As a millennial, I’m currently in the midst of looking into the property market to buy my first home. However, this can be a little overwhelming when you consider how much property prices have increased since our parents and grandparents were buying their first home.
One thing is for sure, once I find my first home, I will be staying in it for a long time. These days, it often makes much more sense to stay in one home and renovate it compared with continually moving and dealing with finding the perfect home, not to mention the stress associated with packing everything up and actually relocating.
While 45% of Brits have moved at anywhere from one to three times in their adult lives, 61% say that they would now be more likely to instead make major changes to their current home instead of moving to a new one.
Slater Gordon have found that 56% of people say they would buy a home they weren’t 100% happy with to then improve it themselves. The recent increase in DIY shows, blogs, and magazines have made home improvement more popular than ever, and the company’s #MoveorImprove campaign has found that more people than are willing to stay in a home and improve it themselves.
Personally, I grew up with my mum continually making improvements to our homes. By painting rooms, purchasing new carpet, updating heating, overhauling the garden, and focusing on bathrooms and kitchens, she would continually “flip” houses, making a profit each time she sold and had updated the house.
This has taught me a lot about home ownership. While many people my age expect to move straight into a brand new, modern, home, this is unfortunately unlikely to be the reality for most of us. Luckily, seeing how much house prices can increase (and how much more you can enjoy your home) once you’ve spent some serious time on improving it has taught me to do the same.
Frequently moving is expensive. For this reason, it makes more sense for me to buy a home I can fix up, before then purchasing investment properties. The reality is that many young people will struggle to purchase their own homes. This means that my focus will be on buying in a location that has potential, making gradual improvements as I can afford them, and potentially getting tenants in to pay off the mortgage while I travel.
If you’re trying to decide whether you should move house or change your current home so it better meets your needs, there are a few things to consider. If you have the budget for a big project, and you don’t mind the stress and disruption of a major renovation, renovating could be a good option.