Move House or Extend?
For a lot of our clients, we are often initially approached with the query of whether they should extend their home, or simply move to a larger property. We often go through the key factors of moving or extending and highlight the possible downfalls and most importantly, the expenses.
Finding a new home
When moving house, there will be the burden of the sale of your own property and the hunt for your new one. The sale will be timely and can often prove difficult depending on the price you are looking for and the overall condition. Selling your home and moving will always be a stressful time and requires patience.
House prices are rising constantly, in particular, within London. To find a larger property for either the same price or approximately £30,000 – £60,000 more does not always mean you will find what you are looking for. The indicated price is a common estimate for most residential extension. Moving to a larger property will often cost more than building an extension based on the figures above. If you are looking for an additional bedroom, the cost of building the extra bedroom is usually cheaper than moving to a larger house.
Choosing a new area
Other factors to consider with moving are your location and possibly how far away you will have to move to be able to afford a larger property. When you have lived in an area for a number of years, it can be hard to move away because of friends, family, jobs or schools etc.
When extending your property, there will be the first steps such as applying for planning permission, finding a reliable builder and the overall burden of having to live in a building site for the duration of the project.
The construction process can be timely and stressful, with the associated factors of construction, i.e. building materials, dust and noise. Many people would rather avoid the whole construction process altogether.
Finding a Builder
Finding a builder that you can trust is not always easy and relying on recommendations can also prove difficult. When choosing your builder, you will often find very large price differences, which is worrying and will often cause you to question their ability and what the final product will be.
Generally speaking, the price of an extension is approximately £1000, to £1600 per square meter. With the average extension costing approximately £30,000 to £60,000. When we are approached to carry out design and planning drawings, we often ask for the clients construction budget and overall requirements for the extension, e.g. additional bedroom, larger kitchen or possible work / office space. By establishing the requirement and budget, we will design what it suitable and feasible for the client to have their desired extension.
If the client has over ambitious ideas which are either not feasible with the construction costs, or are not feasible with planning policies, we often make this clear in advance and suggest that moving would be more beneficial.
When a client decides to extend their home they will obtain the benefit of being able to personalise their property, as well as creating further refurbishment works to the existing property. The cost of an extension can often be easier to fund in comparison to remortgaging to purchase a new property.
By extending your home rather than moving, there will be the value added factor to your property, which will increase the sale price. The extension and any refurbishment works will enable you to customise your property to your exact needs for spatial and interior design. When moving, refurbishment and decorating works are often an additional cost that will have to be considered.
The bottom line is that finding the larger property in your desired area, and finding a larger mortgage can be difficult and cause a strain on income. When extending the capital required is usually significantly less in comparison to the expense of moving to the larger property.