Should I Move or Improve?
When it comes to deciding whether you should improve your existing home or take the next step in moving, this decision can sometimes be a difficult one to make. It is something that a lot of homeowners are currently facing particularly when there are more stagnant periods in the housing market. Below, we have highlighted what you may need to look into in order to make the right decision.
It’s All About the Space
One of the most common reasons people look for when moving is that you are running out of space in your current property. This makes most people think that they either need to build an extension or buy a new property. However, a lot of people are not making the most of their space that they have, and by creating more open-plan spaces you are more likely to gain an increase of value to your property. So, this should be the first thing that homeowners look at before they start to think about moving on. Even if you do decide to sell then at least the value of your property will be higher than before and it will become more attractive to buyers, so it is worth evaluating and changing what you have before you commit to anything more.
Adding Extra Space
If you decide you really need to add extra space, perhaps because you have a growing family, then you should consider a loft conversion or a basement extension. Again, similarly to an open plan, either of these conversions can add up to 20% on the value of your home. This makes a great investment if you just need an additional room for your family or if you eventually plan to sub let it.
Kitchen and Bathroom Upgrades
If you are looking to make some changes to your home, then a remodel of the kitchen or bathroom is generally the most common one attempted. However, you need to bear in mind that spending £20,000 upgrading the bathroom isn’t necessarily going to add the same amount to the value of your home. This might not be a problem if you are planning on staying there forever. However, if you are looking to move on, then there are some cheaper upgrades you can make to improve value. Things like changing doors or fittings can freshen the room without costing the earth. You can also look at retiling and/or re-grouting to add instant value to your home without costing the earth.
When you decide that your home isn’t working for you anymore it can be tempting to just give up and move on. However, this is because most people don’t stop and think about how they are using their current property. With a little work, you can normally adapt your current place to make the most of the space you have and improve the value of your home.