Many people will face this issue at some point in life: their current residence no longer meets their needs in terms of facilities or rooms.
Perhaps you need space for a living room, or perhaps your family is expanding and you require an additional bedroom, or maybe you need a large kitchen dining area. Under some situations, such as if you live in a first-floor apartment and want a backyard, you have no choice but to move. If your home has the room for an expansion or an attic, shed, or basement that could be converted, the choice would be more difficult. A state of dilemma might occur "Should I stay or move?" Here are some main things to consider whether you're debating whether it is worth moving or staying or to expand and develop your existing home:
Due to the home prices, high mortgage interest, and a shortage of suitable existing homes, we are seeing increase in house extensions as the families demand more accommodation. Building an expansion makes economic sense at a time when housing prices are relatively stable: according to BBC data, the rate of home transfers has dropped by half in the last decade as people now choose to enlarge their houses.
Enhancing and expanding your home is an appealing choice if you enjoy the place, if you have nice neighbors, or if your children are settled at a good nearby college. If your home has a suitable loft or basement for transformation, or perhaps another field such as a side exit with the possibility for an addition, a renovation project will not only provide you with more space, but it will also increase its value: converting a two-bedroom house to a three-bedroom house will significantly improve its sale price. You will get a short quote here to help you figure out how much a normal extension on a property in your area would cost.
Some extensions can offer more benefit than others, so it's important to do your homework. A loft conversion that adds another bedroom and bathroom will boost the value of your home by up to 20%, while adding another bedroom would boost it by 10%. A conservatory is one of the simplest ways to acquire more space, according to estate agents Savills, since today's home buyers demand a second bathroom as normal, and adding one will just add 5% to the valuation of your home. A conservatory that enhances the structure of the house could see its value rise by about 10%.
The financial feasibility of an extension is also influenced by where you are in the world. In Bedfordshire, for example, a £300,000 expansion will raise the sale price by £57,000, or about £5000 more than the build rate, while in Swindon, the benefit will be just £66. A £50,000 expansion on a house worth between £1 and £2 million would add £212,000 to the valuation in central London, which is a completely different situation.
Consider the home conversion or extension's practicality and appeal to potential buyers when planning it. A house with three or four bedrooms but no equal space downstairs would be more difficult to sell in the future. It's also a bad idea to over improve: if your house is on a street with a lot of tiny two-bedroom houses, you're unlikely to recoup your investment by building more bedrooms. Other factors to remember are whether or not you want planning approval and how likely it is to be granted. It will be more difficult to get approval for improvements to listed buildings and buildings in protected areas. Eventually, you can never overlook the amount of time it takes to complete a renovation project or the amount of damage it causes. A garage modification can create minor disturbance to your family's everyday routine, but a basement or loft extension would have a significant effect for many months. Renovations to the kitchen and bathroom are particularly difficult because they are both out of bounds for days at a time.
If expanding your house isn't an alternative, selling up and moving up the property ladder is the next best thing. You do not realize the full financial implications of an extension until you want to remain in your home for many years. Moving does not have to mean leaving your current neighborhood, and it can be well worth the expense of both money and extra space.
Moving, like constructing an expansion, comes with its own set of prices. Law and estate agent payments are additional moving expenses, and you will need to qualify for a larger mortgage.
Choosing whether to move or change is a subjective decision that is influenced by a variety of factors, as it is with most big life choices. Weighing the risks and inconvenience of stretching versus the costs of a house transfer ahead of time can help you make the best choice for you.
LABC information on completion building certificates.