If you’ve been living in your current home for some time, you might be getting a little tired with your surroundings. Is it time to up sticks and move to a new home, or is a renovation project in order? And what about cost? Which will be more expensive? Well, it’s not as cut and dry as that we’re afraid. Luckily, we’re here to talk you through it.
Is It Cheaper to Buy a New House or Renovate?
Whilst this is a rather simple question, the answer is a little more complex with pros and cons for both sides. There are quite a few mitigating factors so, unfortunately, there isn’t really a definitive answer. However, one thing that we can say with certainty is that the most important thing to do before making your final decision is to set a budget as early as possible. By having a concrete figure and sticking to it, you’ll be positioning yourself well to make a properly informed choice.
Buying a New Home
If you’re looking to buy a new home, it’s important to understand that housing prices fluctuate. When you buy a home is important. If there’s a dip in the market, it may be time to strike. However, more important than the when, is the where. For example, at the time of writing the average price for a home in London – the most expensive part of the UK – comes in at the princely sum of over £550k. Conversely, in the cheapest area of the UK, North East England, you can bag a home for the average price of around £164k. It’s important to consider these factors before deciding on your next move. If, for example, you’ve set a budget of around £200k and live in London, buying a local home is going to be impossible. So, either it’s time to look elsewhere or start planning your renovation.
Renovating an Old Home
Whether you buy a new house or renovate an old one can have huge financial implications. If you do decide to renovate your current home, then there’s lots to consider. One of the benefits of renovation is that you can take your time with things. If you only have a certain number of pennies in your coffers, renovation grants you the luxury of being able to remodel one room at a time, as and when your budget allows.
Another factor to consider is where you'll stay during your renovation works. If it’s not too disruptive, staying at home may be an option. However, if you’re going to lose sleep, you may want to consider staying at a friend’s/relative’s or getting a hotel. While this could only be a few weeks, it may be months, which will have an impact on your wallet.
It's also worth noting that renovation adds value. So, when it comes time to sell, those home improvements you made can help drive up the asking price. However, whether it’s cheaper to buy a new house or renovate an old one can also depend on if you’re doing the whole home or just a few rooms. If it’s the whole house, especially inside and out, it could work out cheaper to buy new.
Making Your Home Energy Efficient
If your current home is quite old, it’s likely that it won’t meet modern efficiency standards. As such, you’ll have to spend quite a bit of money bringing it up to scratch. This might include new windows, roof, loft, and door insulation, boiler replacement, and renewable energy sources like solar panels. While they’ll save you money in the long run, these projects can run up a hefty bill. If, however, your new home is a modern build, many of these features will come as standard, avoiding the need for new investments.
DIY Shutters
Regardless of which side of the fence you fall on, you’ll need some new window coverings. They’ll need to be practical, energy efficient, and, of course, easy on the eye. Lo and behold, plantation shutter blinds tick each one of these boxes. Plus, by measuring and installing your own you’ll be saving upwards of 40% against other measure and install services. And don’t worry if you’re not a dab hand at DIY because our easy-to-follow measure and install guides make things simple.
Got questions for us? We’d love to help. Get in touch today by sending an email to [email protected].