Should you extend or move home?
You’re happy in your current home but space is starting to be a premium. Perhaps you’ve had a few additions to the family or simply need more space than what you once had. When the amount of space becomes all too much to bear, the natural instinct for most is to look on the property market to see if there are any suitable houses that they can move to. But what about extending your current property?
If the move is also tying in with a move to get closer to schools, family or work, or you live in a flat then the answer will already be made for you. But if you are happy in the area you live, the decision may be more difficult to make.
Is it better to extend your current property?
Having an extension is an option that more homeowners are contemplating if their local property market is maturing.
The main draw of extending is that it adds value to your property. How much money the extension will add depends on the type of work and what it adds to the property. But as we’re sure you know, there is the cost of the construction work to take into account. It is no good adding £15,000 to the value if you spend £20,000 on the work.
Most extensions pay their way and many can yield a profit, though results range. Nationwide figures show that a loft conversion is likely to see a rise of 21 per cent on the value whilst adding an extra bedroom adds 11 per cent.
Renovating may work out to be the cheaper option, but it is hard work and some people aren’t made for the chaos and disruption to daily life.
Is it better to move house?
If local property prices are rising continuously, a move to a new home can make sense as you can progress up the housing ladder and make more profits on a larger home.
Building an extension can also be extremely tiring and can see a mounting sum of costs and fees – not to mention the amount of stress it bring through however many months the process will take to complete.
It’s true, moving house can be a stressful process too, but there are ways of making a house move easier. Like we said, if you’re already happy in your current area, a local move already eliminates much of the stress. Although you still have to pack and move, you don’t have to adapt to new surroundings.
Sometimes it’s about more than just space, and the decline of space only serves as a sign that it is time for a change and new beginnings in a new property.
Hopefully this article has helped to get your brain ticking and weigh up the pros and cons of extending and move. However, the right decision ultimately depends on your unique circumstances. If the money aspect is important to you, perhaps get a quote from a building property and get a valuation on your current property.
Market Harborough estate agency
At Naylors, we don’t pretend to understand the whole of the UK’s property market – but with over 10 years’ experience working in Market Harborough, we do about the town and the surrounding area because that’s where we direct all of our time.
For advice about a move or property valuation in Market Harborough, get in touch today by calling 01858 450 020.