Budget
The first thing to consider is how much money you’d ideally like to spend, both options are going to require a budget.When moving home, costs to take into account are stamp duty, conveyancing fees, solicitors fees, valuation costs and how much deposit you will need for the new property. Other costs involved are estate agent fees, moving costs and storage if you need it.
Renovation costs widely depend on the scale of work taking place, and if you are planning on extending your property. According to Homebuilding & Renovating, the average cost of a house extension is £1350 to £2250 per square metre of new internal space. This means that a 30m² kitchen can cost anywhere between £40500 to £67500, plus VAT.
The cost of the project can depend on several factors, such as how many storeys will be built, the size and shape of the extension, whether you are installing a new kitchen or bathroom and the standard of the work that will be carried out.
If you are looking for an extra bedroom, you may consider converting your loft space, or if you would prefer a ground-floor bedroom then you could convert the garage space instead of extending which can lower the budget.
Renovation Ideas
If you love the area that you live in, you might be considering renovating your home instead of moving. Here are some options that can help you improve your home:
- Loft Conversion - If you’re looking for an extra bedroom or a home office, the loft area could be the perfect space. Depending on the size of your loft, you could add an en-suite and you may choose to add a dormer to add more head-height space. Depending on the work being undertaken, you may not need planning permission as a loft conversion can fall under the Rights of Permitted Development, but always check with your local council beforehand.
- Extension - The type of extension that you choose depends on what your budget is, the layout of your home and the space available around your property. Whether you need a single or a double storey extension, this is a great way to add space to your property but it can be costly.
- Update the Kitchen - This could range from a lick of paint on the cupboard doors, or a complete new kitchen design and fitting. Even with your existing kitchen in place, it can feel brand new with new worktops, tiles and flooring.
- Update the Bathroom - If your bathroom is feeling tired or dated, you might consider upgrading your bathroom suite. New bathrooms usually cost much less than a new kitchen, and it can upgrade the look of your home!
- En-suite or WC - Are the family fighting over time in the bathroom every morning? It could be worth adding an en-suite bathroom or additional WC if you have the space and budget for it. Many people add in a small WC under the stairs or in their utility room, and it’s great for guests so they don’t need to go upstairs to use the bathroom.
- Conservatory - A conservatory is a great option for adding space downstairs, and it can cost less than an extension. If you have a growing family, it is an extra space for the family to relax in and it can be a fantastic sanctuary in summer months.
- Garden Landscaping - This is one of the most affordable options on the list, and it can be done even on the tightest budgets. If you are feeling up to the challenge, this is something that you could take on in your spare time, or enlist the help of professionals.
Moving House
If you are leaning towards moving home, you might be wondering what your options are and if you can afford a larger property or one in a different location.
In Northern Ireland, the average property price is £165k which is 41% lower than the average price of £281k in the rest of the UK.
With house prices rising across the board, you may be able to sell your home for a higher price than you originally thought.
Why not get in touch with our friendly and experienced team to value your property, or check out some of the properties we have for sale right now?