Making the decision whether to move or improve!

With the amount of uncertainty and general ‘doom and gloom’ currently surrounding the housing market it is no wonder that more and more people these days are choosing to improve their current home as opposed to moving to a new, larger property. This article looks at why people are choosing the ‘improve’ option, the ways in which people are extending or improving their homes and factors to weigh up when deciding whether to move or improve your property.

We have all been in a position, after living in a house for several years, where our home appears to be getting smaller as the family gets bigger and starts to grow up. It is usually at this point in our lives that we consider the very real possibility of selling the current family home and moving to a bigger property, perhaps with an additional bedroom or more downstairs living space. This was all well and good when the housing market was moving smoothly and house prices were at a reasonable level. However, in the current climate, the housing market is shrouded in uncertainty and many people simply cannot afford to move. With costs such as Stamp Duty, increased mortgage payments, removal costs, Land Registry fees and solicitor’s fees, more and more people are being put off by the financial cost of moving home. Add to that the thought of relocating the family, possibly putting the children into new schools and making new friends and it becomes easy to see why the thought of improving the current family home, rather than moving to a new property, becomes rather appealing.

Whilst extending or making changes to your current property does not always guarantee an increase in its market value it is generally accepted that if you create more living space in your home – for example, by the addition of an extension, or a loft conversion – then you are likely to increase the value of your property in the years to come. However, there is no guarantee that this will be the case and by choosing to improve your property rather than move to a larger home you do run the risk of not making back the money you have spent on improvements. This should be a serious consideration and you should ensure that planning permission and building regulations consent and any other consents under restrictive covenants be obtained where necessary and that you instruct a reputable builder to carry out the work. In addition notices may need to be served under the party wall act.

Moving or improving is a decision faced by many of us at some point in our lives and no doubt the current state of the housing market when we are faced with the decision will play a big part in the outcome. It may be that you are not considering moving simply because you require more space : you may have become unhappy with the area in which you live in which case moving would seem like the most appropriate choice. It is essential that you weigh up the pros and cons – both financial and otherwise – when deciding whether to move house or improve your current property.

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