A common question we’re asked by a lot of clients is whether it’s better to extend your current home or sell up and buy a new one. There’s a lot of different factors involved but we’re going to help you think through the two options and what works best for your situation.
While there are a number of things to consider, we’ve taken four of what we believe are very important. They make a great starting point when you reach this decision.
Evaluate the cost versus the return
One of the biggest considerations of this decision is down to money. Building an extension is going to cost you in design and architect fees, construction costs and planning permission. The bigger the extension, the more it’s going to cost and you are going to have to put up with the work until it’s complete. It might be a loft conversion, digging out a basement or extending into the garden, but it’s going to cause some disruption.
Balance that price against the cost of selling and buying a new home, possibly a different type of home if you’re looking to start a family. The area might be more expensive as well.
If an extension is worthwhile, there’s a good chance it add value to your home when you come to sell in the future but there are occasions when it might not so think carefully before acting.
What extensions are available?
Some properties can be extended while others can’t. A first floor flat has very few options available while a home with a small or no garden is going to have problems too.
Extending into the garden is a popular option for many homeowners but using too much of that open space is not going to appeal to buyers who like to spend time outside so finding that balance is crucial.
In some areas of the country, green space is incredibly valuable so loft or basement conversions, while expensive, can be a fantastic way to add more space if done properly. Ensure it has all the right plumbing, drainage and heating the rest of your home enjoys and you’ll definitely add value.
Take a look around the area
It’s worth looking around the local area to see what else is available – even if those properties aren’t on the market. Are there are a lot of homes with extensions that would be more eye-catching to prospective buyers? That indicates that a lot of people have faced the same question you do now. IF you know them, start a conversation.
If any are on the market, watch how quickly they sell compared to houses without. This will prove a great indication of whether an extension is right for your home and will add the value you need in the future.
If there aren’t many extensions around you, it may be that the community in general don’t feel the need or planning permission is difficult to receive. All of which can be contributing factors to your decision.
Does either choice fit into your plans?
It’s important to consider your current situation before you make a final decision on whether to extend or sell and buy. Do you have children that are growing up and need their own rooms or more space to play or invite their friends? Are you working from home and need more space to operate from without interfering daily family life? Are you happy in your current location?
These are just some of the questions to ask that could – and should – influence your decision. Do you have the funds to pay for the extension or the cost of buying a new home?
When you have the answers to these questions, you’ll be in a better position to make the right choice for you and your family.
Make the right choice
Whatever extension you choose, if that is the route you decide to follow, make sure it compliments your home. An extra space for your family to relax in without improving bedroom sizes can affect selling it in the future. Think carefully and even getting some outside opinions can help you strike the right balance for your immediate needs and future plans.
As we mentioned at the beginning, this is just a starting point but it will help you get started. If you have any questions, or want to discuss any of the factors in more detail, please get in touch with us today.