When your home feels tight, outdated, or generally unsuitable, you have two options. You can improve it or move on and look elsewhere. The right choice depends on your budget, your preferences, and how much your current property can realistically accommodate.
Start With What You Actually Need
Before you start thinking about renovations or viewings, check what is wrong with your current property.
If you need space, such as an additional room or more functional outdoor areas, consider the options before deciding to put your home on the market. The right improvements may give you the extra space or functionality you are missing.
In other cases, the problem may be something a renovation cannot fix. If you are unhappy with your location and you spend hours every day on the road, the best option may well be to move.
It also helps to separate what you actually need from what you simply dislike. You may not need to renovate the whole house if the only issue is one particular room. A long commute, however, cannot be fixed with a new kitchen or an extra bedroom.
Compare the Costs
Renovation costs can soon add up. Materials, labour costs, planning needs and unforeseen repairs can easily push the overall expense beyond the original estimate.
The scale of the work matters, too. For example, current UK cost data show that a typical single-storey extension in the UK costs between £30,000 and £52,000 on average, running roughly £1,800 to £3,000 per square metre.
On the other hand, moving can involve several stages and costs, from preparing your property for sale to arranging conveyancing, removals and the purchase of your next home. If you want a straightforward route to put your property on the market, services that help with selling your house can provide an alternative to a traditional open-market sale. You can get a cash offer within minutes and complete a sale in as little as seven working days, with no hidden fees.
Rather than simply looking at overall figures, consider the likely total bill for each option. If a substantial renovation involves a huge bill, but still leaves you with a home that is not quite right, perhaps it is worth thinking about moving.
Your plans for the next few years should also factor into the equation. If you think you will be moving within a year or two, a renovation may not offer you the time to enjoy the upgrades and savings before selling your house. If, on the other hand, you plan on staying in your home for several years, a renovation is a smarter investment if it solves a recurring issue that you would otherwise be faced with for the long term.
Before deciding on one or the other, however, document the exact issues to solve and obtain quotes for the necessary work. A renovation’s cost estimate will tell you if the project is financially viable, while property value estimates in your area will give you an idea of what you can afford if you move. Comparing the two will help you make a smarter choice between upgrading your current home or moving into a new one.
