In the current economic climate, we encounter many customers who are deciding whether they should move home or stay and improve their existing home. It’s a question that has lots of pros and cons, so it can be a pretty tough decision. We have set about to provide you with a brief impartial viewpoint on the ‘Move vs Improve’ battle to help your decision making.
Should you move?
Property prices have risen since the UK voted to leave the EU and demand in the south east remains high, if you price your property for sale correctly, selling shouldn’t be difficult. However, there is limited stock on the market so finding your new home that ticks most of your boxes might be tricky.
The cost of moving soon adds up, stamp duty for a £450,000 property is £12,500. Plus estate agents fees, solicitors fees, surveyors…The costs needed to move home can be off putting and this money doesn’t go back in to the property to increase its value, unlike with home improvements.
• The sellers are struggling to find their next home
• Solicitors or other sellers/buyers aren’t completing paperwork promptly
• With more properties, there are potentially more challenges with legal paperwork or surveys
• A buyer/seller may have gone direct to the bank for a mortgage
That being said, if the location of your home is no longer fitting your requirements you’ll want to move. You may live in a home that doesn’t have the scope to extend to cater for your requirements or future family needs again you’ll want to move.
It is typically very exciting finding your next home and another advantage is that you don’t need to project manage or complete refurbishments although some of us love doing this.
If you are considering to move (or extend) we are here to help you secure the best mortgage deal for your circumstance.
To give yourself the upper hand to find the right home for you and your family, read these handy tips on How To Use Rightmove Like A Pro.
Should you improve?
Remortgaging to make home improvements is a popular choice, especially with interest rates so low. You have the added benefits of no estate agent fees, stamp duty or solicitors costs. Not to mention the huge upheaval of moving home which can be very stressful, especially in the lead up to Christmas.
Most large home improvements can be disruptive for weeks or even months, possibly years! If you extend you may find yourself living in a building site which isn’t an ideal home environment. Adding a new kitchen or bathroom can mean becoming a close acquaintance of the local take-away’s or the showers at the gym. This is however normally, ‘short-term pain for long term gain’, both financially through an improved property value, the achievement of seeing your vision come to reality and the day to day enjoyment of your improved home.
Take a look at our suggestion of the Top Home Improvements To Add Value To Your Property for inspiration. Or read our guest Blog by a local interior designer.
There’s never been a better time to remortgage for home improvements with interest rates so low.
Did you know: Only 41% of millennials would be willing to accept mortgage advice online leaving the majority still wanting the personal touch of a one-to-one meeting.
It’s this desire to deliver a personal service to you that was the driver behind our recent office move. We wanted to be easy to reach within the community and offer a ‘drop in’ environment allowing you to visit us for a quick chat, a meeting or a free consultation to help get you on the right path to achieve your objectives.
Read more about our office move and pop in to visit us in our new office 378-380 Brighton Road, Shoreham-By-Sea.