Move Home or Extend an Existing Home?

Should I Move Home or Extend an Existing Home?

If you are growing out of your current home then the obvious solution seems to be to stick it on the market and try to move to somewhere bigger. The housing market finally seems to be recovering from one of the worst recessions for fifty years, and it’s not just in the south east of England where property is again moving more quickly. The other option is to extend your house by building an extension onto the side or back of the property, or to go up into the loft space. Each method has advantages and disadvantages, and the decision about what is right for you and your family will depend on a number of factors including where you are located in the UK and what budget you have available.

Advantages of Moving

There are many advantages to moving house rather than extending. Moving gives you the flexibility to choose the ideal home for you, and you are not constricted by the space you have available in your current home or other issues such as getting Planning Permission. It is also a “less hassle” option as it means you do not have to go through the disruption cause to your everyday life by having building work going on in the house. If you live in an area of the country with a buoyant housing market, the whole process could be very quick, with the sale of your house and the purchase of a new one going through in a matter of weeks.

Disadvantages of Moving

The drawbacks to moving house are mainly financial. There is of course the difference between the value of the house you are selling the value of the house you are planning on moving into, but many homeowners also forget to factor in costs like stamp duty, which at 3% on properties valued between £250,000 and £500,000 will land you with a bill for £12,000 on a move to a £400k property. Estate agent fees, legal fees and moving costs could land you with a total bill of upwards of £15k only on the legal costs, not taking into account increased mortgage payments. If you are happy in your current location, the children are settled and happy in schools and you are conveniently located for schools, this can put you off moving too. Also, if you are happy with the style and decoration in your current home, it can be hard moving somewhere else and putting up with swirly wallpaper and 1970s bathrooms just for an extra bedroom.

Advantages of Extending

The main advantage of extending is that you can stay in your existing property, and carry on with life as normally as possible while any building work is carried out. There is no need to move the children out of their schools, no need to leave friends behind and you don’t have to familiarise yourself with a new area. The cost of extending can be less than moving into a new property, and you also have the chance to design your new extension from scratch, to your specifications and to meet your family’s needs. If you have always wanted floor to ceiling windows, or a built in aquarium, designing your own space allows you to let your creative streak run wild. Adding a clever extension which maximises the space in your home can also add value to the property, which offsets the cost of doing the extension in the first place if you are planning on moving at some point in the future.

Disadvantages of Extending

It can be very disruptive and messy to have building work going on in your home, especially if the plans for an extension involve your kitchen and living space. The only option may be to move out completely while the work is being done, which adds to the cost. In some areas, and depending on the style or age of your property, getting planning permission can be tricky too. The whole process of planning, finding a builder who you are happy with, getting quotes and arranging to have the work done is also time consuming, and many people who have busy lives or work full time just cannot commit to the time needed to run a build effectively.