Why Homeowners Are Choosing Improving Over Moving

Thu, Nov 28, 2024 03:48 CET

The traditional dream of moving to achieve your dream home goals has lost its lustre in recent years. Instead, many homeowners are now opting to invest in their existing properties in an effort to transform their current spaces into their dream homes. This shift in mindset is drive by a variety of factors, from financial considerations to environmental concerns and the desire for more personalised living spaces.

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Below, property expert Thomas Goodman at MyJobQuote.co.uk goes into detail about why homeowners are now choosing improving over moving. Read on to learn more about this phenomenon and see if improving may be the better option for you yourself.

The Financial Factor

The financial implications of moving can be substantial. The costs can very quickly add up. Things like stamp duty, estate agent fees, and legal costs all add up and these things can eat into the homeowners budget.

Also, the cost of buying a new home, particularly in the current market, can be prohibitive for many. With the rising house prices and interest rates, the dream of owning a larger or more luxurious home may seem increasingly out of reach.

By choosing to improve their existing properties, homeowners can avoid these significant upfront costs. Instead of spending thousands upon thousands on moving expenses, homeowners can channel their funds into renovations and extensions on their current property. This allows them to create a bespoke living space tailored to their specific needs and desires without the added stress and expense of a house move.

Environmental Impact

The environmental impact of moving is another factor that is influencing current homeowners’ decisions. The construction industry is a major contributor to carbon emissions, and the process of building new homes involves significant energy consumption and waste. From the extraction of raw materials to the transportation of building materials, the environmental footprint of new construction is substantial.

By renovating and improving existing properties, homeowners can reduce their carbon footprint and contribute to a more sustainable future. Instead of demolishing an existing building and constructing a new one, they can opt for eco-friendly renovations, such as installing energy-efficient appliances, improved insulation, or solar panels. These measures can significantly reduce a home’s energy consumption and lower its carbon emissions.

Personalisation and Flexibility

Renovating and improving a home allows homeowners to create a personalised space that is truly their own. They can customise their homes to suit their specific needs and preferences. This can include things like open-plan living spaces to energy-efficient features. This level of personalisation is often difficult to achieve when moving home. Most new homes are developed with standardised designs and layouts.

By undertaking renovations on their current property, homeowners can create unique and bespoke living spaces that reflect their individual tastes and lifestyles. Whether it’s a stylish kitchen extension, a luxurious bathroom suite, or a cosy home office, the possibilities are truly endless.

The Rise of the ‘Forever Home’

The concept of the ‘forever home’ is gaining popularity as homeowners seek to create a space that can adapt to their ever-changing needs over time. By investing in home improvements such as loft conversions, extensions, and basement renovations, homeowners can ensure that their homes can grow with them.

As families expand, work patterns change and lifestyles evolve, the ability to adapt a home to these changes becomes increasingly important. By investing in their existing properties, homeowners can create versatile and flexible spaces that can accommodate their changing needs over the long term.

Emotional Benefits

Staying in a familiar home can provide a sense of security and stability. A home is a place where memories are made and cherished, and it can be very difficult to let go of these emotional connections to a particular property.

By renovating and improving their existing homes, homeowners can create a space that is both familiar and new, combining the comfort of the past with the excitement of the future.

Community and Lifestyle

Many homeowners are choosing to stay in their current neighbourhoods due to strong community ties, convenient amenities, and a familiar lifestyle. Some homeowners can find it difficult to migrate to a new place as there is a certain sense of the unknown, which can be daunting. Moving home is a large commitment, involving getting used to living in a new place.

By improving their existing properties, homeowners can continue to enjoy the benefits of their current neighbourhood without the upheaval of moving to a new area. This can be particularly important for families with children who may have established friendships and connections within their local community.

Final Thoughts

The decision to improve rather than move is a strategic one that can offer significant financial, environmental, emotional, and lifestyle benefits. By investing in their existing homes, homeowners can create a space that is not only beautiful and functional but also sustainable and adaptable to their evolving needs. As the housing market continues to evolve, it is likely that we will see and increasing number of homeowners choosing to stay put and improve their existing properties rather than choosing to move home.

THOMAS GOODMAN

Thomas Goodman has worked as a property and construction expert for MyJobQuote for six years and has worked in the construction industry for over twenty years. Thomas continues to work on building projects while providing expert construction and property advice to industry professionals and DIY enthusiasts.

MyJobQuote is one of the UK's top trades matching sites that helps individuals find a reputable tradesperson in their local area.

MyJobQuote also has a wide range of experts with extensive knowledge in interior design, cleaning, gardening, property, construction and more. MyJobQuote's experts have been featured in over 700 publications, including Woman and Home, The Times, House Beautiful, BBC News and more.