Need more space…? there could be a number of reasons why you do, maybe you are outgrowing your current home? Whether it’s because you require another bedroom for a new addition to your family or maybe you would just like an extra room for a dedicated home office you may be stuck with the dilemma between extending your current home or upping sticks and moving entirely.
So do you move to a larger home, or if you have the budget and land, extend your current property? In this article we’ll highlight the advantages and disadvantages of each option to help you make the decision that’s best for you.
Extending your home
Extending your home is dependent on 3 things, your budget, your circumstances, and whether you have enough land adjacent to your home. If you do have the land available, an extension might be a more viable option than moving home, especially if you live in a location where the difference in cost of a house compared to the next size up is a considerable amount.
Extending your home can create hassle, for example, you may be unable to access your drive or use your garden for a couple of months. But you will have the advantage of not needing to move, so therefore, you are not dependent on selling your property and having to search for a new one that matches your requirements.
As with moving properties, the cost of extending your home can add up. You have the initial costs of hiring an architect to draw up the extension plans. You will also have to obtain planning permission and building regulations approval from your local council, the council charges a fee to submit both of these applications.
The building fees are likely to be your largest outgoing, and depending on the type of extension you are planning, there might be additional costs. For example, if you knock down an outside wall to extend a room, you will need to pay a structural engineer to work out the size of the RSJ and a surveyor to work out the cost of the beam.
On some occasions, plans may need to be amended after work has begun and this can also involve extra costs. The majority of building companies will quote you for what they can see, your original quote can chance if additional work is required below ground. If certain areas of your garden are taken up during the building work, you may also have to pay for your garden to be landscaped.
Adding a Conservatory
Conservatories are one of the best home improvement options when it comes to increasing your current living space, especially if you don’t have the budget for a full blown extension. Adding a conservatory is quicker and more cost effective than typical bricks and motor extensions.
A major difference between the two is that you may not need planning permission for your conservatory, as depending on your conservatory you may be able to build and erect it under permitted development legislation.
Further to this is the added value to your property. According to a survey by Towergate Insurance, conservatories can increase the value of a home by up to 5%. If you were to opt for a conservatory you would need to consider the design very carefully as some conservatories can end up looking like a bolt on to a property.
Moving to a new home can cause stress, dread or fill you with excitement, depending on past experiences. It provides you with the option to search for your ideal property, possibly in a new area.
It may bring benefits such as extra space, a more spacious garden, or the property may be in a more suitable location. However, there a number of costs involved with moving home. Obviously, you have the hassle and costs involved with selling existing home.
Estate agent fees can also add up to a hefty amount these days, with fees of around 1.5% of what your home sells for. You will also have to pay stamp duty on your new property; this is around 1% of the value up to £250,000, this is upped to 3% if the home you purchase is worth more than £250,000 but less than £500,000.
Depending on your location there are an increasing number of properties that fit into the 3% bracket. Solicitor fees and removal costs can add up to £2000, and then there are the increased mortgage repayments.