Extend or Move? Which Makes the More Financial Sense?

Most of us find there comes the point when we need to decide on the current size of our home. Whether your family has increased in size, your personal circumstances have changed, or you just find that you are simply outgrowing what used to be the perfect sized home for you many years ago; the decision to extend is often met with fierce competition. That is, do you extend or simply buy bigger and start again?

If you can’t face the thought of having to enter the property market again or you don’t want to leave the home you’re in now, but still need to address the lack of size problem, here are the advantages of opting to extend your home rather than move somewhere new.

1. Staying Prevents Undeniable Disruption

The act of moving home is up there with the stress that goes with the death of a loved one and getting married! Though it may seem amusing to some, if you have a lifetime worth of physical memories and items and a larger family to factor in, moving can be a tremendous upheaval which can often take many months to recuperate from. This is worst still if you work within the home and have to lose your office space during the move.

2. Staying and Extending is Cheaper than Moving

When you factor in not just the cost of purchasing a new home and exchanging contracts, but also the additional and often hidden costs of physically moving and beginning somewhere completely new, moving is undoubtedly a costly option.

For those that are looking to move because their current home is not big enough, the apparent jump in property size becomes a significant increase and one what will become a major factor when you start searching.

3. Extending Adds Value to Your Home

If you decide to add on to your home, though you initially payout, once these projects are finished, not only do you have additional room as if you would when moving to a bigger home but ultimately you add instant value to your property. This makes it an excellent investment for when you do come to sell. For those families that would instead buy bigger than extend for themselves, your extended family home could be a perfect choice indeed!

Overall, you’ll need to weigh up the balance of what’s right for you. This will include not just the costs involved with extending your home, but also the value of the time it will take you. Furthermore, if you can calculate those overall costs in advance alongside that of buying a bigger house, you can confirm which option will suit you best.