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

Tony Gimple
Tony Gimple 16 Jan 2017

HMOs do make great commercial sense, but do the area research first!

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OJoyce
OJoyce 30 Dec 2016

We can only hope this will bring the results we all want and strive for.

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Reality
Reality 21 Dec 2016

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akbar ali dayala
akbar ali dayala 20 Dec 2016

I am a landlord and director of an online letting agents at the moment we charge tenants minimal fees and landlord also meaning we can get best deals for tenants all around if the ban comes in it...

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milessgabriel
milessgabriel 05 Dec 2016

Useful article

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Spencer Fortag
Spencer Fortag 30 Nov 2016

I am glad that someone listened to me!

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Tony Gimple
Tony Gimple 27 Nov 2016

It's not just the lack of estate agency advice that's costing landlords money; most are getting seriously bad advice from their accountants resulting in tax bills far higher than they need to be. Likewise,...

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Sally Walmsley
Sally Walmsley 18 Nov 2016

The RLA stands by its sell-off statistics. While we welcome the feedback from Mr Jagota and are delighted to hear how well things are going for landlords in the north east, we would like to make it clear...

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Sheryl87
Sheryl87 18 Nov 2016

The high employment levels and the vibrant economy has led to ever-increasing demand for rental properties, especially from professionals relocations from other cities. This has led to more experts teaming...

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Sheryl87
Sheryl87 18 Nov 2016

Renting out your house can be risky business. It's good to think about residential landlords insurance. Standard cover includes buildings cover and cover for loss of rent following damage to a property...

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AmberMorris
AmberMorris 09 Nov 2016

Fear of ghosts, really?? Ok, I get the fear of bats in the attic and mice and rats running under your nose - those are easy to deal with pest issues which are really unpleasant and can turn you off. But...

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AmberMorris
AmberMorris 08 Nov 2016

In my experience, It has always been a matter of discussion between the landlord and the tenant. There are cases when it's clear who's responsible for the pest control costs. I see a lot of people in forums...

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