If you’re living in a property you’re unhappy with, it can be hard to work out the right thing to do. The first thing that comes to mind is renovation - after all, if you’re not happy with something, just change it! However, this isn’t always the most financially sound move.
Indeed, if you’ve got plans for your home that might increase the value, it’s worth it to look into if moving house would be cheaper, easier and faster for everyone involved. Because moving could lead you into a whole new world of possibilities, which means it’s time for you to sit down and consider all the pros and cons, especially with the help of the list below.
Think About Your Property’s Suitability
If you want to renovate, you’re going to need to look into your property’s suitability. Are you able to go ahead and build without permission? Do you have enough land to build out to? And do you have the time, energy, and money to try and up your home’s value right now?
These are all important questions that should influence your decision; you may have to wait and change your plans, or you may not be able to renovate at all. You’ll also want to look into your property’s structure - can you spot any problems? Maybe a bit of subsidence? Maybe there’s damp somewhere? Spot checks will save you a lot of hassle, and prevent work from taking months to complete.
Think About Your Money Options
Your money options are going to be limited right now; you’ve got a mortgage tied up in the current home you live in, and you need to be able to fork out some of your savings on a renovation, right? Well, there’s a lot more wiggle room there than you might realise. After all, if you simply move home, you can sell the house and pay off the mortgage in one.
Now you’ve got a bit of money behind you, and a fresh slate to start off of, and you can even secure another mortgage in the future. Use a site such as Mortgage Quote to check out your chances of this, and don’t be afraid to try and go through the pre-approval process. Simply put, add it all up and track the numbers; selling is sometimes more beneficial than renovating, especially when it comes to the cost aspect.
Think About Your Location
Finally, you need to think about where your home is. If you’re in an area you’re not a big fan of, is it really worth it to renovate? Do you really want to tie up all that money in a home that has no green spaces or supermarket nearby? Or would you be better off finding a more convenient place to live? Think about how much you like your current neighborhood, and let that factor into the decision.
Only you can decide if it’s right to renovate or move, but weigh up your decision carefully.