Need more space? Extend or move???
Is your home your castle?
Or is it 'almost' perfect?
Would it be just right if there were just a few slight alterations?
Should you sell your home and move to a property that perfectly fits the bill?
Or should you renovate the property that you are in to make it work for you?
Is your home your castle?
Or is it 'almost' perfect?
Would it be just right if there were just a few slight alterations?
Maybe you need a little more space or perhaps more storage?
Should you sell your home and move to a property that perfectly fits the bill?
Or should you renovate the property that you are in to make it work for you?
As is often said, location is the most important thing when buying a property.
You can change almost every aspect of a home if budget and planning permissions allow, but you can never change where it is.
So, what if your home is just not working for you and your family anymore?
Perhaps you need more bedrooms or more entertaining space? A home office, playroom or even a teenager's hangout?
Too much room is not often a complaint that I hear. An empty nest leaves empty rooms for guests or hobbies. Usually, a downsize comes when, as you get older, the property or garden becomes a hindrance. Or perhaps when the equity in a property needs to be released to enjoy retirement, so you move into a smaller, cheaper home then.
It is more frequently a growing household that has to move to obtain more room.
But unless the property next door is larger, in your price range and happens to be available for sale, you will likely have to change location to get the extra space that works for your family life now.
So what can you do?
You could extend your home or reconfigure the layout so that it works for you.
You could renovate and upgrade the interior so that you fall in love with your home all over again.
Of course, these things will cost money, in varying amounts, but they don't always have to cost the earth.
You can often spruce up a room or two for a minimal amount spent on paint. Whereas an extension will obviously be a much more significant investment.
You may have savings set aside to do this work. After all, it will cost you to move to a larger property anyway. Perhaps the saved budget could be spent on making improvements to your current home rather than being spent on surveys, estate agents fees and stamp duty tax?
You may be able to raise funds in other ways too.
Property prices have increased recently, and mortgage rates are relatively low - perhaps you could look into remortgaging your property to release some of your equity? This could give you the funds needed to extend your home.
Bear in mind that extending will likely increase the end value of your property, so it is not necessarily as much of an expense as you may think.
If you spend £50k but your home increases in value by £50k, you have effectively got the home you want, in the location you want, for free!
Of course, it is not exactly free, there will be an increase in your monthly mortgage payments, but your equity will be protected, and you have the home you want in the location you want.
It is vital to have a budget and stick to it. Otherwise, spending has an uncanny way of getting out of hand. Of course, you can splurge if you wish, but beware that your equity may drop if you overspend on an extension as the end value may not be increased by the extra purchases.
You could chat through your plans with an estate agent before you start developing to make sure that you will increase the property's value.
Then, once the work is done, call again to see how it sits in the market.
Of course, you will not be looking to sell a property you have just spent ages extending, but a quick chat will confirm that your equity is safe and your property is saleable if you decide to move in the future.
You will likely move one day, so your agent should be happy to give you 5 minutes of their time.
Give us a call if you have any questions - we are happy to help.