Should You Upsize or Move to a Bigger Home?
You may have had more than the planned number of children or a sick relative has had to move in. Whatever the case may be, you have to make a decision as to whether you are going to extend your home or move to a bigger property. This is a difficult decision to make. In some situations, the decision will boil down to basic common sense. If you live in a top floor apartment that doesn’t have a garden, and you decide that you want a garden, there isn’t much chance of extending it. However, if you live in a house with a loft, or you have plenty of outside space, upsizing could be an option. Here are some tips on making this decision.
You are going to have to weigh up the financial implications of moving house verses extending your property. The things that you will need to consider include:
- Your location
- Is there a demand for your type of house?
If you live in a high value area, it can be worthwhile to invest in an extension. However, if you don’t, then upsizing might not be worth it. The reality is that when you making your decision, you are going to have to weigh up whether it is worth it financially.
Building an extension doesn’t come cheap. It can be very stressful on a family to go through the process of having workmen in and out of the house. Having limited access to rooms such as the bathroom and kitchen etc. can get frustrating after a while. In some cases, extending is not a good idea. Unless you are planning on living in your home for several years after the extension so that the value goes up, you may be better off moving house. You will also need to think about the costs that are associated with moving such as stamp duty, legal fees, and general moving costs.
There most sensible thing to do when deciding whether to extend or to move house is to work out what is the most financially viable option.