If you’re weighing up the options between renovating and selling, below are a few points you may wish you consider.
Is the housing market strong in your area?
When house prices are on the rise it can make sense to progress up the housing ladder by purchasing a larger home. When the property market slows though, extending a property can be the smarter option. Apart from anything, you’ll save money on stamp duty.
What’s the biggest issue in your home?
If your problem is a lack of storage, then this can be easily resolved by a good sort out and a visit from your local carpenter who can custom-build a storage system to your exact needs. Just imagine what you could do with all that space under the stairs with the proper shelving!
If you’re short of bedroom or office space then a loft conversion could do the trick, or if you need more space for entertaining you could add a conservatory or garden room. Perhaps you’d like a new kitchen or bathroom, or if you’re a fan of open plan living you may wish to knock down a few walls.
If you’re feeling cramped in your existing space and don’t have the room to extend though, then selling up and buying a bigger home is probably the only solution.
Are you mentally ready for a renovation?
Moving home can be extremely stressful, but so can a renovation. Building work can cause a lot of dust, noise and disruption for weeks and even months on end. More often than not renovations take longer than initially expected and this can put a lot of pressure on your family and relationships.
Will renovations add value to your home?
Extensive renovations can be very expensive, so it’s important to consider how much value it will add to your property. New kitchens, bathrooms and conservatories can add value to your home, but renovations such as converting the garage into a yoga studio might not be so appealing to buyers.
If you don’t plan on being in your home forever, it’s also an idea to stay quite safe with your renovations - hot pink cabinetry may be a core feature of your dream kitchen, but it may turn off buyers should you choose to sell up in a couple of years.
If you decide it’s time to purchase your next home and have any conveyancing questions, please contact us to speak to an expert - we’re always happy to help!