If you are unhappy with your current living arrangements or environment, you simply have two options: start again somewhere else, or make the most out of what you have. Moving is not without stress, and it can cost you a lot of money. Likewise, if you decide to renovate your home, there will be never-ending expenses and chaos. There are pros and cons to each solution. Below you will find a few pointers that will help you decide which ones are the best for you.
If there is one thing that can stop you from moving on or improving your home, it is your budget. Look at the different locations and homes for sale in your target area. Could you afford the payments and would you get the extra money you need? While there are affordable new build houses for sale in popular locations, you will really have to think about your long term plans. Are they going to be suitable for you and your family for the next decade or so?
Your Family Ties
Moving can also be stressful when it comes to the family. You will need to consider whether or not your kids will see their grandparents as often as they can. Are you going to have to take them to another school? Is it going to be a stress for them? If the answer is yes, you will have to think twice about moving. Your social net and family support system is a part of your life. It is hard to simply start over again alone.
The Size of the Repairs Needed
When you are unhappy with your home because there are simply too many things going wrong, you will need to first get an estimate for the repairs. Chances are that there will be some home improvement jobs you and one of your family members can take care of on a budget, so it will cost you less than it would to apply for a new home loan. Compare the price of the credit and the additional cost of the mortgage, and see if you can remortgage your existing home, instead of moving. Of course, you will have to decide based on your space needs, too. If your home is far too small, you have to decide between building an extension or relocation.
Your Long Term Plans
It is crucial that you think about your family long term. You might have teenagers at home at the moment, but they will fly the nest, and you will not need the extra space. Alternatively, you might invest in a home that is suitable for multiple generations. What happens when you have to look after one of your parent’s long term? Will there be an extra room or an annexe for them? How about retirement when you would like to enjoy the peace and quiet and tranquil surroundings, maybe the garden?
The choice between moving and renovating or extending your home is never straightforward. List the pros and cons to make an informed decision you will not regret.
*This is a collaborative post. For further information please refer to my disclosure page.