Is It Better To Move, Or Extend Your Home?

Is It Better To Move, Or Extend Your Home?

If you have reached a point in your life when your home just isn’t big enough for your individual needs, you need to make the difficult decision to either move into a bigger home or simply extend your current home. Making up your mind can be difficult, which is why it is best to weigh up the pros and cons of each option. This way, you can better determine which option is more suited for you and your family.

Extending Pros
Choosing to extend your home rather than move may be the ideal option for many people. It can be less stressful as you won’t have to worry about packing up your current life to move into a new home in a new location and having to settle in all over again. The cost of moving is sufficiently higher than the cost of extension. During extension it may be a good idea to move certain possessions into a Ready Steady Store unit. This will ensure that your items remain safe during the busy process of extending.

Extending Cons
Despite the fact that moving house will cost a lot more money than simply extending your current property, it still doesn’t come cheap. According to the average price of extension in the UK is approximately £1,000, to £1,600 per square metre, costing an average of £30,000 to £60,000 in total.

You will also be charged VAT at 20% on all of the construction work carried out. Other costs include paying for an architect and submitting planning permission plans to the council which can be quite time consuming when waiting for a response. If you are expanding your house to take up garden or parking space, it may be even more difficult to sell the property later down the line due to the reduction in garden/parking space

Moving Pros
Moving house in search for additional space is an option that many people choose to do because it is far less time consuming. Simply pack up and let the removal van do all the heavy lifting. It can be exciting to move home, especially if it is to a new area. You will end up saving money that you would have spent hiring construction workers and an architect for the extension to your home and it is an almost immediate solution to the limited space problem.

Moving Cons
Moving house can be stressful and often problematic in some cases. You will need to sell your current home first and once that is done you will need to adjust to a new location and your new home. Moving is also the more costly option and according to The Guardian you will end up paying for many different services such as estate agency fees, solicitor’s fees, search fees, removal costs, survey fees and the possible cost of decorating.

Choosing the right option often comes down to your budget. Can you afford to extend your home or would it be wiser for you to move into a larger house with additional space? Take time to make your decision and ask your family and friends for their thoughts and advice on the matter before making your final decision.