If your growing family needs more living space, you basically have two choices; you can sell up and buy something with more space, or you can extend your existing home. Of course, there are many variables to consider with such a choice, whether or not you like the area, and would relocating make work and school easier or more difficult? In order to help you make the right decision, here are a few important aspects to take into account when looking to sell or extend.
- Crunch the Numbers – Prior to deciding whether or not to sell and relocate, you need to know whether you could afford to sell then purchase a larger property. There is a lot of expense when buying and selling real estate, such as stamp duty, legal and conveyancing fees, plus moving expenses, making it a costly exercise.
- Benefits of Extending – The property you are living in is likely the biggest single investment you have, and if you and your family like the neighbourhood and you have the space to extend, why not indeed? There are builders who focus on extensions, bathroom renovations and other home improvements, and they can easily be found with an online search. Building additional living space will boost the value of your investment, and it will also provide you with the extra comfortable space that you need, and when you consider the amount of money it would cost to relocate, extending is the smart thing to do.
- Benefits of Selling Up – The housing market is healthy right now, and you might be pleasantly surprised at how much your home is worth, and who knows how land prices will be in a few years from now? Perhaps selling while you can get a good price would be a better option, especially if travelling to work is lengthy, as you could look for something nearer.
- Your Lifestyle – If living where you do is convenient in every respect, this is a good reason to add living space rather than move. It can be difficult to find a location that is good for everything; work, schools, leisure parks, shops and medical facilities, and if your current location fits the bill, then why move?
- Equity – From a purely financial point of view, would you benefit more from extending or selling up and buying a bigger home? For a relatively small amount, you can add some living space to your property, and the increase in value exceeds the cost of the extension, whereas relocating involves a lot more expense, plus the higher mortgage that would surely be required.
In conclusion, you need to weigh up every aspect, before making a decision and if you have an emotional attachment to your home, then you need to find a good reason to move, and if you can’t, then extending would be the solution. Talk to a specialist builder and they can discuss the various ways you can add living space to the property, and for a reasonable cost, you can add a few much-needed rooms to your home.