Many of us lust over a dream home, but few of us are lucky enough to ever actually move in. Yet if you’re lucky enough to own a property, there really may be no reason you can’t have the forever home you’ve always dreamed of – why not make it a reality in your current digs? There are, indeed, many practical reasons why you may need to move home altogether but also plenty why it may be easier to stay put and renovate instead. But how to judge? Consider the following…
When… Property Prices Are Just Too High
The British property market isn’t exactly known for its reasonable prices, but even in postcodes not necessarily reputed for their wealth, buying a home doesn’t come cheap. If you’re lucky enough to live in an area that you’d like to stay local to but have seen property prices rise heavily in recent years, it’s probably best to stay where you are. Renovating your home can give you the leeway to get everything you want out of it without breaking the bank to move into it all ready-made. Of course, if you do decide in the future that you would like to or need to move, your existing home with renovations will be worth considerably more for them – so you’ll get better bang for your buck if you do sell later on!
When… You’re Attached To The Area
School catchment areas, the neighbourhood community, family nearby – there are loads of reasons why staying in the area you live in is the easiest option. Renovating to add square footage and fit your lifestyle better as it changes and matures can help accommodate your family without having to uproot. Most homeowners just assume they have to move as their needs change but actually, if you can work with what you already have, there’s no need to at all. Property prices fluctuate anyway, and it may be that in adding value to the home you already live in that you prepare yourself better to move or sell up in the future.
When… You Want To Build Equity
You’ve already invested a lot of money in buying a home – why then just spend more on a new one? Renovations give much more equitable value than buying a new property, as you’re able to focus in on the details that matter the most to you without them needing to fit a developer’s set plans or another family’s requirements. Research has shown that homeowners can expect to recover around 60% of the cost of home renovations in the overall value of the property; and sometimes more depending on exactly what they’ve had done. New (or fairly new) kitchens are the most popular renovation for property buyers closely followed by bathrooms and conservatories or orangeries.
When You… Love The History
Period properties and old homes have quirks and details that you simply won’t find in another house; even if it’s another of a similar age. Providing your home isn’t listed, you should still be able to make plenty of renovations to it (occasionally with limits), and if its imperfections and idiosyncrasies bring you joy, stick with them and work around them. Local planning authorities will be able to give guidance on what can and can’t be done to older properties, but there are also a number of specialist architects and developers who work in period buildings and so will be able to help plan out renovations bespoke. In the case of period properties, don’t be afraid to spend extra in investing with an expert – it will really pay off long term and will ensure that your beautiful home retains its character.
When You… Have Lifestyle Changes That Are Only Temporary
There are many instances in which a home may need renovations for the purpose of future-proofing (ensuring that you’ll be able to live in it long term as access, mobility and lifestyle needs change), but often these require people to move – something we see a lot of particularly past retirement age. However, if circumstances change and you do need to switch things around and make some adjustments, doing so with temporary measures can be a much more effective way of dealing with the issues than giving it all up and moving. It’s important to analyse exactly what’s going on in your life and make sure that if it’s not forever, you’re not over-estimating it and acting like it is.
When You… Can’t Find The Right Land
Lots of areas in the UK don’t have readily available build-ready lots and so developers struggle with demand and in turn, prices rise. In these locales, moving into a bigger, newly constructed family home can be difficult to do and so renovating an existing property, even majorly, can be a much smarter move – and gives you more control over what the finished article looks like. There are firms that specialise in finding suitable land plots but these usually only apply for those looking entirely to self-build. Instead, renovating and extending the home outward can help provide the extra space needed either instead of finding new land or until it can be found and you can move on.
Renovating a home, however small or large, can truly transform your living space and need not break the bank in doing so. The current culture of consumerism that society functions on means that too often we sell up straight away as our attitudes and needs change – but there’s really no need to, particularly for something as big as a house! There’s also often an inherent pressure many feel in being ‘seen’ to move into a bigger home or a better area; but if you can work with what you have, why not make things more sustainable, more flexible and more suited to you? Your lifestyle and wellbeing will thank you for it!
As the experts in home renovation, no matter what your plans and ideas are, we can help! If you would like to find out how Refresh Renovations can provide you with a high quality, efficient home renovation, on time and on budget, get in touch today.