It’s the age old question – should we move to a bigger property, or should we extend the one that we already have?
If you’re a homeowner, or have been for a number of years, you’re likely to come to a crossroads in which you wonder whether to stay put upgrade, or move out and upsize. There are pros and cons to doing both, your personal situation will decipher which option is best for you.
People want to upsize or extend for a variety of different reasons. It might be that they’ve recently had a family, and therefore need the extra space. It could even be that they’re very simply ready to move up the housing ladder after buying a smaller, one or two bedroomed property originally.
Whatever your reasoning, if you’ve reached the time for this debate, you’ll be desperately seeking a conclusion. To extend, or not to extend? That, is the question.
Today, we’re going to try and help to make your big decision that little bit easier, by weighing up the pros and cons of extending property if you’re a homeowner.
The Pros:
Room for Creativity
The beauty of extending a home that’s already yours, is there is so much space for creativity. If you have the cash and an idea, you can sit down with an architect quite readily, and design an extended piece of your home that’s entirely unique to you.
This is something that you don’t get with moving home. Sure, you’ll get to redecorate, but if your current home’s interior design is already to your liking, then it can feel counterproductive to move and start all over again. Plus, you’ll still be stuck with the physical structure of the property you buy, whereas if you choose to extend, there’s a lot of room for creativity.
If you’re looking to do something special and unique, then that’s some good food for thought.
It Immediately Adds Space
So, what happens if you’re already in the perfect location, have the property just as you want it, and couldn’t imagine living anywhere else – yet you need some more space? Well, of course, having an extension will immediately add the space you’re so desperately seeking.
It doesn’t matter whether it’s an extra room, a loft conversion or even a conservatory. Having the extra space will completely change the way you feel about your current home, for the better. If space is literally your only issue, then there’s no reason why an extension can’t be your solution.
Value Increase
Generally speaking, the more square footage that a property has, the higher it’s valued. This means that if you’re planning to extend and then sell on in the future, you could end up making the money that you spent on the extension back.
It’s worth noting, however, that it’s not guaranteed. However, if you think of an extension as an investment, then you’re doing it right. You’re putting money into making your living space bigger and more comfortable – and if it goes up in value which it really should – then you’re investing in the future.
The Cons:
Increased Value does not Guarantee an Increased Selling Price
Unfortunately, as we briefly mentioned above, increasing the value of your property does not necessarily guarantee that when it comes to sale time, your selling price will increase. In fact, by investing your money into the property, you could actually end up losing money. The amount your house will be bought for is dependant on the property market. How much you paid for it years ago, is no longer relevant.
This is why if you’re planning on selling on, then perhaps extending isn’t necessarily the most viable option for you. As we previously said, if you’re in your ideal home but just need space – great, an extension could work. But if you see yourself moving in the future, then investing in your current property might not make sense.
It’s a LOT of Work
Finally, if you’re not prepared for an extension to hugely infringe upon your daily living, then it might not be the right choice for you.
You’ll have to be available for builders, mess, noise and more in your home for up to a six week period. Following that, you’ll have to decorate and furnish the space you’ve added onto your home in order to make it usable.
Simply put, if you’re not willing to put up with the mess and debris that comes with an extension, then it’s not worth it, and that’s the honest truth.
So there you have it. Our pros and cons to extending your property. Now, it’s up to you!
