To move, or improve – that is the question

THE popularity of property related TV programmes shows no sign of abating and amongst the nation’s favourites are, of course, Kirstie Allsopp and Phil Spencer.

Their show, “Love It Or List It”, recently returned to Channel 4 and raises some interesting questions around whether it’s best to improve and enlarge your existing home or sell up and move on to something bigger, and presumably better.

There isn’t, of course, a set answer to this dilemma and much as the TV show demonstrates, the eventual decision will depend on personal circumstances.

However, if you find yourself debating the pros and cons of a move vs home improvements, here are some thoughts to add to the debate.

What do you really want and need?

The most important question you need to ask yourself is what is your end goal: do you want to create extra living space; move to a more desirable area or be closer to family and friends or particular facilities?

Are you happy with where you currently live and does it meet the needs of you and your family not just now, but also for the foreseeable future (think about school catchment areas, transport links and local amenities)?

Do you enjoy all that a move involves, or are you happier managing a renovation and improvement project?

The answers that you come up with to these questions will no doubt be personally driven, but consider your views alongside some of these pointers and you shouldn’t go far wrong:

Does it add real value?

Recent research from Savills suggested that not all home improvements earn their keep and we’d certainly agree with this.

You may have dreamt of a new kitchen with the wow factor and decide to stay put and invest in this improvement rather than move on.

However, consider that whilst an up to date kitchen will increase the appeal of your home should you later decide to market it for a sale, it’s unlikely to add any significant value – certainly nothing above and beyond what it cost in the first place.

Creating extra space, however, can have a significant impact on longer term value.

If you’ve, therefore, pondered a loft conversion or a rear extension to provide an open plan family living area then, with careful planning and by engaging with skilled contractors, you’re likely to add value should you decide to sell up in the future.

But what if you decide that a move is the right thing for you and your family? You’re then faced with the new build vs pre-loved dilemma.

Again, this is likely to be decide by personal preference and need but you may wish to consider these points.

New homes seem to be cropping up all over at the moment and there are many factors which add to their appeal.

On the one hand, there is ability to move straight in to a freshly decorated property, with all mod-cons and no need to consider any DIY projects for the foreseeable future.

For those with an eco-conscious mind, they offer unrivalled energy efficiency standards which will impact favourably on your household bills.

Whilst for those who keep a keen eye on the purse strings, there are often financial incentives associated with purchasing a newly built property.

Many homeowners, however, relish the opportunity to invest in something with more character and some history and so opt for a ‘pre-loved’ property.

An older property is likely to be found in a more established community with better access to local amenities and they’re often larger than their new build contemporaries as well - this will be a consideration should you need a lot of space for a growing family and the flexibility to carry out improvements or extensions at a later stage.

For anyone at a crossroads trying to decide whether to stay in their current home or move to something new (or pre-loved!), there are a myriad of points to consider and those outlined here only touch the surface.

If you find yourself in this situation and can’t decide whether to ‘move or improve’, then pop along to your local Andrews branch on King Street in Stroud where the team will be happy to chat through the options open to you and the associated pros and cons of each, based on your needs and the area in which you live or would like to live.

Alternatively, visit andrewsonline.co.uk where you’ll find a wealth of advice on guidance on buying and selling properties.