Making the decision between moving to a new home and improving your current one can be a really tough one. We look at the pros and cons of moving versus improving, paying attention to the costs involved and the options you’d have to fund your home improvement at no extra cost.
The possible costs associated with your considered choice to move would include:
- The difference between your old home and your new house
- Sale costs
- Removal costs
- Hidden costs
The difference between your old home and your new house
Usually, the difference in property values which you’ll have to fund is done so through taking out a bigger mortgage. It’s good practice to find out what the costs of the subsequent mortgage arrangement and valuation fees will likely be.
Sale costs can be rather extensive, comprised out of agents fees, conveyancing fees and their associated costs, stamp duty land tax, and disbursements (which include a local authority searches fee, drainage and water search, environmental searches, land registry search fee, bankruptcy search, and a land registry transfer fee).
Removal costs are dependent upon the volume of goods you have to move and the distance between your old and new home, as well as whether or not you pack the goods well yourself or indeed if you’re looking to have a company protect some of the larger items of value for you.
On average, a new home comes with +/- £5,750 in a range of hidden costs, including repair bills and problems such as subsidence, structural defects, and rot. Some possible hidden costs for some redecorations, maintenance and repairs might have to be factored-in to your budget, while a survey of your prospective home purchase might do well to protect you against these hidden costs.
If you’re looking a lot closer to your existing home then with the deployment of the right approach you can fund your home improvements at no extra monthly mortgage cost.
A 3-bedroom house can be turned into a 4-bedroom house for less than £10,000 and this would be a project which could even have you enjoying an en-suite bathroom as part of the bargain! Since bathrooms don’t need an external window, it can be moved to the master bedroom or to another room which can be created by making a room between the front and rear bathrooms.
Knock down an internal wall located between the dining room and kitchen to create some space which is a lot more usable, resulting in a more open-plan of which the alternative can be turning the wall into a dining area that separates the kitchen from the dining room.
A chimney breast can be removed for some extra space.
An existing loft or cellar space can be converted by installing a new bathroom in that area.
The living space can be enlarged through the construction of a small rear living room extension, with plenty of ideas and detailed plans available from your Mortgage Brokers as to exactly what is possible.