When you outgrow your home or you are considering how you might make more space to accommodate changes to your lifestyle or family life, it is sometimes difficult to make the decision as to whether you will choose to move to somewhere new, or make improvements to the property you currently live in and love.
Moving home can be a big job, as can home improvements, so here we have examined some of the things you may need to consider when making your decision. There are many factors that affect your choice to buy a new home, but it all depends on your current circumstances and what you are prepared to do, to create your dream home.
Home Improvements VS New Home – What To Consider…
If you’re thinking about making some home improvements to make more space or to update your interiors, or even exterior, there are a few things to ask yourself to help you decide if it will be worth the effort and investment before you decide to go ahead, or look for a new home entirely.
- Why are you looking to make home improvements? To make more space? To make your home more modern?
- Do you have space to go up into the loft? Or to extend to the side or back of the property?
- What is your budget and where will you get the funds to make the home improvements?
If you have already completed work on your home, you may not wish to leave due to the energy, time and money you have already invested in your property. If you are in need of more space and the only way to do this is to build onto the property or to move to a bigger home – ideally, you must consider which one is going to: a) Make you the most happy or b) Make you the most money as an investment or cost you the least money to complete. If you are looking to live in a more modern home, you could plan to make improvements rather than move, if this will still fulfil your need for space.
Costs of Moving Home VS Home Improvements
Depending on how long you have lived in your property may affect how much equity you are able to play with if you decide to remortgage to make some home improvements. You can add a lot of value to your existing property whilst also adding the desired features that you so crave, if it is done well.
The average values that home improvements could make to your property look a bit like this:
- Garage conversion – 20% (or an average of £46k)
- Loft conversion – 15% (or an average of £35k)
- Off street parking – 10% (or an average of £23k)
- New kitchen – 6% (or an average of £13-14k)
- Additional bathroom – 6% (or an average of £13-14k)
- Conservatory – 5% (or an average of £11.5k)
Your house will likely look like a building site for a while and what you choose to do will depend on your needs and your budget. Currently, there is a fund called the Green Homes Grant where the Government is encouraging home owners to make their homes more energy efficient. You can apply for vouchers for up to £10,000 in order to make changes to your home such as adding insulation or installing a new heating system. So if you are thinking of making home improvements before the end of March 2022, it is well worth taking advantage of the scheme and completing these improvements whilst you are also thinking of extending or improving other parts of the property.
If the idea of updating your current home seems like a headache, and you are unable to extend, you may need to move to a new property. Depending on how long you have been in your property and what the current value is, will help you to determine your budget for finding somewhere new. Moving to a new home could give you more space to play with entirely and allow you to find all of the desired features that you are looking for to accommodate your changing lifestyle. Though, the search could take a while and unless you buy a brand new property, there may still be home improvements to make when you move to a different property, to get it to the standard you want it to be.
You may wish to write a list of pros and cons to help you decide whether moving is the best decision, or if it is better to stay put. You should get some advice from a mortgage adviser on the financial implications of moving vs improving your home, to get an expert opinion on what might be the best decision for you and your family in the short and long term, to weigh up the costs and the value of your investment.
How Can a Mortgage Adviser Help?
A mortgage adviser, like Choice, can help you to assess your financial position to see what is possible. If you are not sure whether to buy somewhere new or to build onto what you have, we can help to weigh up which decision may be the most profitable or financially advantageous in the long run, whilst also helping you achieve your immediate property and lifestyle needs.
If you are looking to make home improvements, we can also help you to remortgage your property to release some funds to make the changes you desire. We also help you shop for the best mortgage rates based on your individual circumstances and help you determine a budget for your home upgrades.
If you are looking to move to a new property entirely, we can help you assess your finances and guide you through the process of moving so that you are prepared with a budget and a plan before you start your search. We will also be there to help you apply for a new mortgage when the time comes and help you get the best interest rates, as we often have access to a wider range of deals that you may not find elsewhere on your own search. It also eases the stress of going through the process and gives you peace of mind, knowing that everything is being taken care of by a professional who is there for you every step of the way.
Contact our team at Choice Mortgage Solutions to talk through your property needs and we can help you make a plan for the future. We aim to provide all the information that you need in order to make an informed decision to help make budgeting for your move or home improvement plans as seamless as possible. Call us today on 0800 612 8099 or get in touch online.