The process of life often runs in the same pattern for many couples, most will start off with a humble property when they are at the beginning of their careers, as time rolls on, salaries increase and children come along. It is at this point that many families find themselves requiring more space around the home and they are faced with a key decision about their living situation, move or improve. This is a tough decision to make and it is one which needs to be thought about at great length. For anyone looking to gain extra home space, here are the considerations which need to be made.
Cost Implications
The costing of both options, moving or improving, will need to be thought about at length. Selling a property and buying somewhere larger will largely be dictated by what the current situation is with the property market, if the market is in a good place then this could be the smartest option, economically speaking. When it comes to renovating an existing property, the price will depend on the size of the project, sometimes this could be as simple as losing garage space in favor of an additional room, often people will not have this option and instead will need to build up or add an extra portion to the house, naturally this will be a greater cost. Weighing up cost should be done in great detail in order for the most financially viable decision to be made.
Upheaval
Neither moving or improving will be an easy time for any family and the level of upheaval which either decision will have will come down to the lesser of two evils. Moving home might mean that the children need to move schools, make new friends and social circles, this could have a profound impact on their lives. Aside from the personal experience of moving home, the process of moving out of a property and moving into a new one can be particularly challenging. When it comes to renovation work, the family may need to move out whilst it is being completed or face weeks and month of strange living circumstances as workmen do their job. The level of upheaval which a family is prepared to go through will be an important consideration to make.
Making The Decision
The decision which is made will come down to these two major factors and they will vary from person to person and situation to situation. It is always important that all factors are considered before a family decides on what is best for them. A recent study found that the overwhelming majority of people would prefer to renovate their home rather than face the challenges of moving property altogether.
In order to best make the decision, families should meet with contractors, speak with industry professionals in the property market and speak with members of the family to work out which decision is best for them.
