Should you move home or extend it?
If you have a growing family and no longer have enough space in your house, or your personal circumstances require you to seek for a bigger home, you might be weighing up whether it’s best to move or extend instead.
Here are some key factors to take into account, which should help you make an informed decision.
Extending Your Home
With high stamp duty and rising house prices, more and more homeowners are opting for extensions in order to add space and value to their homes. Rather than moving to a new home and starting over again, you can create the space you need the way you want. After all, why fork out a huge deposit for a new home when you can put the money towards extending your existing one. You will probably have some money left over to decorate the new space too. A well-designed extension like a loft conversion or single-storey addition can transform your home greatly and provide you with extra space for your growing family.
Other Factors to Consider
Upgrading a 1 or 2 bedroom house to a 2 or 3 bedroom will significantly increase its asking price by up to 10%. While some extensions tend to add more value than others, it is imperative to do your homework and consider all your options. An additional bathroom, for example, can enhance your home’s value by just 5%, whereas a conservatory can increase your property’s price by 10%. You should also consider the fact that some smaller extensions can cost more than double-storey ones because of the planning, design, and building regulation fees that are involved in the project. Smaller additions to your property are a worthy investment if they enhance your space. But if you want to push the boat and maximise your home’s space, consider a loft conversion with a bathroom to increase your home’s value by up to 20%. If you want to get professional property advice or a free valuation, click here to find out more.
Planning Your Project
When planning a home extension, you should think about its practicality and appeal to future buyers. For example, a 2 bedroom house without a cloakroom downstairs and not much space isn’t likely to appeal to prospective buyers. You also need to think about planning permission for any alterations that will be taking place in your home. A loft conversion will cause more disruption to family life or daily routine than a garage conversion so you should plan and prepare your extension carefully and in advance.
Budgeting For the Extension
Depending on where you live and the results you expect, the building work can cost around £1,500 to £2,400 per sqm. For an average size extension of 4 metres by 5 metres, the total build cost can be up to £44,000 excluding labour costs. Take into account the design and materials quality, architect’s fees as well as build specifications when working out your budget. It is very important to obtain quotes from several builders in your area. You should be provided with a free breakdown of the costs for materials and labour. If you only approach one or two building companies, you might end up with higher price quotes plus you won’t be able to compare them.
Don’t Move, Just Improve
A home extension is by far more affordable than a move, especially when you take the estate agent commission and stamp duty into account. Even if you don’t have the budget to put towards your home extension project, you could use the equity in your home to finance the extension by remortgaging your home. This is a wise option when you consider the long-term advantages that an extension offers by adding more value to your investment.
Most property owners tend to be emotionally attached to their homes or they want to stay close to their family or relatives and aren’t keen on moving from their area unless they have to. If you opt for an extension instead of moving home, you can easily personalise your home to suit your needs rather than force yourself to move.