Should I move or improve?
Making the choice between improving your current home or pursuing a move can be a difficult decision. Many homeowners are currently grappling with this dilemma, especially during a more challenging time in the housing market. To assist you in making the right decision, we have outlined key considerations to explore.
It’s all about space
When considering a move, one common reason is the need for additional space in your current property. This often leads people to contemplate either building an extension or purchasing a new home. However, many individuals fail to maximise the space they already have. By creating more open-plan areas, homeowners can potentially increase the value of their property. Therefore, it is advisable to explore this option before contemplating a move. Even if you ultimately decide to sell, enhancing the value and appeal of your current property through renovations can be a worthwhile investment.
Adding extra space
If you determine that adding additional space is necessary, such as for a growing family, it is worth considering a loft conversion or extensions. As you are increasing the square footage of your home, these types of conversions can significantly increase the value of your home, much like open-plan renovations. Do bear in mind that different areas vary in £/sq. ft. but this can make them a smart investment, especially if you require the extra space for the family. A common question we get asked is, should I extend to add value, then sell? This would be circumstantial but, in most cases, it would be a no. If you are going to enjoy and use the space, then why not, but with the cost, upheaval, and stress involved it’s usually not worth it for a lot of people.
Shall I upgrade my kitchen and bathroom?
When considering home improvements, kitchen and bathroom remodels are often at the top of the list. However, it's important to bear in mind that spending a significant amount, such as £15,000 - £20,000 on upgrading the bathroom may not necessarily result in an equivalent increase in the value of your home. This may not be a concern if you plan to stay in the property long-term but if you have intentions to sell, there are more cost-effective upgrades that can enhance value. Simple changes like replacing doors or fittings can freshen up the room without breaking the bank. Additionally, retiling or re-grouting can provide an instant boost in value without incurring high costs.
Final thoughts
When the realisation hits that your current home no longer suits your needs, it's easy to succumb to the temptation of giving up and moving on. However, many people overlook the opportunity to reassess how they are utilising their existing property, especially if it’s an area they are keen to remain in. With some effort, it is often possible to adapt and optimise your current space, thereby increasing both its functionality and value. However, you may be moving for other reasons, so it always depends on your personal situation.
