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Should I Move or Improve My Home?

Paul, Compliance Manager
Should I move or improve my home

When it comes to deciding whether to move to a new home or improve your existing one,  homeowners often find themselves swayed by different ideas, especially the financial factors. At Saunders Brothers, we understand that assessing the likely future of such long term matters as your home involves a bit of crystal ball gazing. If you invest in improving and/or extending your home, it will certainly cost money but will the increased value be greater than the cost of the improvement?


In this guide, we’ll explore the pros and cons of both options, and include other factors. The money will always be important but there are other major considerations that could even outweigh it.

 

Reasons to improve rather than move?

Improving your existing home means that you work towards your ideal living space as far as expense allows without the upheaval of moving. Here are some reasons why improving your home might be the right choice:

 

Location, location, location: If you already love your area and have put down roots in the community, staying put can be a major plus. Improving or extending lets you remain in the area you cherish while enjoying a home that better suits your evolving needs.

 

Customised living space: Home improvements allow you to tailor your property to your exact  wishes, whether that’s adding an extension, revamping the kitchen, or creating a more open floor plan. You’ll be creating a home that is uniquely suited to you and your family’s needs.

 

Financial efficiency: Moving comes with significant additional costs—stamp duty, agency and solicitor’s fees, and moving expenses—all of which could go directly into home improvements. Every pound spent on modifications is invested directly into the quality and functionality of your home.


The Actual Long-term Cost

People with either design or construction skills that can be used on their projects, may buy houses with the intention or refurbishing and/or, extending them, then selling and moving elsewhere. To them, home improvements are purely for financial reasons. To others, the decision on whether to move or improve is a quality of life/financial issue, in varying proportions for different people. Both moving and improving will hit your bank balance or add to your mortgage but hopefully you’ll have a home you’re happier with, and you’ll have made a good investment in terms of resale value.

 

Sometime in the Future, for one reason or another, you’ll want to move, possibly to downsize or move somewhere beautiful or somewhere sunny with beaches and tapas bars. Then, resale value will be the number one issue. If you recoup all your improvement costs, well done, but not if you could have made living in the house happier by doing different improvements that might have been less commercially successful but were what you wanted.

 

Here are some points to consider:


Types of Modifications Matter: All prices in any transaction depend on supply and demand, so when selling your house, you want it to appeal to a good selection of potential buyers. What do they want? The great majority will want a pleasant, convenient, well-equipped kitchen, enough nice bathrooms for the needs of everyone in the house and a nice comfortable sitting room.

 

The number of bathrooms we want keeps on rising, as is the standard of them, so if you’re a bit short of bathrooms by modern standards and the ones you’ve got are showing their age, they’re a good place to spend your money if resale value is your motivation.

 

Don’t forget how kitchens have changed over the years – if your kitchen falls a bit short of modern expectations, then kitchen improvements will add to the houses value. Remember, the price depends on a number of people wanting it and a kitchen that lets the house down will cost you money when you come to sell.

 

Quality of Work: High-quality workmanship, design and materials contribute to the pleasure your home gives you and they certainly add to resale value. The work of a reputable builder who sets high standards of construction and finish and provides good quality fixtures and fittings, will certainly be noticed by prospective buyers – not all of them perhaps but discerning ones will and will be prepared to offer the full value.

 

Market Conditions: Property values fluctuate with the market, and while trends are hard to predict, the right home improvements can make your property stand out, no matter what the state of the market when you sell. If you can control when you sell, then sell in a buoyant market, but if not, quality will still show and will command a premium.

 

Common concerns: will improvements increase my property’s value?

Many homeowners are concerned about whether the money they put into home improvements will translate directly to added property value. The paragraphs above about The Actual Long-term Cost and Types of Modifications Matter should be able to indicate an answer.

 

Home improvements are not a simple question of money though, unless doing up houses and moving on is your business. Otherwise, your home is your base and it should be a pleasure to you. For most of us, it’s also the most expensive thing we ever buy so the investment aspect is important but so is a pleasant home. We go out to earn money to provide ourselves and our families with the things we want, and what can you want more than a nice home.

If the blend of the two aspects, lifestyle improvement and investment value, justifies the cost, then go ahead. Only you can decide what you want.


When moving may be the better option

While improving your home offers many advantages, there are scenarios where moving may make more sense:

 

Structural limitations: If your current home has limited potential for expansion or improvement, such as a lack of space or planning restrictions, moving might be a more straightforward option.

 

Lifestyle changes: Major life events, such as grown-up family members moving out or a career change that requires a different location, could make moving the sensible choice.

 

Budget concerns: If improvements you want are too expensive, you may be able to find a house elsewhere with the features you want, already in place. A cheaper area isn’t always a worse area, but you may need to trade off some amenities against finding an ideal home you can afford.

 

The advantages of staying and improving

When you’re happy with the location and general structure of your home, improving rather than moving can have lasting advantages:

 

A bespoke, spec-built home: By choosing to improve, you have the opportunity to design a home that fully reflects your tastes and lifestyle, with every detail just as you like it. You may need to do it stage by stage but you can essentially end up with a spec-built home tailored to your requirements.

 

Less stress and disruption: Home improvements, while sometimes disruptive, often pale in comparison to the hassle of selling a home, searching for a new property, and organising a move.

 

Deciding to move or improve The decision to move or improve your home ultimately comes down to your priorities, needs, and lifestyle. Improving your home allows you to create a custom-built space in a location you already love, potentially increasing its value along the way. If you’re considering modifications, reach out to Saunders Brothers to explore how our team can help you make the most of your home. Let us help you create the living space you’ve always dreamed of, right where you are.

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Saunders Brothers (Bucks) Ltd
Saunders Yard, Park Mill
Summerleys Road
Princes Risborough
Buckinghamshire HP27 9QB

Tel 01844 273783 

Email: mail@saundersbrothers.co.uk

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