If your home seems to be getting smaller every day, either because of your family is getting bigger, you took up some more hobbies or your kitchen table does not suit you as your home office anymore, the obvious solution might be putting it on the market and move to a new and bigger property. But what if you like your current home, the area and neighbours, and idea of moving somewhere else does not feel right? What about extending your current house? Tough decision? This really depends on your budget, type of your property and where in UK you are located. Bellow we will talk about pros and cons of each of the choices.
Advantages of Moving
There are definitely lots of advantages when we are talking about moving. And the decision might be done for you when there is no garden space to extend to or loft to convert. When changing your home you can enjoy the benefit of not being restricted to your house and you can choose the dream house for you. This is a 'less hassle' option as there won't be any building work in the process. If you live in an area where the housing market is buoyant the process might be really quick. You can simply pack, move, unpack and enjoy.
Disadvantages of Moving
One of the biggest disadvantages of moving are mostly financials. First of all you need to think about the difference between the value of your current home and the new property. Also, stamp duty which is 3% has to be factored in - this applies on properties valued between £250,000 and £500,000. It means you will pay 15k on a £500k property. Other fees that needs to be counted are estate agent fees, legal fees and also cost of the actual moving can get up to another 15k. Other then financials, moving might not be that easy if you like the area you live in, your kids are happy with the schools and you get along with your neighbours it might not be that easy to say goodbye and go through the hassle of starting a new life in a new area.
Advantages of Extending
The main advantage of house extensions in London is pretty obvious and it is no need to move. You will stay in your area, your kids don't have to change their school and you don't need to say goodbye to anyone. It is also often a cheaper option and you can still do pretty lot structural and design changes to your home. When done properly and with a appropriate preparation your current home can change completely and meet your actual needs. It does not only allow you to stay at your home but also increases the value of your property considerably. Adding a new bedroom at price of 15k can add up to 30k of property value, even more when in high-valued London areas. Important is to find a reliable contractor and architect and you can do wonders with your home.
Disadvantages of Extending
Disadvantages of extending your current home are mostly having a work done in your home. Best solution would be to move out for the time of the construction but this can add to cost. Having builders in house is mostly uncomfortable when doing work in main living areas like kitchen and living room. This can be avoided when communicating regularly with your contractor and agreeing on rules so both parties can live through the construction happily. As construction can take up to few month when doing big structural changes, make sure you are ready for this kind of life for few months. Also, getting a building permission might be hard in some areas depending on the type of your property. Ask your architect and builder and I am sure they will be happy to help.
Whatever your decision is, make sure you will prepare properly. Talk to your architect, contractors and an estate agent what would be the best solutions for your house. It is a costly decision and I am sure that every house owner is not only trying to get a more space for the family but also invest wisely.