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Should you buy a new house, or renovate your current one?

Date iconPosted on 28 Feb 2019

You’ve been in your house for a while, and it’s still where you consider “home”, but perhaps it has outgrown your (or your family’s) needs. So, is it better to sell up and move on - or upgrade the house you already live in?

There are several factors to consider when answering that question, including your emotional attachment to the house, whether you can afford a new home, or whether investing your money in renovations will bring a good return when you do come to sell in the future.

The first question to ask yourself is, have you budgeted realistically?

Budgeting accurately is crucial if you decide to go down the renovation route. Underestimating the costs of your renovation can leave you in financial turmoil. It’s important to know exactly what you want from your repair – and to stick to it. If your ideas change and you want to use different products, those changes all add up to extra costs and the budget can easily be exceeded.

Similarly, if you decide to move rather than renovate, you must remember to factor in all the costs associated with moving including stamp duty land tax, estate agents and solicitors fees etc. – this can all add up and mean that renovating your current property may cost less overall. And don’t forget your new home may need work doing to it, be that essential or cosmetic.

Do you need more rooms… or more room?

A large percentage of homeowners base their decision to sell their property on the need for more space. However, a smarter layout can provide an extra room (without the additional square footage) and help some owners avoid the disruption and stress of moving.

Talking through your current floorplan with an architect or building consultant can result in a feasible solution to your space problems.

Are you emotionally attached to your home?

It’s estimated that around 70% of homeowners choose to renovate rather than move when they’ve lived in their house for an extended period of time. If you have a secure connection with the surrounding area and get along well with your neighbours, renovating, extending or re-modelling, rather than putting your home up for sale, might be the right option for you.

 

Whitebeam is an experienced Chartered Building Consultancy practise in Newbury, Berkshire. We offer a range of tailored services for residential construction projects and always aim to provide outstanding service with every project we complete.

For more information, email us on hello@whitebeam.consulting or call 01635 728000.