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Is It Better to Move or Renovate?

Posted by : Premraj | Posted on : Friday, June 24, 2016

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Our home is our castle. Whether you rent or own a home, you have probably poured a lot of time and love into your property to make it into a home. This is perfectly understandable. Having a place to call home is a basic human need, along with food, water, and company. Unfortunately, what starts as the perfect space for you and your family may not work after a while, and when this happens, the time has come to upgrade to a bigger, better home.

You may not even want to move. If this is the case, fixer upper loans are ideal for existing homeowners who want to renovate or extend their home. It is the perfect solution if you need more space, or your home is looking well past its best and purchasing a new property is just too expensive.

Reasons to Move

Most people choose to move when their existing home is too small. If you started out as a couple in a two-bed property, and have since welcomed a couple of kids, your home is likely to be much too small. Moving to a larger home is a tried and tested solution.

You may also need to move because your job has relocated. Commuting is one thing, but when your new office is 2,000 miles away, or even in another country, it is not exactly practical to stay put.

There are other reasons to move home. You might decide to downsize to a smaller property. This is quite common as people grow older and their children fly the nest. A large family home with several bedrooms soon begins to feel too big. When this happens, the time has come to look for a small, cozy property that is easier to take care of and cheaper to run.

Another reason to move is if you cannot afford to stay. Perhaps you have lost your job and can no longer pay the mortgage or maybe you just want to cut the bills down a bit and your current home costs a fortune to heat. Both are valid reasons for downsizing to a smaller property.

How to Fund a Home Purchase

When it comes to buying a home, most people take the tried and tested route of approaching their bank and applying for a mortgage. As long as your credit history is OK and your income matches your aspirations, you should have no problem being accepted for a mortgage. For this reason, mortgages are an extremely popular way to fund a home purchase

Of course, you may not need a mortgage. If you have enough equity in your current home and the new property is cheaper, you could be in the fortunate position of being able to buy a home outright. You may also have paid off your mortgage, or come into some money. Either way, being mortgage free is always preferable.

Reasons to Stay

Whilst there are many reasons to move to a new property, there are just as many reasons why you should consider staying put.

As we have already mentioned, renovating or adding an extension could solve your problems if the main reason you are considering moving home is to create extra room or improve your standard of living. It is usually cheaper to add a small extension on to a ground floor room than it would be to move to a larger property.

There are different ways to add extra room. Conservatories are popular, but they tend not to be suitable for use during the winter or when the weather is very hot. If your roof is suitable, you could also extend into the attic. You could even add a basement extension – subject to planning permission of course.

Moving Home Is Not Cheap

It is important to remember that moving home is a costly business. Conveyancing is expensive and then there are surveys, real estate agent fees, removal fees, and the cost of re-mortgaging if you need to end your current deal within the penalty period. If you do the math, you may discover that it is cheaper to stay where you are and add a small extension.

There is also a lot of hassle associated with moving home. Most people agree, moving home is one of the three most stressful things you can do, along with getting divorced and having a baby.

If you are still undecided about whether to stay or go, make a list of the pros and cons. Consider each point carefully, remembering to consider everyone’s views before you make a final decision.

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