5th April 2017
There is no definitive right or wrong way to approach this dilemma and much depends on your personal circumstances. However, should the conditions be right, most people opt to extend their home rather than move out entirely.
This is mainly because there is far less risk and hassle involved, not to mention the reduced cost of doing so. If you’re still undecided, we’ve put together some deciding factors to consider before making a decision.
Is an Extension Viable?
Although most conventional extensions won’t require planning permission, specialised advice should be sought at this stage. This is especially the case if building a new kitchen, bathroom or en-suite bedroom that require specific plumbing, electric and heating. The HomeOwners Alliance website has more information on planning regulations here.
Practical Considerations
The primary reason for a house move or extension is a lack of space in your current property. Growing children is usually the main cause of this, or perhaps wanting to create a home office. Either way, you must consider if an extension provides enough space to satisfy these requirements. If not, moving property may be the only viable option.
Cost Factor
As you’ll need a bigger home, the current property value isn’t likely to cover the cost of the move. This excess will have to be added onto some or all of the following payments:
- House deposit
- Stamp Duty
- Mortgage
- Estate Agent, valuation and legal fees
- Removal and redecoration
In comparison, an extension is far likelier to cost less. Depending on your requirements, a rough estimate of a single-storey extension would only be around £1,000 – £1,500 per m². However, additional payments for the electrics, insulation, roofing, plumbing and furnishings must also be factored in.
Extension Value
An extension can be counted as an investment as well as a financial outlay. They’re estimated to add anywhere between 10-20% onto the property value, meaning the average UK home price of £240,000 could be increased by an impressive £48,000.
If you do decide to sell in the future, building an extension now could really be worth it in the long run. They’re especially favoured by buy-to-let investors who look for properties with as many bedrooms as possible, especially those with an en-suite.
Image Credit: Kevin Hale on Flickr
Flexibility
A house move is not only one of the biggest life choices you’ll make, but also irreversible. With an extension, there’s nothing to stop you moving out in the future in any case. And furthermore, you’ll now receive a higher sale price.
If when reading this article, you’re torn between an extension or house move, evaluate what’s best for your personal circumstances and budget, factoring in all the expected costs of both routes.
Remember to use a building company who offer a free quote as well as a detailed explanation of the planning phase. There should also be assistance in gaining approval from the local council so you stay in line with official building regulations.
If you’d like a quote on your potential extension, get in touch today.
If you’re not convinced by an extension, find out how they can keep the peace in a growing family.
5th April 2017