When faced with the need for additional space, many homeowners contemplate moving to a larger property. However, there is a cost-effective and convenient alternative that can provide the extra room you desire without the hassle of uprooting your life: extending your current home! Adding an extension to your existing home offers a range of benefits that make it a better option than moving. In this article, we will explore the advantages of home extensions, including increased living space, personalised design, cost savings, and neighbourhood familiarity.
With the rising costs of moving home including mortgage rates, estate agent fees, stamp duty costs, deposits, conveyancing, redecoration and removal fees to name a few, moving home is not cheap. It is also no wonder that 2 in 5 people would now rather build an extension rather than move!
First, let’s look at some of the most common reasons why you should contemplate adding an extension to your home instead. If any of these apply to you, read on for how an extension can help meet your needs.
– Your family is growing up but have not yet flown the nest
– Children are in school locally
– You need more space
– It’s time for a change
– You are concerned about the cost of moving home
– You have a good relationship with your neighbours
– You want to avoid the stress of moving
– You are considering moving, and want to add to your property’s value
Additional living space
Whether you require an extra bedroom, a home office, a playroom, or a larger kitchen, an extension can be tailored to meet your specific requirements. You have the freedom to create the perfect space that fits your lifestyle, without the constraints of limited room sizes in a new property. If a factor in your decision is that your children have not yet flown the nest, additional living space could give you and your partner somewhere cosy to have some time away from the kids.
It’s time for a change
With a home extension, you have the opportunity to personalise the design and layout according to your preferences and vision. You can work closely with your construction company, architects and designers to ensure that the extension seamlessly integrates with your existing home, maintaining its architectural style and character. From choosing materials and finishes to selecting fixtures and fittings, every aspect of the extension can be customised to reflect your taste and create a cohesive look. Alternatively if you want to make your home more open plan, you could consider knocking walls through to create a greater sense of spaciousness.
You are concerned about the cost of moving home
In many cases, extending your home can be a more cost-effective option compared to purchasing a new property. The costs involved in moving, such as real estate agent fees, stamp duty, legal fees, and removal costs, can add up significantly, not to mention the stress and time it takes to find your new house! By opting for a home extension, you can allocate your budget towards the construction and design of the extension, ensuring that you get the maximum value for your investment. Read more about the price comparison of moving home versus extending your home here.
You have a good relationship with your neighbours
Moving to a new area means adjusting to a new environment, getting to know the neighbours, and familiarising yourself with local amenities. By staying in your current location and extending your home, you maintain the familiarity and comfort of your existing neighbourhood. You can continue to enjoy the conveniences, schools, parks, and community that you have grown comfortable with which can be particularly beneficial for your family members if they have close connections where you live too. There is also a lot of research that goes into moving home, including checking local crime statistics, the resale value of properties in the area you may be considering, as well as all of the costs incurred each time you do move.
You want to avoid the stress of moving
Moving to a new property can be a stressful and time-consuming process. It involves packing, coordinating logistics, and adjusting to a new living environment. An extension can also help you avoid all of the research and arrangements with regards to moving companies, construction companies and decorators to get a new house looking and feeling the way you would need it to, plus you can avoid being stuck in a chain waiting for the seller to be ready to move. By choosing a home extension, you can avoid the upheaval and disruption that comes with moving. You can continue living in your home throughout the construction process, minimising the inconvenience and maintaining a sense of stability.
You are considering moving and want to add to your property’s value
A well-designed and properly executed home extension has the potential to add significant value to your property. The increased living space and enhanced functionality can make your home more appealing to potential buyers in the future. This means that not only are you investing in a solution that meets your current needs, but you are also making a smart financial decision that can potentially yield a return on investment when it’s time to sell.
Are you still on the fence? When we have spoken to past customers, we have asked them what questions they used to help them decide. We hope this will assist you in making your decision.
Will an extension add value?
The most sure-fire way to get an estimate of how much value an extension will add to your home is to visit a local estate agent. They will be able to advise you on key features that buyers searching in your area are looking for as well as any potential limits on sale value. You can also scour Rightmove to look for properties in the area that have extensions, and look at their sold prices through the years prior to the extension being in place.
Can I afford an extension?
This will depend on the nature of the type of extension and whether it is a single or double storey extension. You would also have to factor in different localities rates, the amount of redecoration or change of materials and whether you have the right to extend under permitted development. Remortgaging your home and releasing equity may be a way that you can fund the extension, and increase its value in time for the next remortgage.
Can I afford to move house?
Again, this question contains a number of variables. The average cost of a house in the UK as indicated by the Office of National Statistics was £288,000 in February of 2023 which is £16,000 higher than the 12 months prior. Obviously house prices are hugely dependent on location and size of property. This does not include the cost of moving house, conveyancing and legal fees, mortgage broker and application fees, redecoration or reconstruction, home insurance, life (if covering the cost of the mortgage) and more.
Contact Us
Extending your home can help alleviate many of the reasons behind why you may be considering moving home. If you are looking for a professional construction company in Keighley, Skipton, Silsden or Bingley or Ilkley we’re here to help. Fill out our contact form today for a non-obligatory consultation or ring us on 01535 653530.