Choosing between moving house or extending can be a difficult decision and there are some key facts that you need to take into consideration. Detailed below are ten things to think about when deciding between moving or extending.
The most important thing to consider is how much value an extension will add to your existing property. Deciding to opt for an extension to add extra living space to your home could be an extremely worthwhile investment for the future.
Moving home is an expensive process and comes with numerous costs such as stamp duty, and solicitor’s fees. To better weigh up the options, you will need to do an accurate analysis of the costs of moving versus the cost of extending the home, and the value this might add to your property.
Moving home is known to be one of the most stressful events a person who go through in their lives, and although a home extension wouldn’t be without its stresses and inconveniences, these would be considerably less than the process of moving home.
- Searching for a new home
Searching for a new property can be a time-consuming process. Are you ready to start undergoing the search for a new home, or might a new extension be a better, less stressful solution?
- Do you want to get used to a new area?
Another consideration of moving is the fact that you are going to have to get used to a new area. If your existing neighbourhood already offers everything you need, and the current property is close to friends, family, schools and the local facilities, then an extension will be a far better option.
- Future plans
As well as your current circumstances, you’ll also need to consider your future plans. If you choose to have an extension, will this added space be adequate for a new family, or would moving house be the only option?
- Property prices
Housing prices are currently at an all-time high, which means it is not the best time to be looking for a new property. However, if you are in need of extra space, it would be worth considering a home extension; the investment that is made now would add value to your property should you decide to move in the future.
- Ongoing costs
An important factor people overlook is the ongoing costs of moving compared with the ongoing costs of a home extension. Completing a comparison of your estimated ongoing costs of either moving or paying for an extension will help to give you a better idea of which decision will be the most cost-effective in the long term.
- Property potential
Ask yourself what potential your current property has. If you need the extra space, consult a construction firm and ask for their advice. If there is plenty of opportunity for expansion, and you are happy overall with your current property, again an extension would be the best choice.
- Extra space
One of the most vital questions to ask yourself is how much extra space do you need. Will simply adding an extension be enough to give your home the extra living area you require or is moving home the only option to achieve this?