House prices have been steadily rising over the last couple of years, with the pandemic largely to blame for soaring house prices. While prices are starting to level off, moving house has become unaffordable for many people, especially with mortgage rates also higher than they used to be.
So if you want to expand to a bigger home, it can feel impossible right now. Or is it? An extension could be a more affordable option, helping you increase the size of your home, while increasing its value too.
Is a home extension the right move for you? Take a look at some of the reasons extending could be a better option than moving.
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If you’ve got the space, it could help you save
If you’ve got the space to factor in an extension, it could be a much more attractive option than moving. Consider the reasons you want to move. Is it for a bigger kitchen? An extra bedroom? Is there a way to bring those things to your existing home?
Your home could have many suitable options for an extension. You could do a single-storey extension to enhance your living space, a double-storey extension to add some extra bedrooms, or even a loft conversion to help you make the most of the space you have. Explore different ideas and check out any work your neighbours have done to help give you some ideas and inspiration.
The overall cost could be cheaper
The cost of moving house can be significant. In addition to the higher prices, you could face inflated mortgage payments, as well as the typical costs of moving such as buying and selling fees, legal payments and of course, stamp duty/land transaction tax. A cost of moving calculator can give you a good indication of your expected moving costs.
With an extension, you’ll need to factor in construction costs, SAP calculations, design fees and many other costs, but the total could still come in much cheaper than buying another house, while increasing the value of your own too.
Save the hassle of buying and selling
Buying and selling a home can be stressful, and it can take a long time. Differences in chains could mean you end up completing the sale of your home before taking ownership of your new home, leaving you with extra costs as you find somewhere to live and store your belongings.
While an extension can take a long time, the work will be worth it for the overall result.
Turn your current home into your dream home
Adding an extension to your property could soon help you turn it into your dream home. It’s a chance to add the features that have been missing to get the home you really want. With so many possibilities, you could even turn your existing property into your forever home. Take a look at some extension inspiration to help you start planning your own project.
A home extension could be a great alternative to buying a new home. Helping you save money and even time, an extension could be just the thing to help you get the home you’ve always wanted.
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