Your family may be growing faster than you planned or expected, and your current residence may have space constraints. Moving to a new home is not the only solution you have. Selling you house and buying a new one involves a lot of effort and time. Home improvements done to your existing home can be a great option. Here are some reasons why you should choose to improve your home rather than move:
1. Conveyancing Costs
A conveyancer is the person who is responsible for all the legal paperwork that is required while buying or selling a property. The conveyancer charges fees for checking for new developments in the new locality you are planning to move into. He or she will also help getting the title deed for the new home after checking the encumbrances, if any.
2. Agents’ Fees
If you plan to sell your house there is a real estate agent who will help value your home and fix a fair selling price. He or she will arrange for the advertisements in the newspapers and internet, and will also help you find a new home. All this costs money and the going rate is anywhere between 1.5% and 2.5% of the value of the property.
3. Stamp duty costs
Did you know that since March 2012 there’s no longer any stamp duty relief if you are a first time buyer? You will need to shell out the money for the paperwork involved in changing the ownership of the property. This is going to cost you a tidy sum, so you might as well make improvements to your current residence.
4. Moving expenses
Having your belongings and household goods moved to the new location is going to cost a lot of money. Anywhere within a 12 to 15-mile radius, the removal costs can go up to £1,500, which is a good 10% or more of the total costs involved in moving to a new home.
5. More beneficial to stay put
Making the necessary improvements and staying in your current home may make better sense than going for an exchange for a bigger home. It is cheaper to build an extra room than to buy a roomier house.
6. Strange location
Moving to a new location can certainly make you feel like a stranger for quite some time. Moreover, you’ll have to find everything new – school for the kids, a good grocer, new gym for working out, a new maid etc. Hence, think twice before deciding to sell and move.
7. Creating a new mortgage
Buying a new property involves going through all the paperwork and hassles all over again. There are umpteen documents you need to produce while drawing up a new mortgage, and the appraisal charges and processing charges are going to cost a lot of money for a second time.
8. Paying property managing agency fees
It is quite alright if you are able to sell your current home on your own, which rarely happens. If you engage the services of a property managing agency for selling your house and for buying a new one, you’ll have to spend a lot of money on fees.
9. Create a new garden
If you are a garden lover like most people, you will have to start from scratch. You know how difficult it is to grow a beautiful lawn, and the time involved. When moving into a new home you’ll have to spend a lot of time and money for creating a new garden.
10. Repairs and refurbishing
While the new house may look fine on first looks, you’ll learn that there are lots of small repairs and some refurbishing work involved only after moving in. This can take up a lot of your time and money, and it will be quite a while before you settle down.