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Should You Get A House Extension Or Move To A New House, In Today’s Uncertain Economy?
In today’s market, house sales are erratic. With house prices almost flatlining or plunging sharply and with little warning, in response to political news, especially in the largely affluent south of the UK. This makes buying or selling a house a risky affair, especially if, like many homeowners, most of your capital is tied up in your home. Moving house is also one of the most stressful things we can do: moving during uncertain times only makes the stress worse!
Instead of selling your home and risking losing equity with a sudden shift in the market, why not stay put and increase the current value of your home by having an extension put in? When prices are already fragile, you will want to ensure that your home retains its market price, or even gains value, and a relatively quick and easy way to do this is by adding an extension.
In general, an extension will cost anywhere from £20,000 to £40,000 (more if the job is especially large or unique) but the added value onto your house price can bump it up by a staggering £60,000 to £100,00 – not a bad return on investment for a modest lump sum and a few weeks of inconvenience while the work is done.
Extensions can take many guises, depending on the available space for the building work. They can be added onto the rear of the home, and they can be in the form of a single story extension or a full height, double-story extension. A rear extension on, for example, a terraced house with a fairly deep back garden can almost double the available space, increasing it from 210 sqm to 405 sqm without encroaching on the neighbours or giving the street frontages an uneven look.
New builds on your current property are also something to be considered. You could have the brand new home of your dreams instead of your current, perhaps old and slightly shabby house, all without the need to move, meet new neighbours and find new schools. You can have a more spacious home too, by planning a basement or extra story right from the planning stages to maximise living space and comfort without the need to acquire more land.
Steph Fanizza, Architectural Design & Team Manager
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Until such time as the UK property market loses its current volatility, improving one’s home rather than moving seems to be the best option, allowing a property to retain or increase its value in an uncertain market, and giving you the extra space and equity value that you need.
