Are you wondering whether it is better to extend your current home or move to a new home? Choosing between moving to a new home and extending your current home can be quite difficult. Both of the processes can be quite costly and disruptive. However, each option has various benefits.
As your family starts to grow, your current home may begin to feel quite cramped or may not be suitable for your needs anymore. So, how do you figure out if an extension or a new home is the best option for you and your family? Below, property and construction expert Natalie Mitchell at HomeHow.co.uk will go over three of the most important questions that you need to ask yourself if you are struggling to choose between moving to a new property or extending your current property.
Will An Extension Add Value to Your Home?
When making the decision to extend your current property, it’s important to consider if an extension is the right choice for your specific home. If you get a poorly executed or inappropriate extension, this could reduce the value of your home, which isn’t favourable if you decide you want to move home later down the line.
It is important to keep in mind that any exterior work on your home will impact the amount of open land that you own. So, when making the decision, make sure you’re aware of what you’ll be losing as well as what you’ll be gaining.
There are many different types of extensions. With this in mind, there is a good chance that you can find an extension that suits your needs and helps to increase the value of your property. Adding an extra bedroom to your home can increase its value by around 15%. Extending your kitchen or bathroom can add around 5% to the value of your home. Consider your needs and what you’re looking for out of an extension.
Do You Have The Budget For An Extension?
Extensions can be quite expensive, depending on the size of the extension, the type of extension, and the materials used. Consider your budget and think about how long you plan on staying in your current property.
If you see yourself moving home within a few years, then you may want to consider whether it would be worth investing in an extension. The average cost of a one-storey extension is around £1200 – £2000+ per square meter. It may cost more depending on the location of your property.
In addition to paying for the extension itself, there are some other things that you’ll need to consider, such as the cost of planning permission, which is usually around £200 or more. Plus, you’ll also need to factor in any additional costs for fixtures and fittings in the new room.
However, one thing to note is that while extensions can be expensive, it usually costs a lot less to extend your home compared to moving home. This is especially true if the reason for the extension is that you need more space. Buying a larger property than your current property will work out more expensive. Plus, you’ll have to factor in all of the additional fees involved with moving home. It’s important to carefully consider your budget and be realistic when thinking about the amount of additional space you need.
Can You Afford a New Home With Your Budget?
If you feel like you have outgrown your current home but don’t want to go through the hassle of extending it, then it may be time for you to start thinking about moving house. The best way to decide if moving home is right for you, then you will need to go through a simple budgeting and cost-benefit analysis.
It is important to consider your budget based on your current home’s value and the predicted value of an equivalent extension that would fulfil your need for extra space. This is the best way to work out which option would be the most affordable and beneficial to you. This will also allow you to go into the buying market with a clear idea of what you can afford when looking for a new house. At this point, you may realise that an extension is actually a better option for you.
If you are planning on moving to a new house and then add an extension to the new property, it may be work checking beforehand to see if these plans are acceptable. You can do this by looking at the current local planning laws for that particular area.
Final Thoughts
Both extending your home and moving to a new home come with several pros and cons in the end. The best thing that you can do is consider your options carefully. Weigh up the pros and cons based on your specific needs and keep your future needs in mind as well. Neither of the options is necessarily better than the other. It is simply down to personal preference and will also depend on your current financial situation. Home extensions and house moves are both big decisions to make, so if you’re struggling to choose which is best for you, be sure to take some time to weigh up the benefits and potential setbacks and consider what you may end up gaining and losing with each process.
