Whether it’s better to move home or to build an extension is a question many homeowners face. The right answer depends on a multitude of factors that reflect the financial and emotional realities of owning a home.
The financial considerations
The first issue to resolve is whether moving home is an option in the first place.
This is relatively straightforward and can be illustrated with a couple of simple scenarios.
Let’s say a great alternative home in the right area would cost you an additional £200,000 (factoring in the cost of the property and the cost of the move). However, for £100,000 you could build an extension that would give you everything you need in your current home. In this case, from a financial perspective it makes better sense to build the home extension.
On the other hand, let’s say a great alternative home in the right area would cost you an additional £50,000 (factoring in the cost of the property and the cost of the move). An extension to your current home that would give you everything you need would cost £100,000. In this case, from a financial perspective it makes better sense to move.
Will my home extension be worth it? looks at this question in more detail.
The emotional considerations
However, the reality is that, for many people, even given the amount of available housing stock, there really isn’t that much choice. Perhaps you can’t find anything in the right location. Maybe other properties lack the years of family history that you associate with your current home and you can’t imagine living anywhere else.
Selling and buying a house is also stressful and time-consuming. If you have had one or two attempts fall through, building an extension can start to look like the better option. Indeed, some clients come to us after trying to sell but then realising it would be a win-win situation to stay where they are and make their existing home work for them.
You should also consider any work that might need to be done on any new home you purchase. If you’ve already completed this work once on your existing home, it can feel frustrating to undertake it again on your new home. The advantage of building an extension is that it gives you the opportunity to design something specifically for you and that is centred around your needs, wants and desires.
Balance your options
In general terms, we advise you to look carefully at your options before committing to a construction project. There are costs and opportunities on both sides and you need to take time to decide which side of the balance is right for you.
Building an extension is undoubtedly disruptive and expensive. If there is a cheaper, easier option in moving home, you really should consider this seriously.
On the other hand, you should also consider the opportunities a home extension could give you. Most of the UK’s homes are built to a standard template of one sort or another. When you take the time to think through what you need from your home and consider factors such as where the sun rises and sets and how you access your garden, you get a much better designed space that works for you perfectly. In doing so, you create something very special and give your home a wow factor you won’t find anywhere else.
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.