Do I move or extend?
This is a great question, and one Phil Spencer and Kirstie Allsopp tackled in their show on Channel 4.
It’s a great show in which they make over a house to give it a new breath of live, against looking for a new house which may suit.
Most of us brought our house, because we love the location, we liked the look of the house, or it suited our lifestyle at the time.
But things change and we may want more room, or a different look house.
But should we move?
It is an emotional decision, but consider the financial implications.
Moving is: costly, stamp dusty, mortgage valuation fees, surveyor fees, legal fees to purchase, legal fees to sell, EPC certificate, Estate agent fees, Mortgage broker fees, removal fees. Initial maintenance and repair as soon as you move, mail redirection costs, time off to move.
Based on the Money Advice Service worst case scenarios and allowing to purchase a £400k house, it will cost you between £28-30K to move to a new house.
Now that’s a lot of money to re-invest in your own house to make it as you would want it, without all the hassle and stress of looking, negotiating and moving into another house.
And if you spend money wisely on your own home, any money you spend will increase its value, therefore you’re not actually spending money, your investing money.
If you wanted to change the look, you could change the window, design, colour, material. You could clad the external face and colour render other areas.
If it’s space, you could build a porch to the front, fit a conservatory or add another room by building an orangery or having a full extension.
You can massively increase space by having a two-storey extension, or large loft conversion.
With £30k already saved on moving, any additional costs would be the investment that I’m certain you would make an excellent return on.
Please contact us to discuss options of extensions, orangeries, conservatoires or any other home improvement that would make a real difference to you and your home.