Is it better to renovate your current home or find a new place to live? Don’t worry, it’s a question a lot of people have trouble answering! Of course, it depends what budget you’re working with, and where you’re currently living, and we’ll go through those points in a bit more detail below. However, whether a renovation is better or simply upping sticks and moving on is preferable is all about the way you feel too. And with that in mind, let’s properly examine the home reno v new home argument that’s going on in your head right now.
Think About the Cost
It seems obvious, but this really is the most important factor you’ll have to consider here! The cost of moving house, compared to the cost of renovating a home, might make it seem like staying put and doing up the bathroom is better, but it all depends on your personal circumstances.
For example, is that bathroom reno going to add any real value to your house? Or would it be better to sell up and take that lump sum of money somewhere better? Indeed, if you do prefer moving, you’ll also need to work out the mortgage chances here, and whether the repayments are going to be too much; you can make good use of MortgageCalculator.Org to make this easier on you.
Think About the Location
Then you’ll need to think about location, especially if your mind is moving towards renovation. You need to ask yourself some key questions here. Most importantly: do you have the space to expand? Similarly: are you going to need planning permission? And even: is it going to take a long time to get that one storey conversion over and done with?
On the other hand, is there a house out there that you love the look of, and know for a fact that you’ll have a lot more room to work with? After all, you could cut your losses now and move on, and renovate this new, dream home, into the place you really want to live.
Think About the Way You Feel
And finally, it’s time to think about the way you feel. The home you live in now might be costing you money, in the long run, but you’ve lived there for years, and maybe raised your children there, and you’re incredibly attached to the place. And in truth, it’s perfectly fine to stay put and renovate your rooms, if you can afford it, and it’s what you really want. Even if your partner is suggesting moving is better, make sure your side is heard here.
So, a renovation might be more your thing, or it might be worth it to find a valuable new build to settle into. Either way, there’s no right or wrong answer in this debate - make sure you remember that when you talk things over with your household.
