As Spring approaches many homeowners ask themselves, 'do we stay and make improvements to our existing property, or do we look at moving to a new home'.
It's not always an easy decision to make, there are many things to consider and it’s important you look at the key considerations when making this big decision.
- Room for improvement – adding space will generally add value to your home, so consider staying if you have the option to extend
- Will the improvements add value – while a hot tub and bar in the garden might be something you have always wanted, it won’t be for everyone. Stick to neutral and modern renovations that will have mass appeal and will make the biggest difference – think kitchens, bathrooms and extentions.
- Research – speak to your local Thomas Morris Sales & Lettings branch to see if your proposed renovations are likely to add value to your home.
- *Remortgage – if you don't have the funds available for the improvements you have in mind, speak to Thomas Morris Sales & Lettings about getting your home valued. This will give you a better idea how much equity you may have in your property. You can also speak with one of our Financial Advisers at Embrace Mortgage Services and discuss your remortgage options to release any potential capital.
- A change of location – you may want to be in the school catchment area of a particular school, or be within commuting distance of a new job, then you may have no choice but to consider a move. Speak with your local Thomas Morris Sales & Lettings branch - as members of the Relocation Agent Network, we work together with over 600 fellow Relocation Agent offices across England, Scotland and Wales so we can help you with your onward property search wherever that may be.
- Disruption – remember that significant renovations can take a long time and can be extremely inconvenient, which means they are not for everyone
- Need more space but no opportunity to add any – if you are looking for space and there is no option to extend then moving may be your only option
- Take a step up – with mortgage rates remaining so low, you might be able to afford a bigger or better home than you may think. Speak to one of our Financial Advisers at Embrace Mortgage Services and discuss your options at a time and date to suit you
* Your property may be repossessed if you do not keep up repayments on your mortgage.
Embrace Mortgage Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
Thomas Morris (Property Management) Limited trading as Thomas Morris is an introducer appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited for the purpose of the provision of advice in relation to mortgage and non investment insurance products. Mortgage and Protection advice is provided by LSLi Ltd t/a Embrace Mortgage Services, an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.