When it comes to changes in life, things are never that black and white – they often have some grey areas. It is a dilemma that some people face with no clue on the best way forward. So this begs the question, do you sell or do up?
But before answering this question, let’s review the perks and drawbacks of either option.
A). Moving House
- Relocating to a new house can feel like a fresh start, a new beginning. The immediate surroundings, your neighbors, and the different people you will meet are all-new, positively impacting you mentally and emotionally. However, how positive an impact boils down to your determination to find joy and purpose in your new environment.
- You can choose where you want to live without any pressure, especially when the move is not immediate. Take your time and search for the ideal home in the appropriate town or neighborhood that offers the essential amenities then when you find it book the home movers you are off.
- Not having to deal with contractors is one of the reasons people are considering moving house instead of renovating. Builders, plumbers, and electricians running up and down in your home can be a significant inconvenience while you still reside there.
- Moving home, for some of the lucky few that bagged a recent windfall or have a nest egg, can prove to be a tax-efficient strategy. You can upsize your property with the view of downsizing in the future to cash in a tax-free lump sum. The plan is to understand how to play the market, but markets can be unpredictable. They can go up or down; hence, it is best to play it smart. For instance, things looked very shaky during the Brexit move, but they are bouncing back.
- Not every new property is set up ideally enough to see you bring in your belongings and settle in on the same day. Sometimes you will find that you have your work cut out for you, with you getting hands-on immediately you move into your new house.
- Relocating can be a costly affair. You must plan your stuff and your time, and you also must check your finances. As such, moving home can have you digging deeper into your wallet than you would anticipate. The prices can run well into the five figures.
- Having to say goodbye to what you have called the norm can be challenging even if you are relocating a few blocks away. You were used to the proximity to the shops and stores, school, office, station, and always found the neighbor an alluring sight.
B). Renovating The Home
- The costs of giving your property a do-over can be substantially lower than buying a new home. But that does not imply that the drastic improvements you wish to make to your house will be cheap. However, comparing the two can help you appreciate why doing up your property will be a cost-effective option than buying a new home.
- Real estate experts attest that renovating is a value-maximization tactic, especially if you do it to sell your property. As such, it is worth the effort if you are keen on adding value to your home. It will give you outstanding ROI (returns on the investment), more so in capital growth if the market experiences an upsurge.
- The estate, neighborhood, or town is not unfamiliar since it is where you have spent several years and have grown to be happy and contented with where you are; thus, staying put makes sense.
- Having spent thousands on the mortgage, you will develop a deep sense of ownership that drives you to want to give your home some personal touches that make it feel yours. However, experts advise against going too crazy with personalization when putting your stamp on your property.
- Renovations are far from being fun. The prospects of doing up your home can be exciting, primarily when fueled by a life-long dream of having a property that you can call your own. But the work can quickly become demanding and stressful. You might be forced to move out while the job is ongoing, and this does not always seem practical or possible when you have other responsibilities.
- The new always steals the spotlight from the old. Adding a new kitchen, bathroom, or extension to your house might be well-placed, but it can be a project that makes the rest of the house look dated. As a result, you might find yourself considering a few additional changes that will ensure the new and old merge flawlessly, which leads to more work that inflates your budget.
- That point brings in the next issue of concern; the projected costs are rarely final. Sometimes, the prices might not be in the same ballpark as initially expected. Most experts suggest leaving some room for change in your budget.
- Some of the do-ups require planning permissions, and this presents an entirely different hurdle to jump. It is best to take the time to review if the remodeling is worth the hustle and be ready to fight for what you want.
- You risk rubbing the neighborhood the wrong way, and this can stain your relationship. Some of your neighbors might seem understanding; others will not and can hold long-term grudges. The renovations might be an inconvenience for you, especially if it is a large-scale project. It also can be a disturbance for your neighbors. As tolerant as the folks next door might seem, are you confident they can cope with the upheaval the renovations cause?