Does your current house no longer suit you? If you need an additional bedroom because you are having a baby, or you need an extra room to turn into a home office, this dilemma becomes very real. Do you extend or renovate your current home, or do you look for a new property that will fit your requirements? There are many things to consider before making this decision.
The high cost of moving has often been one of the reasons why people choose to improve and renovate an existing home. But on the other hand, with the cost of raw materials soaring, and the fact that there is a shortage of contractors, renovating may no longer be the more affordable option that it once was, and moving to a new home becomes more attractive which means self storage could be needed.
Your home may be getting old. Your bathrooms and kitchen need modernizing, and your home could do with some maintenance as well. The decision that needs to be made is whether you consider it worthwhile to put the money, time, and effort into a renovation, or whether it would be a better option to buy a new house with the features that are lacking in your present home, and just move on.
Here are some of the things to consider before making the choice.
Both buying a new house with the extras you need and renovating your current house to get it to the level that you want are going to cost you money. You need to work out your finances to ascertain whether it is worth renovating vs how much extra you would have to pay for a new house. Do the current market conditions in your area mean that the extent of the renovations you wish to do will provide you with a good return on your investment?
If you love the location of your home but you feel your actual home could do with some improvements, then you may be tempted to go the renovation route. If you are not crazy about the location of your home, then it may be time to look for a home somewhere else.
If you live in a great school district then you will most probably want to stay where you are and renovate. Same as if you live situated conveniently to your work. It may not be worth your while moving to a new area if your family is settled with everything in close proximity. But on the other hand, if you live in a desirable area for families with school-going children, then you should be able to sell your home easily for a good price as the demand for houses in these sorts of areas is high.
- Attachment to your home
You and your family may have an emotional attachment to your home in that it is the place you brought your children up and it holds many memories for you. This will make selling more difficult. You will need to decide which option is right for you. If the stress of selling your home is too much to think about, then you are not ready to move on to something new.
These are some of the pros and cons of moving house or renovating, but it is all about what you can afford, whether you are prepared to go through the process of renovating and whether it will help you achieve what you are looking for.
Pros and Cons of Selling Your Home and Buying a New One
Some of the pros are:
- You can buy a new home that suits your family’s needs.
- Financially you know what you are in for and how much your mortgage repayments will be.
- You can choose the community or area that may be a good school district, or closer to your work.
The cons of moving are:
- Finding a suitable home and selling your present house. Selling a home can take time.
- Paying for costs such as house inspections, real estate fees, and moving costs.
- Moving out of a location that you love.
Pros and Cons of Renovating Your Current Home
The pros of renovating are:
- You don’t need to move out of a location that suits you and your family or leave the home that holds precious family memories.
- You get a home that is designed to suit you and choose the décor and finishes.
- The value of your home will increase.
The cons of renovating are:
- You may run into unexpected structural problems that can cause havoc with your budget.
- You will live on a construction site with the attendant issues of dust, noise, and mess. You will experience a lack of privacy due to the presence of contractors.
- If you choose to move to temporary accommodation during the duration of the renovation this will add to your expenses.
- Carrying out a renovation can take up a lot of your time, as well as your money!
Whichever option you choose, hiring a self storage unit at a facility such as Stop & Store Lowestoft for your storage needs will relieve you of some of the stresses of moving or renovating.
Stop & Store Lowestoft
- You can store any belongings and furniture while you get your home ready to sell. If your move-out and move-in dates do not coincide, you can store your household goods temporarily in one of our units.
- If you are renovating, clear out your home of furniture to give the contractors space, and also to ensure that your furniture does not get damaged by the dust or dented by contractors doing their jobs.
- Our facility has a state-of-the-art security system to ensure that your goods are kept safe and secure.
- We offer both short-term and long-term storage. There are no hidden costs so the price you are quoted is the price you pay.
- Please look at our website for references left by our customers.
Please contact us on 01502 580005 for more information.