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

Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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