To move or improve?

That’s the big question faced by many a homeowner. Can you face the upheaval of moving? Have you outgrown your current home? These are just a couple of factors that can influence your decision.

Does your home have the potential to extend/remodel? You’ll often see Kirsty Allsopp and Phil Spencer fighting it out on Channel 4’s “Love it or List it,” when homeowners have their house remodelled to suit their needs whilst being shown other properties they can afford. There’s no doubt, it’s a tricky decision to make.

Another consideration to make is, will these improvements increase your property’s value?

According to GoCompare, the improvements that see the best returns are:

1. A new boiler.
2. Installing central heating.
3. A garden makeover.

Interestingly, those projects that could lose you money include:

1. Installing solar panels (these will actually have a negative effect on the value of your property).
2. Building a garage.
3. Adding a swimming pool.

To find out if your planned home improvements are a worthwhile investment, take a look at GoCompare’s online calculator – https://www.gocompare.com/home-insurance/property-investment-calculator/.

Whether you decide to move or improve, make sure you do your research. A review of your mortgage and circumstances could enable you to free up some cash for some major home improvements or indeed move to a much larger home.