What do you do if your home no longer meets your needs?
You may have come to this decision because your family has outgrown your current home. Perhaps family members have left and your home is now too large for your requirements.
The problem is that this is a particularly difficult question. It is also one that many home-owners will encounter. The problem is made worse by the fact that everyone you ask has their own opinion!
Making the decision
If you are in this position you are faced with two choices.
Do you stay and perhaps improve your property, or do you seek out a new property that is suitable for your needs?
Sometimes the decision is made for you!
If your home is too large, moving may be your only choice. If you live in an apartment that is too small for your rapidly growing family you might have no choice but to move.
However, for many home-owners the choice is not quite so clear cut.
Things to consider
Its really important that you think about the pros and cons of moving. So, here are some ideas that may help you make a decision about whether to move, or improve, a little easier:
1. Learn exactly what is involved
Consider the practicalities of moving.
This may be common sense but you would be surprised how many people are attracted to the idea of moving but change their minds when they realise what is involved.
For some it is the sheer upheaval in their lives that puts them off moving. Its not just packing up all of your belongings and unloading them when you reach your new home that can be a deterrent. There are the things that go with it such as the upheaval involved in when kids have to change schools and the problems associated with moving far from family and friends.
They say that you should not let your emotions get in the way of making the right decision.
However, moving is an emotional process. You may have an emotional attachment to your own home. You may not like your neighbourhood.
Sometimes it makes sense to let your heart rule your head and one of these times is when choosing somewhere to live where you will feel happy.
3. Hidden costs
Moving home has a number of hidden costs that you must take into account. This includes, Estate Agents fees, Conveyancing Fees, Stamp Duty and Removal Fees
If you are considering improvement instead of moving, your only significant expense on top of the improvement works is any costs for alternative accommodation when the works are going on..
4. Benefits of staying
Choosing to improve rather than move may even make you money.
The cost of buying a house may be far more than the cost of improving.
Furthermore, things like loft conversions and house extensions may add value to your property when you finally decide to sell.