Should You Love Your Home Or Leave It?
In life, one thing is guaranteed - and that's change. Over time our circumstances shift and that means
our living arrangements need to follow suit. Many people find themselves facing a particular housing
dilemma at one point in their lives - do they stay in their current home and find a way to extend it or do
they opt to move? Your current home no longer fits the bill; it no longer gives you either the space or the
amenities that you need in life. It could be that an extra bedroom would make all the difference to
accommodate a growing family. Or it could be that you've started a business which is taking off and
working from your dining table is no longer cutting it - you need a proper office space. Whatever the
situation, suddenly your much loved home is feeling a little bit too snug and not quite fit for purpose.
our living arrangements need to follow suit. Many people find themselves facing a particular housing
dilemma at one point in their lives - do they stay in their current home and find a way to extend it or do
they opt to move? Your current home no longer fits the bill; it no longer gives you either the space or the
amenities that you need in life. It could be that an extra bedroom would make all the difference to
accommodate a growing family. Or it could be that you've started a business which is taking off and
working from your dining table is no longer cutting it - you need a proper office space. Whatever the
situation, suddenly your much loved home is feeling a little bit too snug and not quite fit for purpose.
Love Your Home Or Leave It?
Deciding whether to stay and do extensive building work to make your current home into something
which fits your needs, or going through the process of finding a new home and moving your life to it is a
huge decision. Neither option is without its inconvenience, expense, disruption or stress. So how do you
make the right choice, especially when the stakes are so high?
which fits your needs, or going through the process of finding a new home and moving your life to it is a
huge decision. Neither option is without its inconvenience, expense, disruption or stress. So how do you
make the right choice, especially when the stakes are so high?
Planning An Extension
If the work is done well, then an extension has the potential to add real value to your home - both
abstract value in the enjoyment and use that you and your family get out of it, and tangible value by adding to a sale price should you sell. Some developments add monetary value to the asking price -
things like a loft conversion, tanking out a cellar or extending to the side or rear. Others add to your
home by enhancing its saleability, thereby potentially creating competition between buyers and driving
the bids higher. If you already love where you live in terms of the location, developing your current
property is generally a very good option. It's a good idea to get an informed opinion and a valuation from
an estate agent. Most properties have a ceiling value, so if you develop them beyond this point, you may
have trouble making back what you've spent when you come to sell.
abstract value in the enjoyment and use that you and your family get out of it, and tangible value by adding to a sale price should you sell. Some developments add monetary value to the asking price -
things like a loft conversion, tanking out a cellar or extending to the side or rear. Others add to your
home by enhancing its saleability, thereby potentially creating competition between buyers and driving
the bids higher. If you already love where you live in terms of the location, developing your current
property is generally a very good option. It's a good idea to get an informed opinion and a valuation from
an estate agent. Most properties have a ceiling value, so if you develop them beyond this point, you may
have trouble making back what you've spent when you come to sell.
Moving House
When the disruption or cost of building work is too great or you have a chance to move to a better area,
then moving house can be the way forward. Work out a budget based on what you'd be able to borrow
before you start looking at properties, and don't forget to factor in costs such as taxes, legal fees,
changes in mortgage rates and the cost of hiring movers. Getting the right support for your move and
ensuring you're not stretching your finances too far is key to minimise stress.
then moving house can be the way forward. Work out a budget based on what you'd be able to borrow
before you start looking at properties, and don't forget to factor in costs such as taxes, legal fees,
changes in mortgage rates and the cost of hiring movers. Getting the right support for your move and
ensuring you're not stretching your finances too far is key to minimise stress.
Whatever you decide to do, doing your homework before you make a decision is key to having a positive
experience and - whether renovated or completely new - stepping into your new home with complete
confidence.
experience and - whether renovated or completely new - stepping into your new home with complete
confidence.
