How do you decide whether to sell your house or fix it up? Let’s look at the pro’s and cons of both!
Selling VS Fixing It Up
When you first moved into your home, it was the best place you’ve ever seen. Each room had a style and a personality. Each quirk in the home was cute and cosy. The bathroom was small, but the shower powerful. The kitchen had a funky shape, but the storage possibilities felt endless. You put your stamp and your personality into the home as you moved in and got organised and the views from the living room window were worth every penny you spent. The years then flew past and it wasn’t just you or your partner anymore, and the small bathroom with the power shower became a nuisance for bathing a baby. The funky shaped kitchen became a pain when it came to trying to store the lunch boxes and flasks. In the end, the house that you bought into with visions of longevity and retirement started to wear thin, and the daydream of more space and modern fixings came up instead.
It happens to a lot of people: it’s rare for anyone to find their forever home on their first purchase and when you are daydreaming and browsing the listings, coming across a townhouse for sale compared to your little terraced home can feel very tempting. But here’s the thing; you’ve put all your cash into the little house you currently live in. The idea of having to go through the process of selling up, possibly not making much of a profit off the house as it’s too early and ending up with less than you started isn’t attractive. Yes, your family is growing, and you could really use the space somewhere else, but should you stay and renovate on the piece of land that you have, or should you sell up and move?
Renovation: The Benefits
Firstly, when you’re caught between the rock and hard place that is stay or go, you need to know your budget. Money is sadly going to determine absolutely everything when it comes to your decision. It makes it harder to know what to do when you have the money in the bank for either choice but dreams just don’t count when there is a price tag attached. It would be wonderful to look into buying a house with an extra bedroom or bathroom to spread the load in the mornings, but if you don’t have the cash to fund it, then it wouldn’t be worth even trying. A renovation doesn’t have to cost a huge lump sum in one go, because you can make the changes that you want to make in smaller pieces.
When you choose to buy yourself a brand-new home, you have to compromise on the features that make it homey to you. You also don’t always get a say in the layout or the fixtures of a new home, whereas you can just upgrade and add to the home that you have already and have all the bells and whistles that you want on your existing house. You also get the added benefit of continuing to live in an area that you already know that you love, without having to switch schools and completely relocate the family. The property that you are choosing to renovate is also familiar enough that you know when things were last tended to and upgraded.
Renovation: The Drawbacks
Let’s be honest: choosing to renovate your home is going to be a headache. Living in a building site because you can’t move out during the changes and being around the dust? That’s not fun or practical, especially when you have children in the home. And what about trying to renovate a bathroom when it’s the only one you’ve got? You have to hope you know the neighbours so that you can borrow their shower from time to time!
Renovation is also not always the most practical option. It’s tough to plan building works and it comes with complications like gaining permissions and understanding whether building up and adding a level is a better idea than building down and carving out a basement. It’s wholly your choice, but it’s one that will take some careful consideration.
Moving: The Benefits
If you’ve outgrown your house, then moving is a natural progression for you and your family. Sometimes, it’s not just about a full bath and a normal shaped kitchen. Sometimes, it’s the fact that you can move closer to work, or better schools, or even closer to a beach. You can move away from somewhere familiar and seek out a new adventure. The other thing is that the new home that you purchase could be far more modern and updated than the house you first bought. This can be such a perk when it comes to energy efficiency and the fact you’d spend less money constantly fixing things in the house. You have a chance to live somewhere a little prettier, better decorated and bigger to accommodate you all.
Moving: The Drawbacks
It’s just not cheap. That’s literally the long and short of it. Moving costs more money than just paying solicitors to help you to sell your home. It’s the deposit you’ll need to move, the surveyors, the moving van, the new uniforms and items for a new school, the commissions to a real estate agent. It goes on and on when it comes to buying a whole new home. The massive drawback also centres around trying to organise a move with children around – it’s not easy to o that and the older the children the more you’d have to convince them that moving school and area is a good idea.
In the end, the decision is going to come down to what you want to do and weighing the pros and cons for your future. A newer house could pay you more in the long run when you sell it in later life but moving away can be scary. There’s a lot to consider here, so choose wisely!