It’s the age-old question. Is it more beneficial to add an extension to your home, or would it be better to simply move somewhere new? There are a number of reasons for wanting more space in your home. Perhaps your family is growing or you’re expanding to add an office if you’re working from home, whatever the reasons there’s a lot to consider before making a decision.
Deciding which is more financially beneficial, moving or extending, can be tough. In this article, we’ll be explore the pros and cons to both to help you choose which is best for you. Before you do either, it’s important to ensure that you’ve budgeted and got the funds behind you, that way you can be confident in progressing with the choice you’ve made with less stress.
What home extensions are worth it?
Single storey – If you’re looking to add extra living space to your home, then a single-storey extension is the perfect fit. Whether you choose a rear, side or front extension, it can add that little bit extra without going overboard. The average cost of a single-storey extension can range from anywhere between £1,500 and £2,500 + VAT per square metre. The smaller the plan, the cheaper it will be. Adding an extension onto an existing room can give you the additional space you’ve been looking for, as well as adding between 5% and 10% to the value of your home.
Kitchen – These are a little more complex as there is plumbing, electrics and sometimes gas involved. Although a kitchen extension can reap big rewards, the work does have to be done right for it to be worth it. It can be costly, with the average being between £1,260 and £1,680 + VAT per square metre, depending on the size of your property. But if you have the budget and the kitchen is the heart of your home, it could be the right one for you.
Loft – One of the most popular conversion types, and one of the least disruptive, a loft extension can provide you and your family with additional bedrooms and bathrooms depending on the size. This type of extension could also increase the value of your home by a whopping 12.5%! Watch out for costs though, as you may need to lift your roof slightly to comply with building regulations.
Conservatory / orangery – Quickly becoming one of the most popular ways to add more space to your home, the addition of a conservatory is a way for people to enjoy their garden without getting rained on by the dreaded British weather! They can be a cost-effective extension coming in at around £5,000 in total, depending on the size and specification of course. They’re also easy to install and can add between 5% and 7% to your property’s value.
Pros of extending
There are a number of positives to staying put and extending instead. Not only will you save on all the fees associated with moving, you’ll also potentially add up to 12% value to your home! You’ll also not need to worry about packing up and changing your lifestyle, and it can also be a much more affordable way to get more space out of where you are now.
Pros of moving house
If you manage to find somewhere that offers you everything you want, why would you not consider moving, especially if it falls within budget. Moving house is also a great way to meet new people and having a change can often be good for us. If you live far away from your extended family, it’s also a potential option to move closer to them, and you never know, you may get more for your money in the new location!
Cons of moving house
Moving house can be more expensive than you think. In August 2019, if you were moving into a home valued at £234,853, your property deposit would have been £32,841, survey £400, conveyancing fees £1,080, estate agents fees £3,335 and removal company cost of £1,181. Before you know it, you’re adding up to a lot of money just to move somewhere new.