If you're feeling cramped in your current home and are considering either moving to a new property or extending your current one, there are pros and cons to both options. Factors to consider include your budget, the type of property you own, and your location in the UK.
Why Moving Could Be the Best Decision for You
One of the main advantages of moving is that you have the opportunity to choose your dream home, rather than being limited to the structure and layout of your current property. Additionally, moving can be a "less hassle" option as there won't be any construction work involved. If you live in an area with a strong housing market, the process of selling and buying a new home may be relatively quick.
The Challenges of Relocating to a New Home
There are several financial disadvantages to consider when moving. Firstly, you'll need to take into account the difference in value between your current home and the new property. Additionally, stamp duty (a tax on property purchases) may be applicable if the value of the new home is between £250,000 and £500,000. Other costs to consider include estate agent fees, legal fees, and the cost of the actual move, which can easily reach several thousand pounds. In addition to financial considerations, moving can be difficult if you have strong ties to your current community, your children are happy in their current schools, or you have good relationships with your neighbors.
The Benefits of Staying Put and Extending Your Home
The main advantage of extending your current home is that you won't have to move and can stay in your current community, with your children in the same school and maintaining relationships with neighbors. House extensions can also be a more cost-effective option, and with the help of a reliable contractor and architect, you can make significant structural and design changes to your home. Extending can also significantly increase the value of your property, with the addition of a new bedroom potentially adding up to £50,000 to the value of a home, particularly in high-valued areas of London.
The Pitfalls of Undergoing a Home Extension
The disadvantage of extending your home is the potential disruption to your daily routine during the construction process. It can be inconvenient to have builders in your home, especially if the work is being done in main living areas like the kitchen and living room. This can be mitigated by communicating regularly with your contractor and setting clear rules and expectations to ensure a smooth construction process. Additionally, obtaining building permits may be difficult in some areas depending on the type of property you have. It is important to consult with your architect and builder to determine if this will be an issue and how it can be addressed. Finally, depending on the scope of the work being done, the construction process can take several months to complete. Make sure you are prepared for this level of disruption to your daily routine before embarking on a home extension project.
Weighing Up Your Options: Moving vs. Home Extension
So, which is the better option for you: moving or extending? Ultimately, it depends on your budget, the type of property you have, and your location. Moving allows you to choose your dream home and may be a quicker option if you live in a strong housing market. However, it can be expensive with stamp duty, estate agent fees, legal fees, and moving costs. On the other hand, extending your current home allows you to stay in your current location, avoid the hassle of moving, and potentially increase the value of your property. It can also be a cheaper option if you are willing to do the work yourself. However, it does involve having construction work done in your home, which can be inconvenient, and getting building permission may be difficult in some areas. It's important to consider all of these factors and to talk to professionals before making a decision.