MOVE OR IMPROVE

Now the the summer is here, many people are thinking about moving or improving.

With the current unpredictable housing market, many of us have questioning the how 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 approximately be approximately £12,000.  This includes valuations, conveyancing, estate agency fees, removals and stamp duty.  This is based on the average house price of £280,660 in the UK.  

(https://landregistry.data.gov.uk/app/ukhpi/)

Added to this is also the cost of approximately £5,000, that most people spend in the first year of their new home in repairing, decorating, furnishing and landscaping costs.  This increases the overall cost of moving to around £20,000.

If you like the area that you live in, 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.  

. . . . . . Check out our article on Permitted Development (PD).  

PD rights allow the improvement or extend/ renovate your home without the need for a full planning application. 

Homeowners should always be wary of taking on a project without professional advice from an Architect.  With an Architect, the ‘journey’ can be easier than you imagined.  

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.  In some cases, their fee can appear to be alot, but they can manage the project and administer the building contract to minimise any additional costs and complete your project on-time, on budget and relatively stress-free.   

*The cost of an Architect can range between 5% - 15% of the construction cost, dependant on the level of services you require.  

If you do decide to use an Architect, always check the Architect's Registration Board  (ARB) register to check if they are a genuine Architect, if they are not listed, do not use them! 

An 'Architect' is a protected title and it is an offence for an individual or practice to use the name.  Architects are legally required to have insurance, so any mistakes or mishaps they make are covered.

The average cost of an extension is approx. £1,500 to £2,000 per sq.m.  This is dependant on the complexity of the design and the materials used.

We recently completed alterations and an extension to a house that cost the client £48,000.  The house was valued shortly after completion at £100,000 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 the information provided.

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