To move or to improve?

The housing market in the South East of England has shown a few green shoots of recovery, but with the Euro in crisis and Britain in ‘the worst recession in peace time’ where will the housing market go next? It’s a question we may ask ourselves when that inevitable question comes up “shall we put the house on the market and move?”

We all seem to need more space in our homes: an office at home is a work solution more of us are choosing and our families grow and need more room. Should we sell up and buy a bigger house, buy a property with development potential or improve our existing home?

Option 1: Move

Buying a new house is exciting. It gives us the opportunity to live in a new area, to see the town where we live from a new perspective and to meet new neighbours. Buying a new house can also bring new development opportunities, there are always properties advertised for sale that are ‘ripe for improvement’. You may also decide to move to a smaller home to reduce your outgoings.

Moving house is also one of the most stressful things we do; hopes and dreams can be dashed at almost any stage in the process. There is a substantial cost to moving. Dependent upon the value of your home, you’re unlikely to get much change from £20,000 just to move, and the costs could be higher.

Option 2: Improve

Staying put and improving your existing home may not be as exciting, but it’s unlikely to be anything like so stressful. The £20,000 or so you would pay out just to move would go a long way to converting your loft or building an extension.

Whilst you home must firstly be the place you live it’s likely to be your most valuable asset and you may as well make the most of it. So it’s worth think about how you could improve your current home. Before you call the estate agent ask yourself “do I have to move, do I just want to move or could I stay put in my current home?”

Whichever option you choose, making the most of the development potential of your home is probably the most cost-effective way of increasing your living space.

Interested in option 1 or option 2? Contact me for a free consultation on what could be possible with your current home or the development potential of your new one.

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