Extending your Home Vs Moving Out

Whatever you do in life, you’ll need space for it. You’ll always need to declutter your home in order to make room for new ideas. Perhaps your home needs to be more spacious due to new arrivals, or maybe you want to have an extra room for business or recreational means. Whatever you do, you’ll need to consider a few significant things before committing. For instance, do you stay and increase the size of your current home, or do you up sticks and move to a completely new, larger one?

When it comes to deciding which idea is better for you and your family financially, it’s not completely set-in-stone – there are many factors that suit each, and different families have different situations. Let’s delve into a little more detail and see if we can answer a few questions you might have.

What Do The People Think Is The Better Idea?

According to Extensionprices.co.uk, Around 40% of British homeowners would choose to extend their home rather than move, even though 80% of them believe that the new planning laws would cause many, many disputes around neighbourhoods. 35% of those wishing to extend said that they would remortgage their house to release equity in order to afford the extension.

Is It Better For One To Extend Their Home?

Extending your home will generally be a cost-effective investment that will reward you when you eventually sell years down the line – this isn’t always the case, however. That said, there are costs that you may not be fully aware of. Before work even begins, you will need to gain permission – this can cost around £200 (give or take, depending on the size and location). The plans may cost more as you may look for an architect or technician to draw them up for you – again, this can be dear.

Which Extensions Would Be Worth Considering?

Things like loft conversions, conservatories and extending over the garage are very popular choices for homeowners, with the former being seen as one of the least disruptive projects. It increases your home’s value by approximately 12%; it would cost around £1,000 per square metre depending on the contractor you use. The latter is more of a cheaper option. It’ll cost you around £5,000 in total, and it’s fairly hassle-free in terms of the installation. A conservatory could add around 5% more value to your home.

And What About Moving House?

Building an extension could be tiring and could be a pain in terms of the unexpected fees you’d have to pay. Some projects may even devalue your home if not done correctly. The main cost that you’ll deal with is obviously the initial deposit. On top of this, you’ll have to pay for a property survey, conveyancing fee, estate agent fees, and for the removal company. This can amount to quite a lot at the end of the day.

The Verdict

As we mentioned at the top of the page, you have to choose what suits your particular situation. If there was a 100% correct answer, then everyone would flock to one and completely disregard the other. Extending seems like the easiest option initially, but it could still be a disruption and may not be as profitable and as practical as you first thought. Moving would remove some of the pressure from your shoulders in terms of everyday hassle, but it may cost you lots in the long-term.