This month we help you make an informed choice on whether to stay and extend your home or sell and move on.
Whether you have lived in your home a short time or a lifetime, it may start to feel too small for you. Maybe your family has new additions and you have had to convert the office into an extra bedroom. Maybe your children have reached the age of birthday parties every weekend and regular sleepovers.
Inevitably, you will end up asking yourselves, “should I extend or move?”
Not all homes can be extended to provide additional space. Many have already squeezed the most space out of them as possible. However many homeowners will have the option to add a conservatory, loft conversion or add an extension.
Extending your home can involve a range of project sizes and costs. A rear extension may only require an investment of around £20,000, whereas a bespoke designer large structure will involve up to £100,000 and beyond.
A cost-effective option is converting an existing part of your home like a garage, provided the foundations meet the required standard. A simple garage conversion can cost as little as £10,000. Although you have given up garage space for living space, the trade-off might be preferable.
A common living space option is a conservatory. Usually planning permission is not required and they can start from only £15,000. This makes them an attractive option for many homeowners looking for more space.
A loft conversion is another option to alter the purpose of existing space. Often lofts are only used to store the Christmas decorations but for as little as £20,000 you can convert it into a prime living space. Planning permission normally isn’t required unless you’re raising the height of the roof.
With more and more people working remotely from home, a purpose-built garden structure (don’t call it a shed..) could be a perfect fit. Simple wooden structures can cost as little as £6,000 and put together is days instead of weeks. Provided the new space is under 2.5m and more than 2m away from your main house structure, planning permission usually won’t be necessary.
Base rooms are structures built underground in your back garden. This allows you to keep your garden space as is but create the extra space you need. Normally topped with grass or decking, it may even add functionality to your garden’s uses. Lighting can be perfectly incorporated so they are not the lifeless spaces you may imagine.
Costs start from around £40,000 and normally completed in 10 – 14 weeks.
So you’ve considered all the extension options but they just won’t cut it. Let’s look at the costs you might incur by taking the plunge and moving home.
Based on selling at £300,000 and buying at £450,000.
Conveyancing fee: ~£680
Energy Performance Certificate: ~£80
Estate Agency fees ~(2%): ~£6000 (including vat)
Stamp Duty: ~£12,500
There is clearly much more involved in moving than the financial cost but if extra space if what you need then the change will be worth the effort. Before you walk too far down the moving path, talk to an estate agent, have your home valued and get a clearer picture of where you stand. This will give you plenty to think about as you consider your future.
Only you can decide which is the right option for you and your family but if you need any further guidance do not hesitate to contact us.