Should I move or improve my home?
There are lots of different reasons why your home might not be working for you right now – perhaps it’s too cramped or maybe doesn’t offer the open plan entertaining space you crave. But whatever the reasons, you’ll be left with the same overwhelming choice: should you move or improve your home?
The decision isn’t one you should take lightly. After all, you’ll need to consider your budget, the emotional factors at play and what options are available to you when it comes to both renovating and house hunting.
Here, we’ll try to make your decision a little bit easier. So, let’s take a look at whether you should renovate or move.
The big decision: renovate or move?
The decision of whether to move house or renovate your current home isn’t black and white.
Instead, there’ll be lots of different factors at play, which will be different for everyone – from cost factors to emotional reasons.
It’s important to work out why you’re unhappy with your house in its current state. This will help you to understand whether moving or renovating is even an option that will help you to fix the problem.
If you’re struggling with a lack of space, you’ll need to consider whether there is scope to extend your home to give you the extra space you need. Or, whether you have the budget to buy a bigger house in the location you like.
Alternatively, if you hate your house’s location, renovating it isn’t going to achieve much – no matter how much work you do to your home, you won’t be able to change where it is! In this case, moving house is probably the best solution.
Just remember that most decisions like these require some level of compromise. For example, you might need to sacrifice your dream location to get a bigger home. Or, you might need to say goodbye to your big garden to make way for your open plan entertaining space.
Create a list of your wants and needs to help you understand what your non-negotiables are and what’s simply a ‘nice to have.’
Does it cost more to renovate or move?
Aside from the emotional factors involved, one of the biggest factors of whether to move or improve is the cost. So, will it cost more to transform your current home into your dream home? Or to sell up and buy the perfect house?
Well, neither option is cheap, and the exact cost of moving or improving will depend on lots of different things. Here’s a rough guide.
The cost of renovating
The cost of turning your current home into the house of your dreams could vary based on:
- What improvements are needed
- The size of the house
- The age and condition of the house
- Whether you plan to extend
- Your location
The average renovation cost for a three-bed house could cost around £76,900. This includes a new heating system and gas supply, rewiring, replastering, new windows, a kitchen extension and a new bathroom.
Here are some of the main costs you might face if you decide to stay put and improve your home.
| Cost provided item | Unit | Cost (lower range) | Cost (higher range) | Average cost |
|---|---|---|---|---|
| Bathroom renovation | Per bathroom | £4,000 | £10,000+ | £6,000 |
| New family kitchen | Per job | £2,200 | £4,600 | £3,000 |
| Painting and decorating | Per day | £250 | £400 | £325 |
| New boiler | Supply and installation | £2,000 | £4,000 | £3,000 |
| Air source heat pump | Supply and installation | £2,000 | £20,000 | - |
| Ground source heat pump | Supply and installation | £18,000 | £50,000 | - |
| Retrofit cavity wall insulation | Per m² | £22 | £26 | £24 |
| Retrofit loft insulation | Per m² | £10 | £40 | £25 |
| Draught proofing | Per property | £85 | £275 | £180 |
| Basic extension | 20m² extension | £40,000 | £56,000 | £48,000 |
| Velux loft conversion | 30m² loft space | £22,500 | £30,000 | £27,500 |
| Dormer loft conversion | 30m² loft space | £40,000 | £60,000 | £50,000 |
| Garage conversion | 16m² garage | £10,000 | £20,000 | £15,000 |
| House renovation | 3-bed house | £76,900 | £138,800 | £107,350 |
Last updated: May 2024
Our costs are ballpark averages – get a local tradesperson to quote now
The cost of moving
At first glance, you might think that moving would be cheaper than a renovation. However, upping sticks certainly isn’t cheap. And we’re not just talking about the cost of your new house!
On top of hiring a removal company and potentially adding on their packing services, you’ll need to budget for a house survey, conveyancing fees, mortgage broker fees, stamp duty and more.
Plus, you’ll likely need to do work on your new home too! If you’re lucky, you’ll be able to keep this to simple redecorating. However, there’s a chance you could have a whole renovation project on your hands to add to the initial cost of moving.
Here are some of the costs you’ll normally need to fork out for if you decide to move.
| Cost provided item | Unit | Cost (lower range) | Cost (higher range) | Average cost |
|---|---|---|---|---|
| Removal (team of 2 + van) | Per property | £450 | £1,200 | £825 |
| Packing services | Per property | £250 | £600 | £425 |
| House survey | Per property | £300 | £550 | £425 |
| Mortgage arrangement fees | Per mortgage | £0 | 1% of property’s value | - |
| Mortgage broker fee | Per mortgage | - | - | £500 |
| Stamp duty | Per property | 0% | 12% | - |
| Mortgage valuation | Per mortgage application | £0 | £150 | - |
| Searches | - | £50 | £300 | - |
| Conveyancing fees | - | £800 | £1,500 | - |
Last updated: May 2024
Don’t move, improve: how to turn your house into your dream home
In the current economic climate, many homeowners are seeing it as more cost-effective to stay put and turn their existing properties into their dream homes, rather than spending money on removal costs, fees and taxes.
Take a look at some house renovation ideas that could help to make your property more suited to your tastes and lifestyle.
New bathroom
A dated bathroom can make your home feel old and unfit for purpose. Updating your bathroom could be just the change you need. Plus, it could increase the value of your home by as much as 4-5%.
New kitchen
Another room that can quickly date your home is the kitchen. Fitting a new kitchen can often turn an awkward and gloomy cooking space into a bright and modern social hub. It could also increase your home’s value by up to 10%.
Painting and decorating
You’d be surprised how much of a difference decorating your home can make to its overall look and feel. Give it a fresh lick of paint or consider adding wallpaper. It’s a great way to make sure your home reflects your tastes.
Eco initiatives
Adding eco initiatives into your house renovation will help to future proof it and lower your energy bills. Consider a new boiler or a greener alternative such as an air source or ground source heat pump. This may seem expensive at first glance, but check to see if you’re eligible for grants and schemes, such as the government’s Boiler Upgrade Scheme (BUS), to help towards the costs.
Insulation and draught proofing
If your budget doesn’t stretch to a new heating source (or even if it does!) you can increase your home’s energy efficiency by retrofitting insulation and draught proofing. It will turn your chilly house into a toasty home and lower your energy bills at the same time.
Extension
If you’re looking to increase your home’s footprint, a house extension could be the perfect avenue. Kitchen extensions are particularly popular, allowing homeowners to create a bright and spacious open plan kitchen diner for socialising in. A single-storey kitchen extension could also add up to roughly 10-12% to the value of a property.
Conversions
If your property doesn’t have scope for you to extend – or your budget doesn’t quite stretch that far – a conversion can be another fantastic way to gain the extra space you’re looking for. Plus, a loft conversion could increase the value of your home by up to 20%, and so can a garage conversion that creates a bedroom with an en-suite bathroom.
So, should you move or improve?
Ultimately, there’s no one answer for whether you should move or improve – it’ll all depend on your own unique situation. However, if you’re struggling to decide, these pros and cons of each might help.
Pros and cons of moving
Pros
- Fresh start: Moving to a new house can help to give you the feeling that you’re starting afresh
- Pick your location: Moving house will give you the chance to pick where you live
- Gain what you’re lacking Selling up and moving will allow you to find a property that works perfectly for you
Cons
- Stressful: Moving house is one of the most stressful things you can do
- Leave memories: It can be difficult to leave behind the memories you’ve made in your current house
- Fees: Sinking your money into stamp duty and conveyancing fees can feel like a waste
- Renovations: It can be hard to find the perfect house so you may need to do work on your new property too
- Upheaval: Moving house is time-consuming and it can take a while to make it feel like home
Pros and cons of improving
Pros
- Familiarity: You already know your current location, neighbours and amenities
- Memories: You won’t need to leave all the happy memories you’ve made in your current house
- Save on fees and tax: Instead of sinking your money into fees and stamp duty, you can put it into making positive changes to your home
- Add value: The changes you make to your home could help it to sell for more in the future
Cons
- Mess: Renovating is messy and the dust can take months to go away completely
- Upheaval: Renovation work can make you feel unsettled in your own home. You may even need to move out for a bit
- Risk of going over budget: If you come across unexpected costs or delays, you could go over budget
- Planning permission: It can take time to get the necessary planning permission, and it may not even be granted at all
Find a quality tradesperson to put your plans into action
Whether you decide to move or improve, we have quality tradespeople to help.
Looking to move house? Simply find a trusted removal company near you.
Ready to start renovating? Our directory has all the professionals you need to help with every stage of your house renovation checklist – from handypeople to interior designers; painters and decorators to plumbers.
Why not start by finding a reliable architect near you to draw out the perfect plans for your home? Simply type your postcode into the search box below to get started.
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