Should we move or should we extend?

News at Newton Fallowell | 19/09/2018


Making the decision to move home can be a difficult one.  Are we making the right decision?  Will the kids be happy?  Can we afford it?  Its an exciting time, although a little daunting at the same time.  We want to help to make your journey as easy as possible and here are the answers to the most common questions we’ve been asked over the years.  If there is anything else you would like to know, or would like advice on please email us at werrington@newtonfallowell.co.uk and we’ll be happy to help you.

 

We don’t know whether to extend or move?
Maybe the kids are growing into teenagers and need bigger bedrooms.  Perhaps you have young children and need more ground floor living space. Whatever the reason many people often consider extending before moving.  It’s important at this stage that you look at the reasons you need the extra space. Is it an extra room you need, is it possible to convert a garage or add on a conservatory?  These are probably your cheapest options.  Or are you looking to add on a two storey extension, with extra bedrooms and bathrooms?  This would be the more expensive option.  And of course you need to consider the return on your investment.  Eg if you have a 3 bedroom semi detached property and decide to spend a lot of money on an extension, bear in mind that it will still be a semi detached property and will have a ceiling price, it could be a number of years before making that back.  Also remember the upheaval and disruption building work can cause.  On the other hand you get to stay in the home you love, choose your style of kitchen or bathroom and avoid moving costs.

 

The other option is to move.  There will be costs involved such as estate agent fees, solicitors costs, stamp duty etc but we will cover this subject in another blog.   Before making this decision we suggest not only having a builder round to give you an idea of costs for the works you have in mind, but also have your property valued by an estate agent or two.  And have a chat with a financial advisor.  Once you know the worth of your home and an idea of how much you can borrow, you’ll then be able to weigh up your options and make a decision.  Any good estate agent will be willing to give you an idea how much they think your home should be marketed for before potential works and how much it would be worth once the works are completed. 
 

If you’d like to have a chat in more detail about your options then please feel free to call, or we’re more than happy to pop round, especially if you’re putting the kettle on! 

Until next time, Nicola x