2021 has been an unprecedented year in many ways. We’ve witnessed a property market boom thanks to government stamp duty measures, rising demand and a shortage of properties. However, due to a combination of Covid-19 and Brexit, we have also seen a huge rise in the cost of building materials and a shortage of tradespeople.
If you’ve got a growing family, you may be considering whether it would be wiser to move or improve. We’ll look at the benefits of both options and help you choose the right way forward for your family.
Benefits of moving
Easier to budget
Buying a new property can be easier to budget for than improving your current property. When you buy a new property it’s fairly straight forward to calculate the cost of buying the property, stamp duty, legal fees and any other costs associated with moving. When you decide to improve your current home, it can be very difficult to price up in advance.
Material costs are continuing to rise, and most reputable builders are booked up well into next year, so a building project priced now could cost considerably more by the time it can get underway.
A new home also gives you the opportunity for a fresh start. You can think about how you live in your current property and whether there are any significant changes that would work better for you as a family. Perhaps you’d prefer a more sociable open plan living space? Or would rather a separate dining room? Moving to a new home allows you to re-write your wishlist.
Could be better value for money
With material and trade costs rising steeply, it may now be cheaper to move house than to improve your current home (depending on how big your planned changes are). It’s also important to remember that any property will have a ceiling price. If the cost of your improvement work takes you above that ceiling price, you could end up making a loss on your property when you come to eventually sell it.
Benefits of improving
Avoid moving costs and stamp duty
Moving involves a number of costs on top of the property purchase price. Stamp duty, legal fees and estate agency fees will amount to thousands of pounds that could be spent on making a real difference to your current property.
Get to stay in an area you know
It takes time to feel part of a community and get to know an area. Choosing to improve your current property means you can stay in the same area, surrounded by the support system you’ve spent time developing.
Spend your money on the areas of the property that will make more difference to you
No property is likely to tick every box. By choosing to improve your current property, you can ensure your budget goes on the area of the property that will make the most difference to your family.
If you decide that moving is the right option for you, it’s important to be aware that properties are selling incredibly quickly at the moment and there is a shortage of properties coming onto the market. You will have more chance of securing a desirable property if your current property is already sold or under offer.
If you need a quick house sale, you might want to explore alternative ways to sell. Property auctions and home buying companies can both offer a quicker and more certain way to sell, putting you in a great position to secure your next home.