The ultimate decision: should you move or improve?

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

IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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