Whilst houses don’t shrink, our lifestyles tend to expand. So if your spare room has become a nursery, and seating around the dining room table is at a premium, you’re likely asking that age old question: should I extend, or should I move? And as with most big decisions, the answer relies on a number of factors…
Thinking outside the box room
Do you have an emotional attachment to your property and all the memories you’ve made there? Because if you do, then sometimes the financial considerations that come with deciding whether to extend your home or finding to a new house may take a back seat. In which case, moving may not be an option you’re willing to consider.
On the other hand, the space available to you, alongside any planning restrictions in your area, may prevent you from extending, even if you want to.
Beyond these restrictions, there’s a number of financial issues to consider for each option.
Why should I extend my home?
Depending on where you live, it could well be the best option from a financial point of view. If you lived in, say, London, then extending, even down into the basement, would add significant value to your home.
It’s worth weighing up the current value of houses in your area, and seeing what extended properties are selling for. You could even ask an estate agent what they thought an extension would do to the value of your property. They might have insights into how similarly extended properties have fared in the local market.
Once you have an idea of the extra value an extension would bring to your property, it’s worth getting several quotes for the work, to give you an idea of the costs involved. Add that figure to the current value of your house, and you’ll have an idea of whether the extension has the potential to pay for itself if you ultimately sold up down the line. But remember, the work may exceed the quote once the job gets underway.
It’s also important to note that on top of the costs of architects, engineers and builders involved in a home extension, often there are further costs incurred if you need to live elsewhere during some of the work.
Why should I move home?
Maybe you want a fresh start, a house that’s closer to more desirable schools, or you simply have your eye on an area that’s better suited to raising a family in general. Perhaps your current house doesn’t have the footprint required to add the extra rooms you need, without compromising on parking, garage or garden space.
Of course, when it comes to purchasing a house, there are plenty of costs to factor in. These include estate agent fees, stamp duty, surveys, hiring a removal van, and the money you’ll want to spend on redecorating and putting your own stamp on your new property. You’ll also have to budget in the costs of conveyancing.
Conveyancing that’s simple, straightforward and swift
If you do opt to move to a larger property, don’t forget to shop around and get quotes for your conveyancing. And always be aware that whilst some quotes may initially appear great value, you’ll find that your final bill gets bumped up with various hidden fees. Meanwhile, others will offer a low-priced service that simply won’t provide the communication you need from someone you’re trusting with such an important transaction.
Attwells offer conveyancing that is refreshingly different. Get an instant online conveyancing quote with our calculator, and that’s all you’ll pay. No hidden fees. And we promise to keep you posted throughout the process, and complete your purchase as swiftly and delay free as we possibly can.
