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Advantages of Renovating Rather Than Moving

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Advantages of Renovating Rather Than Moving
4 min. read

Image: Sergey Nivens / Shutterstock.com

Do you feel as though you’ve outgrown your current home, and that it’s time to move on? It’s the natural next step for many of us, especially if space is becoming an issue. But what if you love where you live now? 

There is an alternative to upping and leaving everything behind. Renovating your home can transform it drastically, and can even allow for more space to be created. So, before you start contacting estate agents, have a look at the following advantages to be gained by renovating rather than moving.

You Save Money

This first advantage is indeed one of the main reasons many people opt to renovate over moving somewhere new, especially in current market conditions. Buying a new home will nearly always cost more than it costs to renovate your existing home. Even if you go for a large-scale renovation and add an extension, you’ll typically spend less cash.

Not only does it work out cheaper on the whole, but you can also break a renovation down into smaller, more manageable chunks. In this way, you can pay for the project piece by piece, as you can afford it.

It’s a Good Investment for the Future

Image: Daniel Jedzura / Shutterstock.com

By giving your current home a facelift, and adding new features, you’ll inevitably increase its value. Depending on the type of renovation you carry out, you can add thousands of dollars to the sale price when the time to sell does come around.

For example, the addition of an extra bedroom or bathroom can make your life easier as your family grows, but will also be more appealing to other families looking for a property in the future. An attic conversion can add tens of thousands of dollars to your home, while giving you the extra space and functionality you need.

Less Disruptive in the Long Run

If you’ve lived in your current home for a while, chances are you’ve put down roots, especially if you have kids. Your work, school and social lives are centered on where you live, and to up sticks and move elsewhere can be extremely disruptive. This is especially true if your kids are at school and would have to switch due to moving home.

That’s not to say your life won’t be disrupted at all while renovating. Your home may be a construction site for weeks, or even months. But, in the long run, you and your family will remain in familiar surroundings and won’t need to worry about finding new jobs, schools and friends.

You Can Create Your Dream Style

You’re unlikely to find all the features you’re dreaming of in a new home, but maybe you can make them a reality in your current home. You can start with what you have and do whatever works for you. So, if you’re dreaming of a cute reading nook, a walk-in closet or the perfect home office for your freelancing activities, it might be possible.

Avoids Potential Mortgage Penalties and Other Costs

Selling your home doesn’t come cheap, especially if you have to break your mortgage contract to do it. If you’re on a closed, fixed-rate mortgage, it can cost tens of thousands of dollars in penalties to pay your mortgage off earlier than agreed. Add to this estate agent commissions, legal fees and then all the costs associated with buying a new home, and you’ve spent a fair chunk of cash.

Of course, this can be avoided by staying in your current home and using those funds to transform it into the home that is more to your liking.

You Know Your Home’s History

When you buy a new home, you can never be entirely sure of what you’re going to get. A home inspection will typically point out any defects—both minor and major—but there’s more to it than that. And a new neighborhood might not turn out to be all you expected, and your home may have other problems that only become apparent over the course of a few months.

This new home uncertainty can be stressful, whereas with your current home, you know exactly what state it’s in and when everything was last serviced.

Whether you chose to move or renovate ultimately comes down to your personal circumstances. Sometimes you have no choice in the matter, but if you do and you’re reluctant to move away, renovating your current home is seriously worth considering. You can add to it and change what you don’t like, making a practical home that suits your needs, while potentially saving money and adding value.

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