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.
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