The first and perhaps most important step is to figure out what it is you are looking for from the move or remodel.
Plan Out The Remodel
You can try to start by making a list of the rooms you would like to have a makeover and what it is you are looking to do in each one. If you are looking to add more floor space via an extension or loft conversion, then add these to the list.
After you have created the full list of changes you would like to make, try numbering them from the most to least important. Each situation and budget is different and this is a great way to look at what is achievable within your budget. As with any project, there is a range in pricing depending on the finishes you are looking for as well as down to the room you would like to renovate so always take this into account when you are planning your remodel.
Its always good to take a look at the local house prices as research has shown that on average an extension alone can increase your house value by 23%. For example, if you owned at property with a valuation of £250,000.00 and a mid-specification rear extension would be in the region of £50,000.00 but your property value would be up to £307,500.00. Now £7,500.00 might not seem like much but when you factor in the facts of being able to stay in the neighbourhood you love and having the extension built to your exact specification, it really is just the icing on top of the cake.
Think About The Move
There are benefits and draw backs to moving rather than remodelling. One big thing to take into consideration is if you want to move out of your neighbourhood. We know that a lot of people have emotional attachments to their homes as this tends to be where they raised their children, celebrated first Christmas’s and much more.
Another thing to thing about when moving is the hidden costs involved; solicitor fees and stamp duty are a few to name. So, always remember to take these into consideration when planning a big move.
One of the benefits of moving rather than remodelling is that you can chose a property that is completely to your taste. This means that you can move in straight away with no worry about builders or your house being a building site for a period of time. Of course, each person’s style is different so it will be difficult to find a property that matches exactly what you are looking for! However, if you just need a lick of paint and some new carpet to make a place feel like home then this is definitely a pro to moving rather than remodelling.
The Bottom Line – Cost, Convenience and Time
Deciding whether to move or remodel is a significant life decision. Both house hunting and remodelling can take significant time and funds, so be sure to weigh the pros and cons and discuss them with your financial advisor, partner and others. Bouncing your ideas off other people who live with you can help you weigh the emotional aspects involved in moving or remodelling.