Is it better to relocate or extend your house?

For a lot of houses, there comes a time when your home suddenly appears smaller than before. So should you move somewhere more prominent, or extend your home to make it big enough for you and your regular activities? If you live in an apartment with no garden, there is almost no chance of making it bigger. But if you have a beautiful house with extra outside space or a loft with sufficient headroom, extending your property becomes a reality. This blog discusses the pros and cons of extending and moving.

Extending

Your current location and the level of demand for your type of house could make a massive difference to the financial inference of extending vs moving. Digging under your house to add a basement in high-value areas like London can be a great idea. The reality is that if you get house extensions in South London, it is often reasonable to do so from a financial point of view.

However, the final result must be having a balanced home. A four-bedroom house with no garden or parking, or a house with ample living space downstairs and tiny bedrooms upstairs, could be troublesome if you want to sell in the future. Even if you are looking forward to living there for a long time, you would want to avoid spending an amount of money on the expensive building work.

The house extension cost depends on where you live, the type of structure you want, how complex unavoidable matters like drainage area and, of course, how large it is going to be. The UK government's Planning Portal lays out the laws and defines what is permitted without planning permission, along with minute details on how to apply if needed. The calculator on the Planning Portal website helps to work out potential costs.

Moving

Moving house is the other alternative if you need more living space. Moving house seems a more viable option, and helpful if you do not plan to commit or stay in a property for the long-term. The home extension costs are one-time and cheaper, whereas buying a whole new house is an expensive option for many.

If you decide to go against a house extension in South West London, there are many expenses to consider if you plan to relocate. The rising house costs of buying and selling the London property are highly dynamic and not in favour of moving. The main expense you'll be hit with is the deposit for your home. Depending on whether you pay a 5% to 20% deposit, you could be spending a high value. On top of this, you also need to pay for a property survey, conveyancing fees, estate agents fees, stamp duty and the removal company. 

The Verdict

Moving is a highly stressful time and uprooting your family away from friends, and the local area could be detrimental in the long term, as well as financing the costs. On the other hand, home extensions is a viable option to have ample space in your current house without any added fees but the extensions to your own house.