Extend Or Move – Which Is Right For You?

14 Apr Extend Or Move – Which Is Right For You?

As a homeowner, it’s often the case that you’ll have a love/hate relationship with your home. Perhaps you love it, but there’s a lack of space for a growing family, or you love its location but need an upgrade? Or you may just be lost for ideas or inspiration on what to do next. Whatever the reason, deciding to move house or extend your current home can be difficult. So, whether you’re new to the housing market or a seasoned homeowner, in this article, we’ll explore the issues to help you decide whether it’s better for you to move house or extend.

Moving house vs extending

Depending on your circumstances, there will usually come a time when your home might be a little tightly packed. Often, a growing or extended family with additional people will make your home feel smaller than it used to. Or your lifestyle choices may change, and you want a home office or more entertaining or family space.

Choosing to move or extend will always depend on a range of factors. But more often than not, costs will play a significant role in your decision.

Moving or extending – how much can you afford?

While weighing up your options, your main consideration will usually be how much you can afford. You’ll know your budget if you have savings or easy access to funds. But if you need to borrow money, you’ll need to check to see how much you can get, which could be your deciding factor.

Now you can start thinking about what you could get for your money and whether moving home is worthwhile. House prices may have risen, so moving to a larger home may cost more than you can afford, especially when the associated costs, including all the moving fees, agent commissions, and stamp duties, can reach £25,000 and upwards.

If you choose to extend, while you’ll save on all those fees, you’ll need to consider what it will cost to build the extension and what challenges you’ll have to overcome in order to fully evaluate both options. Depending on what you need and the extension type, these costs can include architect’s fees, planning permission, and building regs on top of the building costs to create the additional space you desire.

The pros and cons of moving house

As with many things, moving house has many pros and cons. While there might be plenty of advantages, it can also be a daunting prospect with much to consider. Let’s look at some of the pros and cons of moving house.

The pros of moving house

✔︎ It’s an opportunity for a fresh start

✔︎ It will give you more space to accommodate your needs

✔︎ You have the chance to move to your desired location

✔︎ Better access to more amenities

The cons of moving house

✘ Moving costs and fees can be expensive

✘ The emotional stress of leaving your home

✘ The risk of not liking your new location or neighbours, even if you like the house

✘ Time-consuming and costly moving process

✘ Your new home might not meet all your expectations

The pros and cons of extending your home

Extending your current home might be a viable option depending on your needs and available space. But it’s essential to take a balanced view before deciding. Let’s look at some pros and cons of extending your home.

The pros of extending your home

✔︎ You gain increased living space without having to move

✔︎ It’s likely you’ll be adding value to your home

✔︎ You could achieve your ideal living space under permitted development

✔︎ The process should be less disruptive than moving

✔︎ It can be a cost-effective option compared to moving

The cons of extending your home

✘ It can bring hidden costs, especially if additional structural work is required

✘ You may need planning permission if your extension is outside permitted development

✘ Neighbours might object to your extension

✘ Disruption to your routine and home during the build

What’s the cost of extending your home?

The cost of extending can vary greatly. For example, a single-storey extension which adds more living space could cost between £2,100-£3,000 per square metre (m²). Two-storey extensions tend to add more value for money, with the cost of the additional space created over the first floor ranging between £1,600 – £2,300 per m².

These costs are average and will depend on different factors, such as the style and size of your extension, the materials used, the quality of finish, and any access restrictions. To determine whether your extension will be worth the cost, you’ll need to consider the potential increase in your property’s value and weigh that against the cost of the extension.

Is extending your home worth the cost?

Done well, extending your home can be a great way to add value to your property, but it’s important to consider whether the cost will be worth it in the long run. One way to get an idea of how much value an extension can add to your home is to look at similar properties that have already been extended, giving you a rough guide to your potential return on investment.

In the short term, you’re unlikely to increase the value of your home significantly enough to cover the full cost required to create the extension you want. There are limited exceptions, but these are rare. You’ll need to come to terms with the additional cost as being worth your investment, so you and your family can live and enjoy the lifestyle you aspire to.

It’s not all about the money – what about the emotional value?

Creating a larger or open-plan kitchen/diner or a stunning roof terrace with incredible views will let you entertain friends and spend more time together as a family. Additional bedrooms would allow you to entertain friends and family members over the holidays, without worrying about where they might sleep. An indoor pool with gym and sauna, could provide the life transformation you’ve always dreamt of.

These experiences can offer almost priceless enjoyment. Your home extension will almost certainly be one of the largest financial investments you’ll make, so you need to be certain it’s one you can afford financially. And although the financial investment can be substantial, when your home extension is designed around your specific needs and requirements, these experiences come as part of the package.

In other words, if your home extension allows you to create your dream home, one you’re proud of and love living in, the emotional value you gain can far outweigh the financial cost.

Extending your home with Unicorn Construction

Ultimately, deciding whether to have an extension will depend on your circumstances, financial situation, long-term plans, and personal preferences. But now you’re aware of just some of what’s involved, you’ll have a better idea of whether it’s the right choice for you and your home.

But it’s always worth getting expert advice and early engagement on the process before you make big decisions, which is where Unicorn Construction can help you. Whatever questions or ideas you have, our experienced team can advise you on everything involved and what you can expect with your home extension.

Call us on 01626 364 521, email [email protected], or message us today and let us create a house you’ll love coming home to.