Home too small? If you can’t make do with the available space that you already have, you have two alternative options – upsize your home or build an extension. Both can be great ways to add space but also have their conditions. Below are just a few questions to ask yourself to help you weigh up which is the better option.
Which will cost you less?
In most cases, building an extension is likely to be cheaper than moving to a bigger home. When you move home, you’ve not just got the cost of the property to consider but also the various moving costs such as agency fees, removals fees and legal fees. You’ll generally spend thousands of dollars more.
Of course, this depends on what you plan to do with your extension. You may plan to build a small basic bedroom as an extension or you may plan to build a large bedroom extension with en suite bathroom and walk in wardrobe – the latter will clearly cost you more. You’ve also got to be careful of which contractors you hire and you should try to avoid expensive home renovation loans with lots of interest.
Be wary that you may not even have to extend to add space. A loft conversion or garage conversion could be much cheaper and may give you the extra space you need.
Are you prepared to relocate?
Moving home can be a lot of hassle. It could also mean sacrificing other aspects of your current home that you currently love. The character of the building and its location are things you cannot replicate – if you don’t want to let go of these things, you may be better off staying and extending.
Alternatively, you may be ready for change. You may not like the location or the character of your current home and therefore may want to move. Using a local mover, you may be able to upsize to a larger home within the same town. This could allow you to relocate without even having to sacrifice the things you love about the area.
Is extending feasible?
An extension may not even be feasible, in which case upsizing is the only solution. You may not have the available land to extend upon or you may not be able to get planning permission. It’s always hiring a surveyor and applying for a building permit first so that you know what is possible.
If you have checked the feasibility and you’re okay to go ahead, then an extension may still be an option to pursue. In some cases, it may be more feasible than moving: if there are no available larger homes in the area, upsizing could also be unfeasible.
By answering the above three questions, you can work out which choice is best for you. Cost, desirability and feasibility are three factors that you should tick off: in one option ticks two or more boxes, that is likely the option that you should go with.