Should You Stay or Should You Go? The Cost of Moving Home vs Renovating

 

It is apparent that we are living in an age of unprecedented uncertainty. The tumultuous developments (or non-developments) of the Brexit strategy and outcome that we have yet to discover, are impacting not only our work lives but our property purchasing decisions also.

Getting on the property ladder is something that is on most people’s lists, but is now the time to do it, and how much does it really cost to achieve?

Homeowners aren’t free of tough decisions. Is it worth moving somewhere bigger, better or relocating entirely? Or is it cheaper to stay put and renovate?

The folk over at Soak have put together this handy guide which takes a look at the financial implications of moving versus staying. Click over to find out the true cost of being a homeowner.

Here are some facts to get you thinking:

 

 

Yes, the UK does have a reputation for having the most expensive property but when you look outside of the London market, which is undeniably high, prices across the rest of the country are somewhat more reasonable overall.

In fact, despite what you might think, the UK isn’t one of the most expensive countries to purchase a property in. A home in Iceland is due to set you back a far greater amount. However, if you want to save on the cost of the property and enjoy the sunshine, you can pick up a comparative bargain in Greece or Italy instead!

 

 

Those of us that are totting up our equity amounts are in for a shock. It is estimated that house prices could fall by as much as 35% in the event of a no-deal Brexit. Of course, this is a worrying concern for all homeowners, but more so for the ones that find themselves plunged into negative equity.

 

 

We should not allow ourselves to forget the long-term implications of owning a home. Not only do we need to take into account the intial cost of the property, but there are many additional costs to factor in that are often overlooked.

For example, the process of purchasing a property is costly in itself after taking into account any stamp duty payable, solicitor and conveyancing fees and moving costs. And what about the cost of renovating or general upkeep of the property over the years. That’s quite an additional amount to consider indeed.

 

 

So where is it worth putting the work, time and money into? According to the guide, adding a garage to your home can increase its value by up to 20%.

Do you need a bigger home? How about a loft conversion. Not only will it benefit a growing family and make use of available space, but it will also increase your home’s value by 15% or so.

Whatever you consider, ensure you keep an eye on the markets and do your research first.

 

 

 

 

 

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