The need for more space is a common problem. It causes a common dilemma too. Should you move home or should you build an extension to your existing home?
It’s a difficult decision to make. But it can help to take a rational look at the pros and cons of each option. Here are some things to consider.
Extend your home
If you are happy in the area in which you currently live, extending your home is the right solution. Carefully designed and planned, a home extension can give you exactly what you want with no need to compromise.
You might not be happy in the area you currently live. For example, if you live in a town, but want to live in the country, an extension will never give you what you need. Similarly, moving will be the best option if you simply don’t have enough land to extend onto.
How does the cost of moving compare to the cost of extending?
One of the first things many clients ask us is, “will we recoup the costs of the extension when it comes to selling?” Broadly speaking, it is true to say that the cost of a home extension is recouped when it comes to selling. That is, the space you add will be reflected in the price when (if) you do sell your home in the future.
The cost of moving home can broadly be divided into three areas. The cost of the extra space you’re buying because you’re moving to a bigger home. The costs associated with the move itself: estate agents, solicitors, removal firms. The costs associated with making your new home fit for purpose: you might need to rewire or want to redecorate. You might even need to reconfigure the space so it suits your needs.
In short, there are costs involved in both moving home and extending your current one. One option may not offer significant advantages over the other. However, estimating the total cost of moving home can help you plan your budget for extending your home.
Understanding the importance of your budget when planning a home extension
We recognise that cost is key for most people. Whenever we discuss a home extension project with a client, we bring up the subject of cost very early on in the conversation. It helps put you at ease and means you can be completely honest and open about what you want and what you can afford. It also helps us to put forward ideas and solutions that are achievable within your budget and give you exactly what you want.
If you’re wondering whether to move or extend, we would be more than happy to discuss the extension option with you. For an informal chat, please get in touch.