Moving house vs home improvements: the pros and cons

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Deciding whether to move house or renovate can be a difficult one, especially with rising costs in the current economic climate. Both of these options have their own advantages and disadvantages, often coming down to what best suits your individual circumstances and current lifestyle.

This being said, it’s important to weigh up the pros and cons to enable you to make the best decision to suit your family. 

The pros and cons of renovating

When done right, renovations can often be a clever way to add value to your existing home without the big upheaval of moving to a new property. It may be the best solution if you love the location of your current home, and have the land to extend (if you’re tight on space), it’s also more generally affordable than buying a new home. .

Advantages of home renovations

  • Can add significant value to your property
  • Allows you to stay in the same area if you love the location of your home
  • Enables you to create your dream home that suits your style
  • Often can be cheaper than moving house, depending on the extent of your planned renovations
  • Save on the cost of stamp duty, valuations and removals fees
  • Your property will be more attractive to potential buyers, if/when you do decide to sell in the future

Disadvantages of home renovations

  • Be prepared to live on a building site – it can get very messy!
  • Renovations can take considerably longer than originally planned
  • Changes made may not add enough value to the property to make it worthwhile spending the money
  • You may need to apply for planning permission, which is time consuming and incurs additional costs (with no guarantee of acceptance)
  • Overspending on your budget is a considerable risk
  • If the work is significant, you and your family may need to temporarily move out – causing more upheaval (and costs)

The pros and cons of moving house

Moving house can also be an attractive option instead of renovating, especially if you’re needing significantly more or less space – for a growing family, or older children leaving home. If you’re open to relocating, it could give you access to a more spacious property in an area that still suits your lifestyle.

Advantages of moving house over renovating

  • Enjoy a property that is more suited to the space you require
  • Potentially will receive better value for money in a new location
  • Opportunity to move closer to family and friends
  • A completely fresh start, with no major building work (such as a house extension) required
  • If your existing home is older, you may benefit from a more efficient, modern home to save money on household bills
  • May wish to downsize to reduce bill costs and home maintenance
  • Property may require little or no additional work to suit your needs

Disadvantages of moving house over renovating

  • Moving house can be expensive with stamp duty fees, solicitor costs and removal costs
  • The housing market is competitive, and it can be difficult to find a buyer
  • Being in a property chain can be stressful, with risk of falling through (the longer the chain, the higher the risk)
  • House prices can be volatile, so it can be tricky to know when to sell

Ultimately, the decision between moving house or renovating your existing home should be based on your individual needs and preferences. Both of these options come with their pros and cons, so it’s worth taking the time to consider what is the right choice for you and your family – don’t rush into making the decision.

If you do decide that a house move is the right option for you, we’re here to help at Ballards! We can offer our expert advice and guidance, and help to make your move as stress-free and simply as possible. Get in touch with our friendly team today to find out more.

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