As your circumstances change, your family home can start to feel cramped and overcrowded. Whether your family is growing in numbers, or your children become teenagers, the idea of an extra bedroom is no longer a desire but a need. You now want your dream kitchen with open-planned entertainment space, or perhaps you have become self-employed and require your own office. But do you extend your current home or move house?
Ultimately, the decision to extend your home or move to a bigger property is a personal one that depends on your unique circumstances. According to data by TSB Bank, in January of 2023 2 in 5 homeowners, that’s 41% would rather build an extension than move house. As a result of the new planning laws which came into effect in October 2023, 19% of homeowners are now more likely to build a rear extension in the next 3 years due to the new laws allowing the right to build larger rear single-story extensions.
So, what else might impact your decision to extend your home rather than move?
Assess your current and future space needs for you and your family. Anticipate future lifestyle changes, such as growing families or the need for additional space for work or hobbies. Ensure that your decision aligns with your long-term plans. If your current home can accommodate your future needs with modifications, an extension may be the best option.
Compare the costs of extending your current home with the costs associated with purchasing a larger property. Consider not only the cost of construction but also other costs, such as permits, design fees, and unforeseen issues during the renovation. You need to consider the costs associated with moving such as stamp duty, removal costs, search fees, Estate Agent, legal, and Surveyor fees as well as increase in taxes.
Evaluate the property market in your area. If property prices are high, it might be more cost-effective to extend your existing home. Conversely, if property prices have reduced, then it may be best to move home.
Will an extension increase the value of your home? Various types of extension projects will be beneficial to the value of your house and guarantee a return on your investment. Nationwide’s research on the value of improvements to an average three-bedroom house found that an extension creating a double bedroom and en-suite can add up to 23% to the value of your property. An extra bathroom could add up to 6% and an additional double bedroom can add 12%.
Do you or any of your family have an emotional attachment to your current home and neighbourhood? If you have strong ties to your community, schools, and neighbours, extending your home allows you to stay in the same location.
Investigate local planning and building regulations to understand the feasibility of extending your home. Some areas within the UK may have restrictions on the size and type of extensions allowed.
Consider the disruption associated with the construction of your extension v’s the disruption of moving home. Extending your home may involve living in a construction zone for a period, but with the right building contractor, this disruption will be managed and kept to a minimum.
Assess the energy efficiency of your current home and the proposed extension. Improving energy efficiency during an extension can lead to long-term cost savings.
Examine your financial situation and determine how you will finance the extension or a potential move. Consider mortgage rates, loan options, and budget constraints. It is advisable to discuss this with a qualified financial advisor or mortgage consultant to understand your affordability.
Look at your long-term goals. It may be helpful to consult with an Estate Agent and Building Contractor. Remember a dream starts with a vision, and there is nothing more exciting than seeing your dream become a reality. Call us today and let’s see if 2024 is the year for you and your home.
