The choice between renovating and buying a new home can be a tough one, especially if you’re looking to stay within the same town or city.
Everyone’s circumstances will be unique, so it’s all about weighing up the pros and cons as they relate to your needs. Whatever you go with though, this handy guide will help you better understand each option, and which might be best for you.
With the properties on the market being ‘blink and you’ll miss it for many parts of the country, many are instead turning to renovating their current properties to make their living spaces more suited to them, and potentially increasing the property value at the same time.
A report by money.co.uk discovered that the UK’s homeowners spent £55billion on renovations during the lockdown. Though many experienced a reduction in disposable income, the amount of time spent at home contributed to many wanting to improve it.
Let’s look into the benefits of a renovation.
Personalise your space with renovation
Remodeling parts of your home is a brilliant way to elevate your living space to match your unique vision. Make your own idyllic space instead of having to search for it. Of course, this becomes increasingly difficult and can become quite costly as the number of rooms you’re renovating goes up, but this is combated by doing a little at a time.
If you are ready to make a long-term project out of your home, renovating could be for you.
It’s the perfect option if the necessary renovations are not extensive
If you only need to remodel a handful of features on your home, renovating is a preferable option to buying. There’s no sense moving house because you’ve fallen out of love with one aspect of your current home. Refurbishment allows you to see your home as a blank canvas and edit as needed.
D.I.Y and renovation is even easier in this day and age, and there is the added benefit of the knowledge you already have. You will most likely have an understanding of what can and cannot be done within your home – meaning you are less likely to make mistakes.
A home renovation is much cheaper than moving
Often the choice between buying and home renovation hinges on the price tag. In the long run, renovating will cost considerably less, making it the best option if you’re on a strict budget. It doesn’t have the wholesale and more immediate advantages of a full-on move though, so it’s all about weighing up your personal circumstances and making the call based on your needs.
Increase property value with home renovation
Renovating is an excellent way of increasing the value of your home, making it more of an asset when you do eventually look at selling.
It’s difficult to know the full cost of renovating before you begin
Although you may have a basic understanding of your home, unseen issues can crop up during the renovation process that will drastically alter the total costs. Renovating is cheaper than buying but it’s still important that you factor in the possibility of the cost being greater than you initially budgeted before renovations begin.
There’s only one option if you want a change of scenery
No amount of renovating will transport you to a new neighborhood. If you’re looking for some new surroundings, want somewhere closer to friends, family, or work then a renovation may only keep you satisfied for so long, and the time and any effort you spend on renovating may not be time well spent if you end up moving soon afterward.
Although buying a home means more upfront costs and legal fees (as well as any renovating you do on top of that), the Yorkshire Building Society estimates the number of first-time buyers rose by 35% in 2021 despite strong price growth.
Buying a new home is logistically challenging
The logistics of wading through a move can be a nightmare, especially if you have a big family and/or a lot of items to move from one house to the next. Not only is the cost of relocating incredibly high, once you have factored in moving services on top of all the other fees, but organizing the move itself is time-consuming and challenging.
There’s a reason people say it’s one of life’s most stressful events!
Nevertheless, moving house can be an enriching and rewarding time that brings joy to you and your family. When it comes to the choice between that and renovating, it’s all about understanding how they each compare according to your circumstances.
You inherit any of a new house’s defects when you move
Of course, moving presents the challenge of dealing with your new home’s quirks. This can be circumvented if you know what to look for though; read this guide on common defects to look out for when buying a home if you’re worried about knowing how to spot potential problems.
Home renovation is perfect if you’re looking to make a project out of your ideal home, or the changes you want to see aren’t too extensive. It also adds value to your house which will be very handy when you do look at selling further down the line. It can come with unforeseen costs though, so be wary.
Buying is the best option if you want to relocate or drastically alter your living space without the stress of renovating. It does have its own stresses attached, though, so considering that is important before you take the plunge.
Professional Consultants Certificates help thousands of people achieve certification for their properties and new builds.
If you’re after more professional advice on your move or renovation, don’t hesitate to get in touch with the Professional Consultants Certificate team. You can also read their FAQs for common answers about their services or find out how a Professional Consultants Certificate works here.