MOVE OR IMPROVE?

Now the the spring is here, many people begin thinking about moving or improving, this some of our thoughts on the matter.

The current unpredictable housing market is forcing many of us to assess the need to improve our homes rather than move.  The primary reason for moving home is to gain space, so why not improve your home and save on the costs associated with moving.  The typical costs associated with moving house can be over £15,000 to £20,000.  This includes valuations, conveyancing, estate agency fees, removals and stamp duty based on the average house price of £240,000 in the UK.  Added to this is also the cost of a further £5,000 that most people spend in the first year of their new home in repairing, decorating, furnishing and landscaping costs.  This increases the true cost of moving to around £20,000.

If you like the area that you live, your neighbours and you have all the facilities in your neighbourhood that you desire then it makes sense to look at the option of extending and improving your home.  Of course, if you would like to change any of these factors then the decision is usually to move.  The option of extending is not an easy one, there is the disruption to your home and the processes of obtaining planning permission, building regulation approval and employing building contractors for your project.  Homeowners should always be wary of taking on a project without proper advice from a building professional such as an Architect.  But with expert advice the ‘journey’ can be easier than you imagined.  For instance, an Architect will work with you to help you visualise the potential that your property possesses and give you value for money that should add value to your home.  They can also help manage the project and administer the building contract to minimise any additional costs and to hopefully complete your project on-time, on budget and relatively stress-free.

The average cost of an extension ranges from £20,000 for a loft conversion or single storey extension (3x3m) to £50,000 for a 2-storey extension that can include a bedroom, study and toilet.  We have recently completed alterations and an extension to a house that cost the client £50,000.  The house was valued shortly after completion at £75,000 more.  Not only will an extension transform your home and add to your quality of life, it can add significant value and will also help in selling your property if you decide to move in the future.  Obviously there are many factors that will affect the value of your property which your local estate agent and/ or architect will be able to advise you on.

Before you decide on whether you will ‘Move or Improve’ be sure to seek professional advice and explore the options that are available to you. You never know, you may be sitting on the property of your dreams without realising it! 

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While every effort has been made to check the accuracy of this article, readers should always make their own checks.  

The Author does not accept any responsibility for misstatements made or any misunderstandings arising from it.

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