If you’ve outgrown your home, you may be thinking about packing up and moving on. But moving house may not always be the best option. Here are some questions to ask before you put a for sale sign up outside.
Do you really want to move?
Some people can’t wait to move, but others feel an emotional connection to their home. If you’re tired of stumbling over Lego bricks or the kids need their own rooms, you may think that there’s no option but to move. But you might be wrong. Extending could be an alternative worth considering, especially if you love your current home or its location, and you would prefer not to move.
Is extending a viable option?
Before you get carried away thinking about putting your house on the market, think about whether extending is a viable option. If other houses on your street have been extended, this is a good sign, especially if you have a similar plot. Think about where you would add an extension, and the kinds of modifications you wish to make, and then get in touch with some local building firms. If you have space at the back or the side of the house, and the land isn’t protected in any way, it should be possible to increase the square footage of your home.
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Which option makes the best financial sense?
Moving house is expensive, and if you are considering renovating or adding an extension, it makes sense to do the sums and work out which option is best for you financially, as well as practically. Get some quotes and work out the build cost, and have a look around at house prices in areas that you would consider if you were to relocate. If you don’t have capital available for building work, options you could explore include secured homeowner loans and borrowing from friends or family. Before you commit to anything, make sure you have the costs pinned down, and do some research to see how much value the work could add. In many cases, adding an extension will increase the asking price significantly when you come to sell, but you’ll need to ensure that you can cover the cost of work and afford repayments if you do borrow money.
Will an extension solve your problems?
If you’re trying to decide whether to move or extend, it’s important to consider the future and to determine whether or not an extension could solve your problems. If you have one child, for example, and you plan to have a few more, it may not make sense to stay in the same home. Even if you extend, you’re likely to need more space in the near future. If you’re not planning on having any more children and an extension would give you all the space you need, this may be the best option.
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If you’re struggling for space at home, don’t make a decision to move just yet! Sometimes, there may be other options. If you’re keen to embark on a new adventure, moving may be just the ticket, but if you can’t bear to say so long to your family home, it may be worth considering adding an extension or renovating your home.