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You may be surprised to hear UK homeowners are choosing to invest in their current property instead of moving, new research has shown.
According to storage specialists, Attic Self Storage, 2021 is set to be a year of transformations for British homes, with more than half (59%) of homeowners claiming they will renovate their current property rather than move. Challenges viewing properties due to lockdown restrictions, a dip in housing prices and a confusing market have been cited as some of the main reasons for staying put.
Both time-consuming and a hefty financial commitment, the decision to move or improve shouldn’t be taken lightly and it’s never been more important to arm yourself with the right information to ensure you make an informed decision.
'Do up' versus 'sell up'
Below is a list of key considerations you need to deliberate before taking your next step:
Change of location: whether you’ve started a new job and want to lessen the commute, after a better school catchment area or want to live closer to your family, moving instead of renovating is easily the best option for you.
Less destruction: packing, moving and then unpacking is an inconvenience; however, renovations (no matter how simple) can cause a lot of chaos and disruption to your daily routine for a prolonged period of time. For example, a paint job in the kitchen can take several days whereas an extension can take months.
Renovating could overprice you out of the market: any work done to your property runs the risk of over-capitalising. This means even though the house itself offers a potential buyer more, it may be overpriced for the area in which it is located. If this is the case, it can be hard to sell in the future.
Make the space work for you: from the very beginning you have complete creative control over the design of your home and how you want it. This means you can tailor the property to how it would best suit you and your family without needing to compromise (unless planning permission permits you too).
Don’t forget financial help is available for changes which improve the energy efficiency of your home. The Government’s Green Homes Grant offers vouchers of up to £5,000 to cover two-thirds of the cost of some projects. The rules are quite complex, so make sure you visit the website to find out more before committing.
Increase its value: whether it is a loft conversion, an open plan kitchen-diner or an extension, renovating your property not only gives you the freedom to inject your own personal style, it will also add to the overall value of the property when you do come to sell it later on.
You can take your time: unlike moving which works to a specific timescale, some renovation projects can give you the flexibility to work to your own schedule. You can improve your property incrementally to meet the needs of your growing family as well as control the flow of costs.
If you’re unsure which option is right for you, consult the experts. You can do this by gathering a series of quotes from local and professionally approved tradesmen and by seeking advice from your local planning office to determine if the renovations you want are realistic (and possible). By doing so, you can make a calculated and informed decision before you commit financially.
If you are considering renovating and need to borrow additional funds or simply would like to discuss your mortgage opinions, please contact us to arrange a telephone or video appointment.
*all figures and data correct as of February 2021
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.