To Renovate or To Relocate, That is the Question

Paint brush on colour panel sheets and room sketches.

After a few years of living in your home, you may be at a stage where your requirements have grown from what they used to be. Whether you need more space or your home has lost its sparkle, you will be faced with the quite familiar dilemma of whether a renovation or relocation is best for you.

In this age old question of whether you should move or improve, AIB outlines the areas you should consider before making your decision.

Location, Location, Location
While a bit of a change of scenery is always nice, consider your current location and whether it meets all your needs. This could be in relation to how close you are to schools, facilities and your work. If all those boxes are ticked for you, renovating may be a better choice for you than moving. However, make sure you’re not overcapitalising. This is where the value a renovation adds to your home is not matched by its cost. Unfortunately, a bad location can’t be saved by even the finest house renovation.

Your Bottom Line
The budget you have available to you will play a big part when deciding to move home or undertake a home renovation project. Make sure to check out our blog on Buying & Selling in the Irish Property Market to help you determine if the cost of buying a new home or improving your current property is the better choice for you.

Get Real
While home improvement can work wonders, it’s important to be realistic. Have your home looked at by a professional, such as a builder or architect, to make sure your home can handle the proposed structural works. In particular, some older houses can have some nasty surprises that can quickly force you to abandon any budget provisions you may have made.

If you’re considering a renovation in your home, AIB can help you make financing one less area to worry about. To find out more information or to get a quick quote, visit our Home Improvement loan page today.

Lending criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Security may be required. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.