Extending Vs Moving- What to Consider

There may come a time in your life when your home no longer meets your requirements. Perhaps you've welcomed a new baby or your children are now in their teens and requiring more space. Whatever your reasons for needing more space, one thing is for sure, deciding how to make this a reality will certainly take some consideration. You may be weighing up the decision of whether to move house or to get an extension. Whereas both can be costly options, there are definite pros to each, as will be discussed in this article.

Here are some of the main points to consider when it comes to making that all important decision of whether to extend or to move.

Area
Considering the area you are currently located in, in comparison to one you may potentially move to, can help you weigh up the decision. If for example, your current home is in a great location with good schools nearby, you may be keen to hold on to it and explore the option of extending your home. If however, you can afford a home in a more desirable area to your current one, you may be keen to sell.

Disruption
It's worth considering the impact of the disruption that an extension or moving house will cause. When it comes to extending, you'll be living on a building site for several months which can be stressful, particularly if you have small children and pets to look after. Moving house however can be a lengthy and stress inducing process!

Requirements

Taking stock of what you currently have in your home against what you can potentially buy can help with the decision process. Perhaps your current home already has some desirable features such as a large garden, a driveway, storage space etc, but you simply need a little extra room. If this is the case, looking at what is available to buy in your price range will tell you if you can buy a house that still ticks every box with the addition of more space or if your current home is still the best option for you. You may also be able to determine whether you can make the most of the current space you already own for example, by considering loft conversions. A company like Live in Lofts will efficiently facilitate your loft conversion.

Finance
When you are making the decision of whether to move or to extend, your finances will definitely play a part in the final decision. Having a look at what size mortgage is available to you will enable you to see what options you have. When it comes to remorgaging for a home extension for example, you take the amount left on your current mortgage, add the cost of your home improvement project, then apply for a remortgage for the total amount. Your repayments will then increase so it's important to factor this into your decision. Using a remortgage calculator can help determine if this is the right decision for you. 

Weighing up the costs of moving house against the costs of extending will also help you edge closer to that all important decision. When moving house, you have to factor in costs for legal fees, stamp duty, estate agent’s fees, building survey fees and the cost of removal services. With extending, there are building costs, fees for the architect and structural engineer, costs for the planning application and building regulations as well as the fitting costs for your new bathroom or kitchen, for example.

Determining just what options are available to you can help you weigh up the pros and cons of each decision. Ultimately, finding the answers to the following three questions will help you edge a little closer to that all important decision; Can you afford a bigger house, can you afford an extension and will an extension add any value to your home?

*Collaborative Post