Should I extend my house or buy elsewhere tips, Online property Help, Home guide
Should I extend my house or buy elsewhere?
12 May 2021
It’s a huge decision to make – should I extend my house to stay in it or buy something bigger elsewhere? There are positives and negatives for both options, and if you’ve been asked the questions then you need to have all the facts. We Buy Any House have looked into the options and outlined them for you!
The positives to extending
Generally, extending your home is an expensive option – but it’s often not as expensive as moving home and buying elsewhere. You’ll be able to get some quotes from different builders and pick the one that’s best for you – they will likely also be able to suggest some designs that you might not have considered before.
Extending, while costly, when done well will dramatically increase your property value which can make it a great option for those who want to stay put now but intend to sell down the line. It’s a great way to invest in your surroundings and make it the best it can be while you live there, to then maximise your sale price when you decide to move in the future.
It’s also less disruptive, especially for those who have young children that can find the moving process quite jarring, so choosing to build an extension will mean that you haven’t got to move but will still benefit from the extra space that it will offer you.
The negatives to extending
Depending on the space that you’re working with and where you’re located, you might need to seek planning permission which can take a long time to be approved and isn’t always guaranteed. It can push things back and increase the stress which is the last thing that homeowners want when trying to make changes to their home.
It can also be a disappointment when you do sell down the line if you aren’t aware of the amount that extending will increase your property value. It can be frustrating when you spend a lot of money on renovations to find out that you’ve not increased your value to the same level, meaning you’ve actually lost out on money.
Renovations can also cause problems with neighbours, especially if it blocks out any light to their home or becomes an eyesore. When you’re looking to extend, you should make sure that you speak to neighbours and make them aware of your plans so if they do have any issues, you can deal with it straight away and not have it build up and become a much bigger problem.
The benefits of moving home
Moving out can be a better option financially for some, especially if you move to a cheaper area. If you live in a city that tends to have a higher cost of living for smaller spaces compared to homes in more rural areas. By looking at other locations, you might find a house that provides the space that you want for a better price, and will also lower your monthly costs too.
You can also avoid the stress of living in a home with building work going on – renovations can take a long time and be difficult to live in, especially if you’re planning a big extension. Moving house means that you don’t need to deal with this and can just move into a house that’s ready to live in rather than having to wait for the property to be finished.
Moving offers a fresh start which is a what a lot of homeowners look for, and can be the step that you need when looking for more space. Whether you’re looking for more space to start a family or to be more comfortable, you can start new in another house which can be an incredibly freeing feeling.
The negatives of moving home
One of the biggest negatives that homeowners have to deal with when they move home is having to pack all of their belongings and move them out of the old place and into the new one. It’s a time-consuming job and one that most people just don’t enjoy, so being able to avoid it is a huge bonus if you decide to extend instead.
Another huge risk that you face when moving home is not liking the house or the area that you’re in. Especially if you’re looking to relocate for more space, it’s a big change to make and one that a lot of homeowners can find comes with regrets. It can also be really difficult moving away from friends and family.
Moving is also an expensive decision with hidden costs that a lot of people don’t take into account. From surveying costs to stamp duty and costs of any repairs and redecoration that needs doing when you move in, the costs add up quickly and can be a big surprise if you’re not expecting them.
Overall, there’s a lot to take into consideration when you’re deciding whether to sell or to extend your home, but by looking into the positives and the negatives you can decide which is the right choice for you!
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