MORTGAGE FINDER

Guide to Home Improvement Loans

Improve or move: five rules to help you decide

Working out whether to do up your property - or move instead - is one of the challenges of home ownership. Read on to find out how to come to this vital decision.

Five points to consider:

• Is the house so crowded that you can only stay at enormous trouble and expense, involving carving out a new bedroom from an unlikely location? If so, MOVE.
• If you do work to your house, will it genuinely add value to it – equal to the amount you are likely to have to spend? If so, STAY.
• Will any improvements to your house pitch it completely outside the price range for the rest of the neighbourhood? The basic rule is that you should never improve a house to the point where its desired sales price would be more than 20% higher than the most expensive of the other houses in the immediate neighbourhood. For example, a giant covered swimming pool and a three-bedroom extension in an area where there are no other pools and all other properties are two-bedroomed terraces is unlikely to help your house sell for more money. If so, MOVE.
• If the cost of a property elsewhere, with the same facilities you are looking to install in your house, is the same or less than you would have to pay to improve your present home, you should MOVE. Strictly in investment terms, major improvements rarely make as much sense as selling your present home and buying one that’s carefully selected to provide you with what you want.
• If the improvements are ones that will, in the longer-term, help sell your place – either because they are necessary or because they improve the look of the property, you should STAY.

Please note that this information does not constitute regulated financial advice, which recommends a course of action based upon the specifics of your personal circumstances. The information is purely intended to provide you with general information only. You should consult an Independent Financial/Mortgage Adviser (IFA) before making any important decisions about your finances.

Please therefore just contact us either by phone on ~ 0845 642 0644 (Local Rate), use the quick Mortgage Finder ~ CALL BACK FORM or use the brief Mortgage Finder ~ ENQUIRY FORM, and then simply allow us to assist you with further information without any obligation whatsoever.

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Read more informatioms, click the links below

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Improve or move: five rules to help you decide

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