Usually, when it comes to moving property’s, there are a whole bunch of reasons why a homeowner wants to move. Whether it be a family wanting room as their latest member is on the way, or even if you are self-employed and would like a bigger office at home. No matter the reason, there is a lot to consider before the next step.
You may already be in love with your property or the area ion which it sits. But, working out whether to move completely from your property or extend your house. The decision of working out what to do and which option is financially beneficial can be hard.
What do us Brits think? Should you extend or Move?
In August 2019, TSB Bank analysed data around extensions and homeowners moving. According to their data, of those who took part, 41% said they would prefer to extend their property rather than move; That’s two in five homeowners.
On the other hand, the data revealed that 80% believed the new planning laws around planning permission will create disputes between neighbours more so likely. In May 2019, homeowners across the country were allowed to build extensions on their properties without planning permission. Therefore, homeowners are able to add value through the rear of the property.
50% of those asked said they would rather extend their home than move due to attachments with the property.
Should I extend my home?
Generally, extending your property is a cost-effective investment that should over time pay back if you decide to move; although in some cases this isn’t true. If there is demand for a property type similar to yours and the location is in demand, then there is a degree of guarantee that an extension will increase the value of your property.
Extending a property can be, in some forms, be the more sensible approach compare to moving. But the building costs can be a dependant factor whether you go ahead with the extension.
How much does an extension cost?
It is hard to put a figure on the average cost of an extension. Prices will depend on the housing type, size, location and other extra services. But on average some extension services will cost:
- Extension per square meter £1,500-£2,000
- Planning Permission - £190-£206
- Property Surveys – starting price £400
- Architect Fees – Minimum £2,700-£4,000
- Building Regulation Checks – Around 10% of extension cost
But what should I do? Extend or Move?
Even though both situations will create stress, moving properties can be more so stressful. When it comes to extending, it can be stressful due to your property being a building site up until completion. Also, you may have to pay extra costs to move temporarily out for your property, depending on the work taking place.
However, extending your property is a more feasible and cost-effective way. When it comes to selling there are lots of costs that will crop up in the buying and selling process.
Although, if you do decide to have an extension built, remember that you may not always see an investment on your money.