Looking for a fresh living space? The choice between renovating and relocating can be a tough one, especially if you’re looking to stay within the same town or city.
Everyone’s circumstances will be unique, so it’s all about weighing up the pros and cons as they relate to your needs. Whatever you go with though, this handy guide will help you better understand each option, and which might be best for you.
Renovating allows you to personalise your space
Remodelling parts of your home is a brilliant way to elevate your living space to match your unique vision. Instead of searching for the right space, you can make it yourself. Of course, this becomes increasingly difficult as the number of rooms you’re renovating goes up, but this is combatted by doing a little at a time.
If you are ready to make a long-term project out of your home, renovating could be for you.
It’s the perfect option if the necessary renovations are not extensive
Realistically, if you only need to remodel a handful of features on your home, renovating is a preferable option to buying. There’s no sense moving house because you’ve fallen out of love with one aspect of your current home – refurbishment is more accessible than ever in this day and age, making any renovation project a viable alternative if your main consideration is from an aesthetic perspective.
A home renovation is much cheaper than moving
Often the choice between buying and home renovation hinges on the price tag. In the long run, renovating will cost considerably less, making it the best option if you’re on a strict budget. It doesn’t have the wholesale and more immediate advantages of a full-on move though, so it’s all about weighing up your personal circumstances and making the call based on your needs.
It’s difficult to know the full cost of renovating before you begin
Unseen issues can crop up during the renovation process that will drastically alter the total costs. While renovating is cheaper than buying, it’s still important that you factor in the possibility of the cost being greater than you initially budgeted before renovations begin.
A home renovation adds value to the property
Renovating is an excellent way of increasing the value of your home, making it more of an asset when you do eventually look at selling.
It’s the best option if you want a change of scenery
No amount of renovating will transport you to a new neighbourhood. If the location of your home is the most important factor, moving house is the most feasible solution.
It’s less time-consuming than renovating
Extensive home renovations can drag on and on – depending on how much work needs doing. If you’re looking for a quick solution that meets your needs without the stress of waiting for your home to be ready, moving house might be the better option for you.
Buying a new home is logistically challenging
If you have a big family and/or a lot of items to move from one house to the next, the logistics of wading through a move can be a nightmare. Not only is the cost of relocating incredibly high once you have factored in moving services on top of all the other fees, but organising the move itself is time-consuming and challenging.
There’s a reason people say it’s one of life’s most stressful events!
Nevertheless, moving house can be an enriching and rewarding time that brings joy to you and your family. When it comes to the choice between that and renovating, it’s all about understanding how they each compare according to your personal circumstances.
You inherit any of a new house’s defects when you move
Of course, moving presents the challenge of dealing with your new home’s quirks. This can be circumvented if you know what to look for though; see our guide on common defects to look out for when buying a home.
Home renovation is perfect if you’re looking to make a project out of your ideal home, or the changes you want to see aren’t too extensive. It also adds value to your house which will be very handy when you do look at selling further down the line. It can come with unforeseen costs though, so be wary.
Buying is the best option if you want to relocate or drastically alter your living space without the stress of renovating. It does have its own stresses attached, though, so considering that is important before you take the plunge.
If you’re after more professional advice on your move or renovation, don’t hesitate to get in touch with our friendly, knowledgeable team. You can also see our FAQ for common answers about our services or find out how a Professional Consultants Certificate works here.
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