Move or Improve?
Move or Improve? It’s a cliché, but one you have probably found yourself pondering more often since spending so much time indoors. Personally I have been questioning why we decided to paint almost every surface of our house grey - you live and you learn.
I’m going to confess right off the bat – we have a bias for improving. If you are a homeowner, improving your home can improve your financial security by adding value to your property. Renovation is also a great opportunity to make sustainability improvements to your home, something that desperately needs to happen in the UK if we are to meet our domestic energy efficiency targets. Not to mention the personal wellbeing that comes with having a home tailored specifically to your needs.
We’ll go into each of these benefits in more detail ahead, but first we’ll briefly consider when it might be time to up sticks.
When to move
It’s not the right neighbourhood for you
Maybe the area never really suited you, maybe your lifestyle has changed and it’s no longer a good fit. Whatever the cause, no amount of home improvement will remedy this – so it’s probably time to leave.You have run out of space
If you don’t have enough outdoor space or you have exhausted all possibilities for extending your indoor space, moving may be your only option.Travel
Spending hours a day commuting isn’t fun – for you or the environment. With many people spending more time working from home, this may be less of a factor now. But if you are tired of the amount of travel involved in your daily life, it may be time to relocate.
Now we’ve covered some of the reasons you may choose to move, let’s discuss some of the many benefits should you choose to go down the renovation route instead.
Finance
One of the most obvious benefits of renovation is the potential to generate equity by adding value to your property. Loft conversions tend to have the greatest impact on value, adding up to around 20% to the value of a home. However, this is one of the more expensive interventions you can make. Something as simple as creating off-street parking can add 5-10% to the value of your home.
If adding value is your primary motivation for undertaking home improvements, be sure to check the ceiling price in your local area. This is the maximum value comparable properties are selling for. You will want to bare this in mind when budgeting your project.
Another great financial benefit of improving is the money you will save on additional costs associated with moving. Many people overlook these when first considering a move. Costs include:
Stamp duty
Conveyancing fees
Removal costs
Mortgage related fees
The amount spent on these items varies widely but will commonly cost at least £5000.
Well-being
Most of us have spent more time than ever in our homes over the last few years. With COVID likely to have bought permanent changes to the way many of us live and work, it is important to have a home you can feel content in. While the excitement of a completely new environment may offer temporary relief, it is not likely that a new house would be tailored to your specific needs and there’s a good chance you would find it in need of some work anyway.
Choosing to improve your existing home instead of relocating gives you the opportunity to live somewhere that truly fits or enhances your lifestyle. Whether that means creating a custom workspace, or installing your own take on a Vodka Revs, renovation is the opportunity to create a home that is truly yours. When designing for wellbeing, it’s best to start by thinking about how you want to live your life and then start thinking about the spaces and features you need to facilitate that vision.
Our top tips when designing for wellbeing are:
Increase natural light
A well-lit space is crucial to our sense of well-being. Reduced sunlight can cause a drop in serotonin, the key hormone that stabilises our mood and feelings of happiness.Maximise storage
Whether you’re a minimalist, maximalist or somewhere in-between: no-one likes to be around clutter. Maximising storage and making sure everything has its own place can have a huge impact on reducing stress.Don’t forget thermal comfort!
Feeling too hot or too cold is never fun. Though not the most glamorous part of your home, renovation is a great time to improve heating and/or cooling systems.
Sustainability
By retaining and upgrading your home, you are contributing to a circular economy. Improving your home means the products and materials used to construct it will last longer, thereby minimising waste and reducing carbon emissions associated with the production of new construction materials. So you can feel good about upgrading your property!
There are many interventions you can make to improve the sustainability of operating your home too. In the UK, our homes account for approximately 28% of CO2 emissions. Astonishingly, approximately 49% of homes in England and Wales have no wall insulation; contributing to inefficiency. Ensuring your home is properly insulated can reduce the amount of energy required to keep it heated and save you a significant amount of money. Introducing renewable energy sources and upgrading to energy efficient appliances are also great ways to boost the sustainability credentials of your home.
In some scenarios, insurmountable obstacles or significant changes in your situation or ambitions may lead to a move being the only viable option. However, if you feel your issues could be resolved with some well-planned renovations, we would definitely recommend the home-improvement route. As well as the potential to boost your financial security by generating equity, renovation gives you the opportunity to create a home that’s good for you and good for the planet.