When you’ve become tired of staring at the same four walls, you might find yourself thinking: something needs to change.
This leaves many homeowners wrestling with sprucing their current home up or finding a new property. Both options are no small feat, with both coming with costs and time investments - but which is right for you?
If you’re ready for a change, consider this...
Costs
Let’s face it, money is a big consideration for most things. Naturally, you might assume adding an extension or a loft conversion would leave you more out of pocket, but things aren’t so simple.
When moving house, if you take into consideration these costs…
- Stamp duty
- Surveyor fees
- Advisor fees
- Moving costs
- Furnishings
- Repairs
- Estate agent fees
Your move could end up costing you up to £21,750! Learn more about moving house costs.
While this is comparable to the cost of an extension or a conversion, the difference is whether or not you’ll see this money returned. While the value of homes fluctuates, the housing market isn’t in our control. On the other hand, remodelling your home is something you can predict. Not only can you choose how much to spend, but with the right architect, you can also get a rough idea of how much value your changes will make. Meaning getting a return on your investment is much more secure.
What’s more, if you find yourself short on funds for your renovation project, there are homeowner specific loans out there for such a thing.
These include…
- Homeowner loans
- Homeowner interest-only loans
- And bridging finance
Learn more about your finance options.
Timings
Much like finance, you might be surprised by the timings involved.
Moving house is no quick win, and how long it takes is often outside of your control. Not only do you have to find your dream home, you then have to find a buyer for your own property, and wait on two different sets of other homeowners to get their lot in order too. That’s to say nothing of the time spent sorting out your mortgage and dealing with estate agents.
Renovation, on the other hand, puts you much more in the driver's seat. There is a range of different extension, conversion, and renovation options open to most homes and they all come with their own timelines. While adding a rear extension can take up to 6 months to complete (if you include the preliminary admin), renovating a bathroom can be done in as little as a month.
Once again it comes down to control. While moving you can’t force people to accept your offer or buy your property, whereas with a remodelling project you can take charge. You can pick professionals that will stick to deadlines and opt for time-saving solutions - such as pre-fab designs.
More control means less stress.
What are you looking to achieve?
Before you make any big decisions, it's worth sitting down and listing all the reasons why you want to move.
If you find yourself frustrated by long commutes, noisy neighbours, and bad local schools, then finding a new home might be the right option for you.
However, if your grievances include things like…
- Small rooms
- Not enough bathrooms / bedrooms
- Not enough natural light
Then you might want to put your estate agent on hold. Many house concerns are caused by bad layouts and dated design, all of which can be remedied with the help of an architect. These space experts can often amaze you with the solutions they can find, opening up living areas, and finding room for those must-have new features.
It’s also worth noting that no home is going to be perfectly tailored to you off the bat. You might find a new property, but it’ll likely still need reworking to get it ready for your lifestyle. Again, this will cost money, money you could have used simply making these adjustments in the old property.
How Resi can help…
Not sure if remodelling is right for you? Confused on costs, timelines, and what potential your home even has? Have no fear!
Resi offers a free consultation service that allows you to get advice direct from our experts. And if you want in detailed plans on how to find the most space and value in your home, our concept package starts from as little as £250.
Learn more about our free consultations.
