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Should I move or extend my home?

Should I move or extend my home?

Frustrated with the lack of space in your home and want to make a change? 42% of British people would prefer to extend their pre-existing home, whilst 24% would rather move elsewhere.(https://www.moneysupermarket.com/home-insurance/extend-or-move/) Regardless of which option you are swaying towards, there are several factors to consider when making your decision. Here are just a few things for you to think about.

Financial considerations 

Homeowners are often reluctant to relocate as a result of its expense. Estate agent fees, renovation costs and mandatory home surveys are just some of the reasons why the prospect of moving to a new house seems daunting. The cost of an extension has just as many financial considerations, such as the size and location of your property. However, depending on the changes that are made, extending your home can help to add financial value, which is beneficial if you decide to sell the property in the future. 

Practical considerations 

What needs to be considered is the practical implications involved in both house extension and relocation. If you wish to extend your home, you may need to apply for planning permission and contact your insurance provider about your plans. Your project may not be covered by your existing policy, so double-checking this is important should you ever need to make a claim. Equally, when planning to relocate, you should consider the potential change in amenities. You need to think about transport links in the new area and how this would impact your commute to work. If the journey time is significantly longer, it may be more viable to extend, rather than move home. Moving to a new house may also require your children to attend a different school, which may provide them with the opportunity to make new friends, but it could also disrupt their education. 

Weighing up the options 

It is clear that there are pros and cons to either moving to a new house or extending the property that you already own. By fully considering all the options, you can make the decision that is right for you. 

If you want to consider all extension possibilities before making the decision to move home, contact Cobern Builders. Our team of specialists can help you to discover a vision for your home that you did not think was possible.


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