The question of whether to move or improve is one many homeowners ask at some point. If you need more space, more modern facilities or simply a property that better meets your needs, let’s look at the pros and cons of both.
Moving Home
The pros of moving home include having a completely new start, relocating to a new area, choosing a property that really meets your needs and avoiding the upheaval of renovations at home. There may also be tax benefits to upsizing and then downsizing, while some relocation expenses are exempt from tax.
As with most things in life, there are also cons, however, including the danger of not finding a property you want to move to, not having the funds to move and risking moving to a neighbourhood you don’t like as much.
Consider Renovations
Renovations and home extensions Cheltenham or elsewhere are likely to be cheaper than buying a new property, and changes made by quality work carried out by companies such as https://precisionbuildersltd.co.uk/services/home-extentions/cheltenham/ can actually add value to your home. Renovations can allow you to tailor-make your property to meet your needs while avoiding the need to relocate to a new area or face the stress of a house move.
The downside of renovations is that the process can be messy and time-consuming. Small renovations can also make other refurbs seem more urgent by making older areas look even worse than they did before. There is also the danger of going over budget, especially without firm renovation plans and costings, and planning permission may be required.
Making the Decision
To decide whether to move or improve, think about your priorities, whether that be completely changing the layout of the property or staying close to good neighbours, friends and family. Think about your budget and how best your finances can serve you, and consider whether the renovations you want and need are actually achievable. Of course, there is also the potential to move and then improve the new property in the future.