To Move or Improve is a tough decision to make, here are our thoughts on the advantages and disadvantages of both.
Moving home can be incredibly expensive. Let us look at selling a home worth $500,000 and buying another for $700,000. In addition to the $140,000 extra mortgage, you will be faced with combined estate agents, legal, moving, and stamp duty fees of around $40,000. At around 1%, estate agents’ fees are bad enough (but at least they do something for it). Stamp duty, now at 3% or $20,000 for a $700,000 home is simply outrageous. It is not surprising that more of us are staying put, improving our homes rather than of moving.
Move or Improve?
Taking the example above. You will spend up to around $180,000 on improvements, before you are worse off and with the added satisfaction that you get the full benefit, rather than the Chancellor and lawyers! You can attain quite a lot for this figure, and not suffer as much disruption.
There’s of course a big proviso, “Could it satisfy your needs?” This is more essential than whether or not the improvements can be justified by the increase in cost. If you intend to stay in the home long enough to take advantage of the work, this could be your overriding reason for justifying improvement.
Improvements cannot achieve miracles, if you don’t like the area, the schools, or the size of the garden, then improving will not help. Some home layouts by their nature are tough to extend successfully. If on the other hand, you want where you live and there is the space to extend, then consider improvement. Having work done can cost more than you think. As part of the decision-making process, you need to list the improvement work required and obtaining estimates for the work. There are also expected and unexpected costs when moving. Make sure to study these as part of your calculations. Finance can be another thing to consider, whereas a move will probably require a big leap in monthly outgoings, improvement work can be spread out over time.
Planning Improvements
Having decided to improve rather than improve, where do you start? Here are a few tips to consider:
- Building Work – If you are planning to expand, it is worth getting this out of the way first. It is messy and disruptive; there is also a risk that during construction of some collateral damage to decoration and more.
- Basic Infrastructure – It is important to get issues with roofing, plumbing, plastering, and wiring clear up first. These are messy tasks that can damage decoration.
- Essentials – It is not easy to manage for long without a Kitchen or Bathroom. If this is unavoidable, you should need to plan alternatives. Possibilities are a temporary Kitchen set-up in a living room or garage, possibly a Portaloo or the like, you can even install a bath temporarily with imagination. For long projects, a used caravan is useful if you have space to locate one.
- Work backward – Once the essential work is finished, it is sensible to start on the rooms furthest away from your main access door. This avoids damage to decoration and floor coverings as the work proceeds. The last area to decorate will be the hall, stairs, and landing.
- Outside – Finally sort out gardens and drives once the skips and rubble have gone for good!
What to improve
There’s no hard and fast rule, only you can decide what needs updating and what needs changing to help your lifestyle. Although your enjoyment could be the prime objective, some of us can ignore the potential impact of the home’s valuation. Estate agents will point out that there will be a ceiling cost on any road. If your spending takes you beyond this, it is unlikely to be recovered if you decide to sell.
Here are the best-known home improvements:
- Kitchens – First of the list for many, as the hub of the household the fashion today is for a large well-equipped living Kitchen. Unless you are fortunate, this is likely to require an extension or other alterations, such as utilizing the underused space of a dining room. Take a little time with the designer to ensure it works as well as looking good. Storage and worktop space are key considerations. Upgrade budget kitchen units by fitting not-so-budget granite or similar worktops.
- Bathrooms – The majority of us now expect a luxury bathroom with a good shower essential. En suite bathrooms are so desirable for the main bedroom. Although showers are now more popular than baths, it is unwise to take out all baths from a house.
- Conservatory – Provides extra space at a lower price than an extension. Usually, they are a good investment. The price of heating can limit Winter use. South-facing locations can be too hot in Summer.
- Extensions – Well-designed extensions add space and value to the home. Attention to detail with material and style is essential. Stuck on boxes are not attractive and if you want to sell, may put off potential buyers.
- Loft Conversion – Usefulness and price are dependent on the design and kind of construction. It’s likely to cost more than a similar-sized extension but it delivers extra space without sacrificing any of your gardens. It’s well worth considering an extra bathroom with it.
- Windows – Change rather than repair rotten windows if your budget allows. Modern aluminum and uPVC windows improve insulation and save on heating costs. Justifying the cost of fuel savings alone is unlikely, other benefits are reducing draughts, less decorating, and appearance.
- Gardens – A place to sit out, relax, and Barbeque, somewhere for the children to play, or if you are a gardener, your hobby area. A garden usually has to fulfill different roles. A good designer can be able to make the best of even a small space. A clean well-designed garden will certainly increase a home’s attractiveness and value, more importantly though, it will be a nicer place to live!
- Drives – In most areas, somewhere to park off-road is desirable or even important. Drives by their nature cover large areas so dominate the sight at the front of the house. Block paving is attractive, is hardwearing, and not too expensive. Any paving requires good site preparation if it is to last.
- Decoration – Possibly the cheapest home improvement, even more so if you do it yourself. Decorating probably has a great return on investment. Enhance dark tired rooms with fresh paint.
- Furnishings – Floor coverings, Curtains, and Furniture add color, warmth, and character to rooms. Check at magazines and visit shops for ideas. Transform old furniture and cupboards by painting using modern colors. Buy the best you can buy for your main rooms. As well as seeing and feeling better, it will last longer.