The start of the new year is a common time for people to re-evaluate their homes and consider whether to sell it for a newer, better model or to renovate their existing build.
When faced with such a decision, there are a number of factors you need to consider in order to be sure you are making the right choice with your money. Below, we’ve listed a few points you should definitely be weighing up when deciding whether to move house or to renovate.
In this article, we’ll look at it from both angles, helping you make a well-informed decision that aligns with your lifestyle, budget, and long-term goals.
4 Factors To Consider: Renovate vs Relocate
Let’s first consider a few key factors that will influence your decision to relocate vs renovate. Below, we’ve also covered the pros and cons of both options.
1. Consider Your Budget
Both moving home and renovating can be a costly expense, but each option will be even more costly if you haven’t carefully considered your finances.
Think about what you would ideally like to change about your current home – is it possible? Will those renovations add considerable value to your home? If you fear you may end up spending more on renovating your current home only to make it as good as a new home you could move to, then it may not be the wisest investment.
2. Location
For many homeowners, location is a key priority when buying a new home. Even if your home isn’t perfect right now, it may be in a perfect location – and finding a house in ideal locations is rare.
A home in a great location will often have some of the following benefits:
- Good transport links
- Close to family/friends
- Conveniently located regarding shops, doctors, dentists etc
- In a good school catchment area (very important for families!)
If you can’t find a new home that’s in as good as a location you are currently living in, you may want to consider renovating what you have. Likewise, if your location is not ideal, that fact won’t change no matter how many renovations you do, so you may want to consider selling and moving to a location that better fits your requirements.
3. Dream Features
One of the most important things to consider when deciding between moving house or renovating is what your ‘dream home’ would look like, and whether accommodating those changes would be possible.
For example, would you need to apply for planning permission to extend your home or make structural changes in order for it to be right for you? Or would little more than a lick of paint and an update of key features be all that’s really needed?
The number of renovations your current home would require to become your dream home can differ largely in costs, so determining what you would want to be done – and if it’s possible – is a key step in making your decision.
4. Sentimentality
Finally, something you may want to consider is how attached you are to your home, your neighbours, and the area around your house. How much sentimentality you attach to the house you currently live in can be a big influencing factor on whether you sell or renovate.
The Benefits of Renovating
- Cost-Effectiveness: Renovating your home usually costs less than purchasing a new one. Because you can do your renovations in stages, you can prioritize the most needed changes first, keeping control of your expenses while transforming your space.
- Customization: Renovation allows you to tailor your living space precisely to your tastes and needs. Whether it’s installing your dream kitchen, opting for underfloor heating, or choosing the perfect oak flooring, renovating means every corner of your home can reflect your personal style and preferences.
- Familiarity and Comfort: Staying put means maintaining the comfort of familiar surroundings. You know your neighborhood, from the friendliest coffee shops to the best local stores. There’s a sense of community and belonging that often comes with years of living in the same area. For children, it means stability, as they can continue in the same schools and maintain close friendships.
The Cons of Renovating
- Practical Limitations: There are practical limits to what renovation can achieve. If your goal is extensive, such as adding significant square footage or completely changing the layout, the costs and complexities may outweigh the benefits.
- Disruption and Inconvenience: Renovations can be disruptive. Living in a construction zone, even temporarily, can be stressful. It often means dealing with noise, dust, and the general upheaval of daily routines. If major work is being done, you might even need to find alternative accommodation, adding to the cost and inconvenience.
- Unpredictable Costs and Timelines: Renovation projects are notorious for going over budget and schedule. Unforeseen issues often arise once work begins, leading to additional expenses and extended timelines. This unpredictability can be a significant source of stress and financial strain.
The Benefits of Relocating
- A Fresh Start: Relocating to a new home often signifies a new beginning. It brings the excitement of exploring new neighborhoods, meeting new people, and experiencing different lifestyles. This change can be refreshing and invigorating, offering a chance to re-frame your daily life in a new environment.
- Modern Amenities and Design: Newer properties often come with modern amenities and designs that might be lacking in older homes. This includes energy-efficient systems, contemporary layouts, and built-in conveniences like advanced wiring for technology. These features not only provide comfort but can also lead to savings in utility bills.
- Less Hassle than Renovating: Moving to a new home avoids the disruption and chaos associated with major renovations. You escape the stress of living in a construction zone and the challenges of managing a renovation project.
- Possibility of Upgrading or Downsizing: Relocating offers the flexibility to choose a home that better suits your current needs, whether that means more space for a growing family or downsizing to a more manageable property.
The Cons of Relocating
- High Costs: While renovating can be expensive, relocating often involves significant costs too. These include real estate commissions, moving expenses, and various legal and transactional fees. The total cost can be substantial and should be carefully considered.
- Logistical Challenges: Moving entails sorting, packing, and physically relocating your belongings, which can be a considerable undertaking, especially for larger families. It also involves adjusting to a new community, which can be challenging for all family members.
- Emotional Attachment: Leaving a home where you’ve made memories can be emotionally challenging. The connection to your current neighborhood, including friends and familiar routines, can make relocating a difficult emotional decision.
- Uncertainty: With a new property, there’s always an element of uncertainty. Despite thorough research, there can be unforeseen issues with the new house or neighborhood that only become apparent after moving in.
How To Leverage Self-Storage For Renovating or Moving
Self-storage facilities offer a versatile solution that can significantly ease the process of both renovating and relocating. Here’s how you can leverage these services to your advantage:
For Renovation:
- Decluttering and Protecting Belongings: During renovations, self-storage units provide a safe haven for your furniture and personal items. This decluttering not only protects your belongings from dust and damage but also creates a more spacious environment for contractors to work efficiently.
- Staging Your Home for Sale: If you’re renovating to sell your home, a self-storage unit can be invaluable for staging. By moving non-essential items into storage, you can create a cleaner, more open space that appeals to potential buyers.
- Phased Renovations: For larger renovation projects done in phases, self-storage allows you to rotate your belongings in and out of your home as different areas are worked on, minimizing disruption in your daily life.
For Relocating:
- Easing the Moving Process: When moving, you can use a self-storage unit as an interim solution for belongings that you don’t immediately need or can’t accommodate in your new home right away. This can be especially helpful if you are downsizing or need time to organize and decorate your new space.
- Temporary Storage During Transition: If there’s a gap between leaving your old home and moving into your new one, self-storage provides a secure place to keep your belongings. This flexibility can be a huge relief during what is often a complex process, logistically.
- Sorting and Downsizing: Moving is an excellent opportunity to sort through your belongings and decide what to keep, sell, or donate. A self-storage unit can give you the space and time needed to make these decisions without cluttering your new home.
General Tips:
- Choose the Right Size: Assess your storage needs accurately to ensure you’re paying for the right amount of space – not too little that your belongings are crammed; not too much that you’re overpaying.
- Consider Climate Control: For sensitive items like electronics, artwork, or wooden furniture, consider a climate-controlled unit to prevent damage from temperature and humidity fluctuations.
- Accessibility and Security: Choose a facility that offers convenient access and robust security measures, giving you peace of mind and easy access to your items whenever needed.
Self-storage offers a flexible and convenient solution that can make the transition smoother, whether you’re renovating your current home or moving to a new one. By providing a temporary home for your belongings, self-storage can reduce stress and increase efficiency during these significant life changes. Surewise storage insurance provides added piece-of-mind too, from just £13.49/year.
Ultimately, the decision to renovate or relocate hinges on your personal circumstances, lifestyle preferences, and long-term goals. Whichever path you choose, it’s about creating a living space that aligns with your vision of home and happiness.
After all, your home is not just a physical structure; it’s a foundation for your life’s memories and experiences.