Why move when you can improve?
Everyone tells us to aspire towards the big, the bold and the beautiful. The bigger car, the bigger house, the better holidays, the better job…the list goes on. Home and interior magazines are littered with beautiful and seemingly unobtainable homes and television programmes such as Channel 4’s Grand Designs tempt us with stories of families, individuals and couples living the ‘build your own’ dream.
So on first glance, the next rung on the property ladder is to sell up and move elsewhere. Reasons for moving are vast and varied and often out of our control – new job, bigger family etc. However, if you fancy an extra bedroom, bigger bathroom, kitchen or just a little extra storage, why not have a think about it could be achievable within your existing property? It is also important to consider that the cost to make the changes does not outweigh the value it could add to your home. You could plan a full-scale upgrade, or you could choose one or two projects that should only take a long weekend to complete.
The downside to moving
- Updating your contact details across your bank, friends, creditors, subscriptions…the list is endless.
- You, like Mrs Incredible from The Incredibles, could still be unpacking boxes after 3 years.
- You would need to get used to a new environment, new shops and new amenities.
- New mortgage arrangement
- It’s an expensive business to move, particularly if you have a lot of furniture or if you have to buy a lot of furniture for the new property.
- It’s one of the most stressful things you can do in life – up there with exams and losing your job.
The upside to staying put
- Familiarity does not always breed contempt. Improving and refining your living environment can be very satisfying as you see somewhere evolve into your dream home.
- If your area is in an up and coming area or has steady growth, in a desirable part of town, the monetary value may yet increase. Particularly if you make improvements.
- You finally chip away at the capital portion of the mortgage
- You do not need a new mortgage
- You get to keep your neighbours! Working on the basis that you like them of course!
The size of the project determines how much interference and upheaval you will face in your day to day life and it could take longer than anticipated. You will need a good credit record to get financing but at the end, any increase to your home’s value could make it your quickest way up the ladder! Think carefully before making any decision. Look at it as a business transaction that will either increase or decrease your net worth.
Related posts:
- You don’t have to move house to move up the property ladder
As the price of property and moving house continues to...
- Is moving really the answer to accommodate a growing family?
Your family has expanded but your property (unfortunately!) has not....
- How to have a smooth move
With the traditional home-buying season just around the corner,...
- British homeowners spend £54,400 moving home in a lifetime
Research conducted by Abbey Mortgages has shown that the average...
- New business for new Mums
Recent research conducted by Tesco Business Credit Card reveals that...
