If you’re not happy in your home, it’s better to start planning to do something about it than to let your resentments build up over time. You feasibly have two options in most situations, you can either improve the home that you’re in, or you can move. Here, we’re going to look at how you decide which is the best move for you.
Are the improvements you need feasible?
Take a look at your home and think about what it’s currently missing for you. Take the time to write down what you want in a home that you’re currently not getting. With the realities of your home in mind, is it possible that you’re going to be able to give it the upgrades that it needs? If there are problems with the area the home is in, for instance, then a move might be the only way to get away from them. However, if it’s the home itself, especially anything within its four walls, then there’s a good chance that you will be able to find the fixes to make it work for you.
Consider the cost-effectiveness of both
This will largely depend on what kind of improvements you might want to make for the home, but the costs of buying are considerably high, even if you’re able to raise most of the money you need from selling your home. In fact, even if you want to make major improvements, remortgaging your home can be a lot more cost-effective than selling. Work out the potential costs of your home improvements, such as materials, the cost of your builders, and any architecture or planning services you need, and work out whether or not staying will allow you to cover those costs, not forgetting that you can remortgage your home to do it. If you’re willing to take on the long-term costs of moving, as is, then remortgaging isn’t all that different, it just might cost less.
How much of a hassle are your improvements going to be?
For some people, starting with a clean slate might seem like the easier way to go but, in most cases, it’s going to take less time and work to complete a set of home improvements than it will to buy a home. However, where this tends to become something of a dispute is any time you need to get permission for the changes that you want to make. For instance, planning permission applications for new extensions can be slow to progress, especially if you don’t take the time to research what steps you have to take to apply correctly. Any homes that are subject to HOA rules might have extra hoops to jump through to get permission, or may not be able to get the permission they need at all.
Consider the various thoughts brought up above and start noting down the pros and cons of both arguments, whether you move or stay and improve your current home. There’s no one right answer that applies to everyone, so take your time and think it through.
Disclosure: collaborative post
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