramp up the value and attractiveness of your property considerably, leaving you in the best position as a seller.
For help with selling or adding value to your home, contact Ellis & Co’s expert team
