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The ultimate decision: should you move or improve?

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The ultimate decision: should you move or improve?

Do you feel like you've outgrown your home, or are you simply aching for a change of scenery? It's a common dilemma faced by homeowners when their property no longer suits their needs: whether it's better to move or simply improve.

Marc Benger, co-founder of online home removals comparison site, comparemymove.com, breaks down the key considerations for both options.

So, should you sell?

In recent years house prices have become a national obsession, and as a result mortgage lenders produce forecasts with the same regularity and precision as the Met Office.

According to every major index house prices are already at record levels, and the forecasts for this year show they are set to continue to grow, although at slower rates than in 2015.

Halifax, the country’s biggest lender, has said prices will rise by between 4 and 6 per cent over the course of this year, in part driven by the continued imbalance between supply and demand.

So, a buoyant market driven by high demand makes 2016 a good year to put your property up for sale.

…or not sell?


However, the continuing affordability crisis, which has seen prices across the UK rise to the equivalent of 5.31 times average earnings, could price many potential buyers out of the market.

Despite record low mortgage rates, buyers are having to save more for their deposits to get a loan than ever before.

This could seriously hamper your ability to sell, particularly if you are looking for a quick sale, and might mean you have to lower your expectations when it comes to the asking price.

Revamp your property

To improve your chances of selling your home, there are a number of things you can do to make it more appealing to potential buyers.

Installing a new driveway, kitchen or bathroom is a quick and cost-effective way to boost your property’s value and attractiveness.

Other quick wins include making more space (by knocking two rooms into one for example), tidying up the garden and creating more light (natural or artificial).

Stay put and maximise what you’ve got

If you’re happy with where you live but fancy a change, there are plenty of things you can do to spruce up your space.

Converting a spare bedroom or an attic – into an office or a games room for example – could help give an underused room a new lease of life.

Or if you feel your house is on the small side, you could create a totally new space by building an extension - planning permission dependent of course.

However, you should always seek advice from an estate agent as to how this could affect the value of your home in case you ultimately do decide to sell.

The verdict

Whether you should move or improve ultimately comes down to a personal choice. Homes are more than just bricks and mortar – they are living spaces full of memories and mean more to most people than mere financial investments.

If you feel it is time for a change, your gut feeling is often what makes the most difference. You may decide to go for the more expensive of the two options because your life and happiness are more important to you than your savings.

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Latest Comments

Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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HMO Midlands Landlady
HMO Midlands Landlady 24 May 2016

Tenants disappearing into the night is common from shared houses ( licensed and un-licensed HMO's) often when they owe considerable rent- they remove all their possessions, leave key in room and tell other...

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CommercialTrust
CommercialTrust 20 May 2016

With the bulk of the market controlled by large developers, profit rather than necessity determine the pace at which homes are built. There are hundreds of thousands of plots that have planning permission...

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Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

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Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

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richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

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Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

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richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

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Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

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WPD
WPD 12 May 2016

I suggest the answer is to have the notary system being one legal person who represents both parties. Having experienced it a couple of times in France it was a dream compared to our dysfunctional system....

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warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

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james anderson
james anderson 03 May 2016

The sad demise of the croquet lawn...

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