So you used to love your home, but it’s just not quite ticking all the boxes anymore? Don’t worry, you’re not alone. Whether it’s adding more living space for a growing family or creating a better work-life balance to meet the demands of working from home, we’re undoubtedly seeing an increase in the number of people looking to change their house – whether that’s by moving or extending.
We know that choosing between building an extension on your current home or moving house can be a difficult decision. Our property experts here at Shortland Horne have created this handy guide to help you navigate the pros and cons of both, so you can find the solution that will suit you.
Moving Home
With many people’s home and work lifestyles changing since the pandemic, we’ve seen more and more people in the UK looking to sell up and move in search of the perfect lifestyle for themselves and their families. Let’s take a look at the pros and cons of moving house.
The Pros
It goes without saying that moving home definitely has one thing over an extension: the option to either stay in your local area or move somewhere new. Moving house gives you the opportunity to explore a new area (which potentially has more nearby amenities), meet new people and experience a different environment. This can be an exciting, refreshing time and in fact, the fresh start you’re after, especially if you’ve lived in the same place for a long time.
And remember, if you’re moving to a cheaper location, it can work out more cost-effective than an extension or even potentially make you a profit in the long run – especially if you’re moving to a property that has greater potential for appreciation.
Of course, if like so many, it’s a bigger garden space for your family that you’re after, moving will be your best option.
The Cons
For many homeowners, the cost of moving is one of the biggest barriers, with costs such as stamp duty and legal fees on top of the average £30,000 house deposit in the UK. However, by checking the market and knowing your budget before you start looking for your next dream house, it can help if you keep your finances in order whilst moving.
Another thing to keep in mind when considering moving is the time it takes to complete a move, from selling your home to getting your new keys it can be a long process. Here at Shortland Horne, we’re here to keep help you to make the journey to your new home as stress-free and simple as possible.
Extending your home
We’ve been seeing refurbishing and extending properties growing in popularity over the last few years as people look at converting their homes to a comfortable work-from-home environment. Let’s take a look at the pros and cons of extending your home:
The pros
An extension is often seen as a solid investment that will help you create the ideal living space for your family’s needs. Not only this, but a tasteful and well-designed extension can add real value to your home should you ever sell it.
Extending your home also means you don’t have to move out of the home you’ve already built many memories in.
The cons
While it can be beneficial to add an extension to your home, it’s important to understand there is the possibility of devaluing your home if done incorrectly. When determining if building an extension to your property will add value, checking the location of your property and whether there is demand for the house you’re creating is key.
Alongside this, there are many hidden costs that you’ll need to consider. Not only will the price depend on the size and type of extension you are building, but there will also be additional costs such as obtaining planning permission.
While gaining the right permissions and paperwork can cost you time as well as money, it’s also important to keep in mind that your family will most likely be living around the building works throughout, unless you plan on potentially paying to live elsewhere whilst the extension takes place. Ultimately, you need to ask yourself, is living on a building site – for months – the right option for you?
Making the decision that’s right for you
Put simply, the right answer will depend on your individual situation. It’s important to weigh up the costs (financial and time), as well as the pros and cons of moving house or extending your current property. From there, you should be able to see which option will benefit you and your family the most, both short and long-term.
Are you ready to find your next home?
Our award-winning team at Shortland Horne is committed to supporting you every step of the way, providing essential advice, guidance, and information you need to make selling your home as stress-free as possible. If you’re thinking about selling your house or looking to buy your next home contact our team today.