Should you remodel or move home?
If you’re debating whether you should remodel or move, you're clearly unsatisfied with certain aspects of your current home. Does your living room need a little modernising? Or are you unhappy with the overall home layout? The answer on whether you should remodel or move will change depending on your needs.
Below, we’re talking in great detail about the pros and cons of moving house and renovating, so you can make an informed decision and choose what’s best for you and your family.
House renovations
Let’s have a look at the benefits of remodelling rather than moving, as well as common challenges you might face:
Pros of renovating your home
Location
If you love the area you’re currently living in, moving home might not be worth it. By moving away, you might end up with a worse commute time, need to change your kids’ school, and might live further away from friends and family. The chances of finding a new home in the exact area are also very low due to the competitive state of the housing market.
By choosing to improve your living space through renovations or home extensions, you can get the feeling of a fresh start without uprooting your life.
Cost-effective
Most of the time, all your property needs to feel like a dream home is simple renovations like repaintings and new fixtures, without the need for extreme structural changes. This ends up being a lot cheaper than buying a new property, while also achieving a similar goal.
A good head-start
When renovating your home, you make use of what's already there to enhance key features. Whether it's a simple repainting job or installing modern insulation, your home can be a great foundation to build upon so you can create the ideal living space.
If you already love your property but just want to improve its aesthetics and functionality, remodelling will be much less stressful than starting from scratch with a brand-new home.
Added value to your property
Any upgrades and improvements will naturally add more value to your property. That way, you can easily attract buyers and sell your home at a later date for a much higher price.
Cons of renovating your home
Disruptions
Renovating your home might cause slight disruptions in your day-to-day life. Depending on the scope of the project, you might be able to stay at home, but you might also need to temporarily move out.
Planning permissions
Depending on your location, as well as the scale of the project, you might need to get planning permissions before starting any work.
Internal works such as kitchen remodels usually don’t require any special permissions, but doing major structural changes might - always make sure to check your local regulations, or contact Ray White Builders for any advice.
It takes time
Home renovations are a big time commitment - they can take anywhere from a few weeks to a few months, causing various disruptions throughout. It can be a stressful journey to embark on, but it is definitely worth it if you love your current property and area.
Extra costs
Home improvement projects can be unpredictable, and any disruptions could mean extra costs that take you over the allocated budget.
Moving house
Now, let’s discuss the pros and cons of moving home:
Pros of Moving House
Changing the area you live in
Renovating is useful when all you need to change is the overall look and feel of your home. Whether you want to live closer to work or give your kids access to better schools, moving home is the right choice if your current location doesn't match your needs and lifestyle.
A fresh start
If your vision for the perfect home is too hard to achieve in your current house, moving home can provide the fresh start that you need. This way, you'll be able to search for a new place that better matches your needs with no time restraints.
Less disruption
By moving home, you'll also avoid most of the disruption that renovations and house extensions may cause. Keep in mind that buying a new property comes with its challenges, and it may take a while before you fully move.
Cons of Moving House
Cost
The main downside of buying a property is the cost. Buying a property will be overall a lot more expensive than a remodelling project, which means it may not be a good option if you're on a limited budget. On top of the cost of the property itself, you'll need to consider other expenses such as stamp duty and removal costs when calculating your available budget.
Competitive housing market
Even if you've decided to move to a certain location, there is no guarantee that you will find a suitable property in the area due to high competition. The highly competitive state of the current housing market may also drive up prices depending on the demand.
Renovations may still be required
Once you move into your new home, you may still need to do renovation work. For example, if you move into an older home, you might need to improve the insulation to bring it up to today's energy efficiency standard. This not only adds extra costs but also means you'll face all the disruption you were trying to avoid.
Is it cheaper to renovate or buy a new house
When deciding whether you should renovate or move, price can be the decisive factor.
The price of moving home in 2024
According to Zoopla, in July 2024 the average cost of buying a property of any type reached £265,600. And this is just the flat rate for the property - on top of that you'll need to budget for solicitor's fees, mortgage rates, property taxes, removal costs, as well as deposit for the property itself.
How much do house renovations cost
On the other hand, renovation prices fluctuate a lot more since projects can vary in scope quite wildly. That's because the price is influenced by different factors such as:
The size of your property
The age and condition of your property
The complexity of the project
Whether there's any structural work involved
The quality of materials used
According to Checkatrade, you can expect to pay anywhere between £43,530 - £110,350 when renovating a 3-bedroom house. If you're just looking to renovate parts of your house, you could do so with an average of £6000 for bathroom reworks, £10,000 for a new kitchen, or £26,000 - £34,000 for a home extension.
An often overlooked benefit of renovating your home now is the fact that it adds value to your home in the long run. Should you decide to sell it later, you'll get a good return on investment that makes up for the initial cost and a lot more.
Should you renovate or move - How to decide
So, is it better to remodel or move? To decide which option will help you achieve your goals, you first need to decide what those goals are in the first place.
Renovating would be a better idea if:
You love your current location
You want to convert unused spaces (i.e. lofts or garages) into home offices, bedrooms, etc.
You want to give certain rooms a makeover (e.g. by changing appliances and furniture, repainting, etc.)
You want to install modern insulation to increase energy efficiency
Create open spaces by removing internal walls
You are on a limited budget
Moving home would be a better idea if:
You want to change your location
You are unhappy with the overall home layout
You are not sure simple renovations are enough to change everything you’re unsatisfied with
You have the available funds
If you are unsure whether renovations are enough to bring your vision to life, give our experts at Ray White Builders a call - share your ideas with us, and we’ll let you know if a home renovation project is what you need to turn them into a reality.
