Advice to help you decide if you should move or improve
Whether to move or improve can be a tough decision – both options can cause significant upheaval in your life, especially if you are carrying out a large-scale home refurbishment in Bournemouth, Poole or Christchurch.
However, given that mortgage rates are continuing to climb, even for new fixed-rate deals, could improving be a better option for you? As the BBC reported at the end of June, many of the country’s biggest lenders have increased their rates on five-year fixed mortgages to close to six per cent.
Given that many of us have been used to the low-interest environment for close to 20 years, it’s coming as a bit of a shock to many household budgets. This certainly means it’s a time to be mindful about your money and, for some, that will mean not moving to a larger property. But could there be extension opportunities in your current home that you’re overlooking?
Property Wire suggested that homeowners ask themselves some questions to help work out whether it’s best for them to improve or move. Start by looking at the financial side of the equation, which will naturally include exploring mortgage rates.
A key question to ask yourself, however, is whether the amount you are planning to spend on your home refurbishment project in Bournemouth will add at least that value to your property.
The other point to consider is whether you will be able to continue living in your property while the renovation work is carried out. If you are going to need to move out of your home and potentially put some or all of your belongings in storage, it’s important to factor these costs in too, as well as the associated upheaval.
That said, it could certainly be worth exploring the options for expansion at your home with a knowledgeable and friendly local builder, like a member of our team at Bournemouth Constructions.
You may discover there are options that require a little less upheaval and intrusion on your day-to-day living than you might imagine. For instance, adding a garden room will provide you with more space without the construction needing to impact your main living space.
Other options to consider, if you would like to add more space to your home in Poole, Christchurch or Bournemouth, include a loft conversion or even a garage conversion if you don’t feel you’re making best use of this space.
What is most appropriate for you will depend on your property, budget and circumstances, which is why we recommend speaking to a member of our team, who will be able to share their expertise to ensure you choose the most suitable home renovation project for you and your family.
If you would like an honest assessment of the various refurbishment projects available at your abode, as well as an indication of the cost of each and the disruption they may cause during the works themselves, please contact us to arrange an appointment and we will be happy to advise you.
