Should I Extend or Move Home?
It's a very big decision to make – should you extend your house to stay in it, or sell so you can buy something bigger? There are positives and negatives for both decisions, and if you've been thinking about this, then you need to know the details of both before you make a decision. We Buy Any House have looked at the different options and outlined them here for you!
The positives of extending your home
Generally, extending a house is a very expensive option – but it's not always as expensive as moving out and buying elsewhere can be. You can get some quotes from a couple of different builders and companies and pick the one that's going to be best for you – they will probably also be able to suggest some design ideas that you might not have even thought of, too.
Extending, while being expensive, will dramatically increase your house value which makes it a great option for those who don't want to move now but intend to sell in the future. It's a really great way to invest in your home and make it the best it can possibly be while you're living there, so you can then maximise your house price when you decide to move somewhere in the future.
It's also much less disruptive, especially for those who have younger children that tend to find the moving process very difficult, so deciding to build an extension will mean you don't need to move to benefit from the extra space that you're looking for.
The negatives of extending your property
Depending on the space you've got available, and where you live, you may need to get planning permission before you extend, which can take a very long time to be approved and isn't always a guarantee. It can push the work back and increase the amount of stress you have to deal with, which is the absolute last thing that homeowners want when they're trying to make some changes to their house.
It can also be a big disappointment when you do end up selling down the line if you aren't fully aware of the amount that extending will end up increasing your property value by. It can be wildly frustrating when you spend lots of money on renovations, only to find out that you've not actually increased your value by the same amount, meaning you've ended up losing out on money.
Renovations can also cause some problems with your neighbours, especially if it means that you block out any light to their home or ends up becoming an eyesore for them. When you're looking into extending, you need to make sure that you speak to your neighbours and make them completely aware of your plans, so if they do have any problems, you can deal with it immediately and not have anything build up and become a bigger problem.
The benefits of moving house
Moving out can be a much better option financially for some homeowners, especially if you end up moving to a cheaper area. If you live in a city, it tends to be more expensive to live in smaller homes, compared to houses in more rural areas in the countryside that are more spacious for a lower price. By looking at other locations around you, you might end up finding a house that provides the space that you're looking for at a better price while also lowering your monthly costs as well.
You will also avoid the stresses of living in a house with major building work going on – renovations usually take a long time and are notoriously difficult to live in, especially if you're intending to build a large extension. Moving house means that you won't need to deal with any of this, and you can just move straight into a house that's ready to be lived in, rather than having to wait around and live awkwardly while you wait for the property work to be finished.
Moving will offer you a fresh start which is what a lot of homeowners are looking for and can be the ideal step that you need when you're looking for some more space. Whether you want this extra space to start a family or simply to be more comfortable, you can start fresh in a new house which can be an incredibly freeing feeling that homeowners crave.
The negatives of moving home
Probably one of the biggest negatives that homeowners end up dealing with when they move house is having to pack up all of their belongings and move them from the old place to the new one. It's an incredibly time-consuming job and one that most people just don't like doing, so being able to avoid this job is a huge bonus if you choose to extend instead.
Another big risk that you face when you move home is not liking the house or having problems with the area that you're now in. Especially if you only want to relocate for more space, it's a very big change to adjust to, and one that a lot of homeowners can discover comes with some regrets. It can also be really hard moving away from your friends and family, especially if you've always lived close to them.
Moving is an expensive decision too, with several hidden costs that a lot of people don't think about when they look at moving. From the costs of your survey to stamp duty and the costs of any repairs and redecoration that will need doing when you first move in, these costs add up very quickly and tend to be a nasty surprise, especially if you're not aware of them.
Overall, there's all sorts to take into consideration when you're deciding whether you should sell or extend your house, but by looking at the positives and the negatives, you can decide which is going to be the right choice for you!