You might be wondering whether it is better to move to a new home or extend the current one you are living in! You might be thinking this as you could be expecting a new child, considering a new job, or planning something new. In any case, it is a tough question, and you need to evaluate your situation to get a suitable and possible answer!
Size Of The House
If you think your current home is getting smaller as there could be an increase in the number of family members, you might want to shift to a new place depending on whether it is possible to extend your current house or not. If it is possible to add a suitable plan that can result in additional space, you might want to look at the options. However, evaluate in terms of the price as well. It would depend on the location and the kind of house you own. For example, if you are residing in a flat, it is not possible to increase the size of the house.
Extending vs Moving
As discussed previously, the location and the type of house matters. Plus, you have to see whether you are able to sell your current house at a suitable price or not. If you can’t sell the house at the desired price, it would be tough to find a good house at the same price. If you have small children, your main focus would be on their education. Thus, if moving means you have to relocate to an area that doesn’t offer a good education or quality of life, it would be better to stay or find a new location for moving.
In some case, it is better to move while in others it is better to extend the house, for example:
If the area you are living in gets too expensive, many people are living in the house; the space is too small, you are getting a good price of the house, then you should consider moving!
If moving is too expensive, extending the house is possible since the location is ideal. It would be possible to add some extra rooms in the house beautifully and smartly. It is possible to do it at a suitable cost; then you can consider extending the house!
Based on the examples above, it appears that you have to evaluate your situation and make a final decision. You would be the decision-maker and would be able to decide in favour of moving or extending.
Budget
It would be a good idea to do a little financial analysis. You have to see whether extending is feasible or moving! Depending on the comparison of the relevant costs and your available budget, you can decide in favour of moving or extending. If you are facing a financial crisis or if your budget is too low, you can go with the option that is least expensive but favourable to some extent. You can also see whether it is possible to borrow the funds. However, if it is not a suitable option, you should ignore it!
Final Words
There are many factors to consider when you have to take a final decision in favour of moving or extending! In some cases, it would be suitable to move while in others extending the house would be a suitable option. You have to consider your budget and the cost of moving vs extending. In any case, you would be the final decision maker, and it would depend on your preferences! Information regarding Loft extending or converting in this article was provided by Brian Saunders, Project Manager of London based construction company Dulwich Lofts.
