Having lots and lots of money is probably a good thing, but at times, opulence can make us take some horrendous purchase or investment decisions. On the other hand, when we are a little tight fisted, having less than sufficient funds to do what we are intending to do, it might result in better decisions as compared to the time when you can afford to go on a wastrel. When the money is in abundance, we stop doing the due diligence when making an investment and ends up making hasty decisions. It’s only when our own financial position is not so strong, then we realize the importance of money and try to make every penny count.
Now, I am not suggesting that we should start earning less in order to be able to make better decisions, the point of the matter is that you must always chew over your decisions, especially when large amount of money is involved, and moving out from your home to another one is one such decision. Following are some reasons why you must consider renovating your home instead of going straight for a shift, especially if you are doing it for the lack of space.
Costs & Hassle:
Moving to another home will require you to sell your existing property and buy a new one, but this simple job of buying and selling involves so much hassle and costs that you should think twice before even taking it into consideration. There will be lots and lots of documentation involved, you will have to pay the agent’s fee, go through the assessments, visit homes for rent or sale in your neighborhood, let the prospective clients visit your property, do the negotiating, and so on. And because you will be looking to move in a better and bigger property, you will have to spend a lot more than what you will be getting from selling your property, then there will be added costs like broker’s fee and the cost of moving, in short there’s quite some hassle and cost involved. It’s not that home renovation is cheaper or hassle free, but it is certainly not as complicated or costly as moving. For example, if you are looking for an extra room, a simple loft conversion will give you that extra room in 5 – 6 weeks at a very reasonable price.
Peace of Mind:
If you have been living in rental homes and you are accustomed to change your residence every once in a while then good for you, but for most families who have spent a good twenty or thirty years at a place, it’s quite difficult to leave and adjust in a totally new neighborhood. Not to forget, that you will have to find a property which is near to your workplace, and your children’s school/college, getting a simple renovation or home extension job like loft conversion can save you from all this trouble.
The best part about renovating your home, especially when you are adding new living space or rooms via loft conversion is that, it is a very good long term investment. Not only you will get some extra space to live or work, but it will also add to your property value. In other words, this is not a wasteful expense like paying agent’s commission or the cost of moving.
Misheal writes for Abbey Lofts South London
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