Signs You Need to Upgrade Your Property
Many of us want to fashion our existing homes into our dream homes, but there are times when it just isn’t possible.
Finding your dream home is what every couple and family strive to do. If you don’t achieve it by the time you are into your forties, you start to wonder if it will ever happen for you. We just need to work towards it a little longer. However, there are those that pile all those savings into their existing home instead, to make it match up to their expectations.
There is a fine line between buying yourself a home that you know you can turn into your dream property and buying a home you can afford and wasting your money trying to turn it into something it will never be. It is this fine line that we want to talk about today. What are the signs you should upgrade your home and what are the signs that you shouldn’t?
To Upgrade or Not to Upgrade, that is the Question.
There are pros and cons to either side of this argument. You could upgrade your property to increase the resale value in the market to progress to a new property with your earned lump sum. On the other hand, you could make upgrades that are all about you and that others wouldn’t invest in.
This leaves many of us with a dilemma. We want more space, a nice garden, an outbuilding or two – but we might be sinking our money into the never-ending black hole that is homeownership. So let’s do this simply. Let’s split it down into the pros and cons of upgrading and the pros and cons of buying a new property.
Don’t forget that you can fund home upgrades far easier nowadays with the introduction of the HELOC into the UK by https://www.selinaadvance.com/. This company have brought the Home Equity Line of Credit to the British markets, allowing us to unlock the lending potential in our own homes. Using a HELOC, you can unlock up to 80% of the cost of your home, less the price you still owe on the mortgage. This lets you make all the upgrades you want to.
The Pros and Cons of Upgrading Your Home
The pros of upgrading your home over buying a new one includes:
- Your home’s value increases
- You will sell faster
- It gets you closer to your dream home
- It can spare the hassle of moving
- The right improvements lower energy bills
- You could even reduce noise transference
The cons of upgrading your home over buying a new one includes:
- If the upgrades are poorly done, your home’s value decreases
- Although it is an investment, you don’t see immediate returns
- You face the disruption of home upgrades while you are trying to live there
The Pros and Cons of Buying a New Home
The pros of buying a new home instead of upgrading includes:
- You have a fresh new home
- You might not need to decorate
- It’s exciting
- You could find your dream home
The cons of buying a new home over upgrading includes:
- It’s a lot of work to move
- It’s a lot of work before you move
- It costs a fortune
- It’s a huge upheaval
So there you have it. A side by side comparison of new home versus upgrading your old one. Which choice will you make?