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To move or improve? Selling up vs. renovating your current home
 
Oct 2019

With high moving costs and political uncertainty, many homeowners are choosing to stay in their current homes and improve or enlarge them rather than purchase a new property. But is that the best long-term solution? Here are some factors to consider if you are weighing up your options.

What do you want to change?

If you love your current home but just need extra space for a growing family or to accommodate additional relatives, extending may be a good option. However, if there are things you dislike about your current neighbourhood or location (insufficient amenities, poor schools, nightmare neighbours, or a long commute) then no amount of home renovations will improve your current living situation. If your family situation is likely to change within the next few years (for example, children moving to a new school or elderly parents requiring more hospital care) make sure you take this into account before undertaking costly renovations that you may not recoup if you sell.

Can you handle renovation chaos?

Living in your current home while undertaking major renovation work can be stressful and even seemingly simple upgrades can cause months of chaos and mess. Before you commit to a new kitchen or ensuite bathroom, consider any worst-case scenarios if the work takes longer than anticipated or unexpected issues crop up.

Will renovating add value?

If you’ve decided to stay in your current home forever, then adding value may not be your top priority. But if there’s a possibility you may sell in the future, it’s worth weighing up the cost of the work involved in an extension or improvement against the likely value it will add. A survey by Anglia Home Improvements earlier this year found that making a living space open plan is the most lucrative improvement homeowners can make (adding an average of £46,500 to a property’s value), followed by a loft conversion (£24,255). Other features, such as garage conversions and new bathrooms, are less profitable and will likely cost more to install than the value they add.

Can you afford to move?

Advantages of moving home include finding your perfect property in the ideal location without any chaotic building work, but don’t forget to take all the moving costs into account when you decide on a budget. Stamp duty, solicitor fees, and hidden moving costs such as van rental, cleaning fees, and storage units can add up quickly.

If you are thinking of selling a property in Cornwall, the experienced team at Lillicrap Chilcott will ensure that you get the best possible price. Contact us today to get started.