If you’re current property no longer provides for your needs because you require more room, which could be for a number of reasons such as a growing family, the need for a home office, a granny/teenager annex, an extra bedroom, a bigger kitchen or just because you want more living space. Really the two options you are faced with are to move to a bigger property or to extend your current one.
There are many things to take in to consideration when weighing up these options.
- is there space in the garden, or an existing garage for you to build out in to?
- do you live in an area where planning permission is likely to be granted?
- what are the likely build costs compared to the cost of moving?
- how much value will be added to the property by extending it?
If your property is not suitable for an extension or you are in an area where its highly unlikely you will receive planning permission then the best option might be to relocate. If this is not the case then an extension might be the better option. Especially when you consider all of the associated costs of moving which include:
- estate agent fees
- solicitors fees
- surveyors fees
- stamp duty
- removals company
This will work out at around £31,700 on a property around the £450k mark. And that is money spent, not money invested.
Alternatively, the money you invest in an extension will add value to the property you live in, so its still there in the property rather than being lost to fees and government taxes.
Also there is the hassle, time and stress associated with moving house. Its often said that moving house, getting married and dealing with bereavement are the 3 most stressful things we go through. This should be taken in to consideration when looking at moving or improving. That said a building project can also be a stressful experience if you don’t instruct the right contractor.
The final point on this topic is around location. If part of the reason to move is to be in a better location then an extension cant really help with that – but on the flip side, if you live in a location you like which works for you and your lifestyle then maybe staying put and improving the home is a better option?
We can help to look more closely at all of these considerations and guide you through the whole process right from the initial concept conversations through to the panning and delivery of the project. If you have any questions about anything covered here please do feel free to get in touch to arrange a discussion.