Should You Buy and Move to a New Home or Stay and Renovate Your Old House?
When you bought your home in Bromley, one of the very last things you would think of is when you would need to move. But once your family starts to grow, you may need a bigger home to accommodate your lifestyle. If you have the same dilemma, will you choose to stay and renovate? Or will it make more sense to buy a new house and move? To help make a decision, here are some points you need to consider:
Perks of staying and renovating
If you choose to stay, you can simply renovate your home. This costs less than buying a new house. You can renovate your home so that it can accommodate your lifestyle. You won’t have to worry about selling and going through the whole home-buying experience all over again. You can save time and energy since you can’t be sure when you can successfully sell your house and make the new home purchase. You also won’t have to worry about leaving the house where you’ve built many memories.
You also get to choose which home improvements you can tackle. If you need more living space, you can choose to add a deck, finish an unfinished room, or go for a loft conversion. If your house lacks curb appeal, then you can focus on home improvement projects that can improve the exterior of your home.
Perks of buying a new home and moving
If you choose to buy a new home, you have the option to sell your old home and use that money for the new home purchase. If you can afford a second home, you can choose to rent it out instead. You can choose a new house in your new desired location with the number of rooms you need. You can snag a more energy-efficient home and meet new neighbors and friends in your new location. You can start anew by moving to a new house.
Drawbacks of staying
If you choose to stay, you will have to make the necessary repairs. Just ensure the safety and convenience of your family. You need to plan out the renovation carefully so as not to waste time, effort, and money. This can cause additional stress if you have no idea where to start and how to budget properly. If the location is your issue, then you can’t do anything but to compromise and find ways to make your current location work.
Drawbacks of moving
Choosing to buy a new house means that you need to go through the home-buying process again. It can take time before you can sell your home. If you choose to move on impulse or let emotions drive your decision to move, you may end up regretting the decision later on. Don’t forget the fact that moving can be tiresome and stressful for the whole family. You’ll have to get used to your new home and neighborhood, which means that you and your family will need to go through a lot of adjustments just to make yourselves comfortable.
Knowing the pros and cons of any choice you make about your home will help you make the best housing decision for you and your family. Know the risks of each option and list your needs before choosing. You’ll find it easier to decide once you check which one will be more beneficial based on your current situation.