The large majority of homeowners in America will follow a similar path and whilst we all may be on different stages of the path, we will all experience it in full one day. This usually looks something like this. You buy your first home with a partner in your early years whilst you are both starting in the world of work. As you continue through life, you perhaps see an increase in wages, a better job or a promotion and you decide that you can afford a better place. In your new home, you start considering the idea of having a family and before you know it, that new place is no longer big enough for you all, what do you do?
The two choices here are either to move to an even bigger place, or to increase the space inside the property that you already have. Deciding on which way to go is not easy so we spoke to building contractor and property guru Lloyd Claycomb to find out what are the pros and cons of each decision.
There are a great deal of factors to consider when it comes to moving out of your property and into another one, much of will be dictated by the current condition of the housing market. Here are some of the pros and cons when it comes to moving house.
Easy to find required space for your family with the amount of rooms which you are looking for.
Possibility of making money on the sale of your house if the market is in your favor.
Opportunity to start fresh with decoration ideas.
Moving house involves a great deal of upheaval.
There are many additional costs including in moving house from legal fees to moving costs.
Potential relocation of work, schools.
Requirement to make new friends and contacts in the area which you have moved to.
Most people who decide to improve their home will do so because they don’t want to face the upheaval of moving properties. Let’s take a look at some more pros and cons of staying in your own home and improving it.
No need to find new work, new schools or make new friends.
The potential of adding value to your property.
No reliance on the housing market.
The comfort of staying in the home which you have lived in for some time.
Costs of building renovations are not always cheap.
There will be a great deal of mess and noise as the home is extended and you may have to temporarily move out.
Limited options in terms of gaining the space which you would like.
Far longer process than buying a new home.
The choice ill ultimately be yours as to whether you decide to stay in the home that you are already in and extend the space or to move entirely and it is important that you give yourself a lot of time to truly consider which is best for you.