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Add on or Trade up?

So, you love your home, cherish the memories and now face a dilemma. You’ve outgrown the space. Basically you have two options – add extra space onto your existing place or trade up to a bigger home.

Here are some of our top tips to help you make the best decision to suit your needs.

Finances

One of the most important things you need to check is whether you either have, or have access to the finance needed to either move or improve.

Make sure you fully research the cost of the improvements and the value they will add to your home, then weigh that up against what you could get by relocating.

Define the job

What is driving your desire to renovate/move?

If it is another bedroom, bathroom or another living area define the size of the job at hand and consider any extra plumbing/electrical work that may be required.

Some things worth thinking about include: Would you need to move out while the work is being done? How much will that cost? Do you require planning permission?

Adding an extra room is not like redecorating. Fully understand the size of the job and what permission and processes you need to undertake in order to get the job done.

Another point worth considering is what value this will add to your home and will future buyers pay for these enhancements when you/if you decide to sell in the future.

Speak with an estate agent before you begin the work and make sure you can get your money back in any future sale by investing in your current home.

If you decide to move

Get ready for the extra stress.

Buying and selling in tandem means that you will be under lots of pressure.

Remember how you felt when you purchased your first home?

Expect the expenses

Whether you decide to move or improve, expect the extra expenses.

Always over budget for everything.

Extra costs are lurking around every corner and you don’t want to place yourself under even extra pressure by trying to find money that you had never budgets for when those extra expenses pop up.

Ultimately the decision to move or improve is incredibly personal.

Even with the finances in place, it all depends on what you want to do to improve your living arrangements. Improving and moving can both be intimidating with the amount of work involved, but it is incredibly rewarding to feel happy and that may mean staying with the memories in your current place or beginning a new chapter elsewhere.

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