Owning a home is a dream come true for many people. But what do you do when your home doesn’t seem to meet your growing housing needs?

In such a case, you have two options: either move to a more suitable house or renovate your current home to match your specifications and taste.

Deciding between renovating and moving is a difficult choice.

Here are a few considerations to make when choosing whether to stay and remodel or move to an entirely new house.

Cost

In most cases, renovating a house seems more cost-efficient than moving, in fact, loft conversions can add 20% more value to your home. Although the cost of moving may include the price of a new home, remodelling is not cheap either.

Plus, scenarios differ between homeowners; for instance, you might not have to buy a new house in order to move. Don’t make any assumptions; sit down with a pen and paper and compare the cost of moving to the cost of renovating. After working out the figures, pick the option that fits your budget and financial situation.

Sentimentality

Deciding to either move or renovate does not always revolve around costs and money. Families obviously treasure and form emotional bonds with their homes, making it difficult to either move or make big changes to the house.

Sentimental connections to a property might seem misplaced or irrational, but they weigh in when making a big decision, such as remodelling or moving house.

Before deciding to move, consider its effect on your loved ones, especially if the house was part of an inheritance or holds deep-rooted sentimental value in the family.

Which is more practical?

Given a reasonable budget and enough time, ask yourself which of the two options is actually feasible. When considering moving, think about where you’re moving to – the cost of living there, available properties, proximity to amenities and what you’ll be leaving behind.

You also have to make similar considerations when it comes to renovating. Find out whether the changes you want to make are even possible from a construction or regulations viewpoint.

Keep in mind that remodelling a very old house may be more costly and impractical than building an entirely new home.

The Case For Renovating

• You love your local community and enjoy your neighbour’s company.
• Everything is nearby including work, your children’s school and easy commutes all-around.
• House prices are rising meaning that renovations may be the cheaper alternative
• There’s potential to add value to your property
• No need to worry about house selling costs, including advertising, agent fees and fixing up or styling your home.

The Case For Moving Home

• You and your family want a fresh adventure in a new neighbourhood
• Job opportunities require you to move.
• You need to sell your house due to financial issues
• You are no longer happy in your current neighbourhood

Look At The Bigger Picture

Moving house or renovating a home is a big decision, one that will probably affect other choices along the way. For instance, moving to a new town might determine where your kids go to school, where you work, or the social opportunities available. On the other hand, renovating might affect your home’s footprint and property value.

Go with the option that aligns with your plans for the future and lifestyle preferences. Determine how either renovating or moving adds value to your life and helps you achieve various goals. Look beyond the superficial or short-term reasoning behind making the decision. Remember, the step you take may be irreversible, so take care not to make a choice you’ll regret later or want to take back.

Deciding between moving and renovating is a matter of choosing what’s more practical, cost-effective and convenient.

Key takeaways

• Make sure you really understand why you want to make the change. The last thing you want is to regret your decision.
• If renovating, make sure to expect that there will be disruptions in your life while the renovation gets completed. You may even be required to move out of your home for several months.
• If you are planning a move, make sure you calculate any additional moving costs. Helpful tools such as a moving calculator can help.