By Sophie Glass
At Loney Miller we get asked this question several times a week - should I stay and improve or move? 🤔 Love it or List it?
Many homeowners desire more space for a whole host of reasons - you may have a growing family, a change of personal circumstances, or have simply outgrown your current home. A difficult decision then lays ahead. Do you extend and renovate your current property or sell on and purchase a new home?The Advantages Of Building an Extension
1. Familiarity of Your Neighbourhood
The very fact that you are considering extending your current home means that you are probably happy with the local area. It may be that you have friendly neighbours, excellent local amenities, or brilliant nearby schools.
2. Added Value to Your Property
A bigger kitchen, extra bedroom or purpose-built office space will add a considerable amount of value to your home. When the time eventually comes to sell the property, you will have a significantly larger asking price to look forward to. However, consider the impact of a decreased outdoor space on the value of the home.
3. Personalised Plans
One of the greatest advantages of building an extension is that it can be designed and constructed precisely to your needs. Most people will decide to redecorate their entire home after the upheaval of having an extension built, meaning, the entire property will then be finished to your personal tastes.The Disadvantages of Building an Extension
1. Extensions Can Be Expensive
The costs of architects, contractors and planning permission can quickly mount. A contingency budget is always recommended for those carrying out an extension to cover any unexpected expenses.
2. Investment is Not Always Linear
Extending and renovating your current home will undoubtedly add value to the property. However, this price is not always wholly reflective of the funds and time your family dedicated to the build and finished project.
3. There Are Limitations
The size of your outdoor space will place the most obvious restrictions on the scale of your extension. Planning permission may also impose restrictions on your build. Additionally, your neighbours will need to be informed, who have the choice to submit an objection should they feel that it will negatively impact their home.
4. Extensions Can Bring Stress
Having a team of builders, electricians, plumbers, and other contractors in your home will undoubtedly bring stress to your family. A two-story extension can turn your whole home on its head and means your family will essentially have to accept living on a building site for a number of months and this is why many home owners opt to move home instead.The Advantages of Moving Home
1. It’s a Fresh Start with New Opportunities
Moving to a new location presents a wealth of new opportunities for your family. It gives your children the chance to make new friends and experience new schools and areas. It may also present fresh career prospects for yourself.
2. You’ll be Forced to Declutter
Many of us avoid a thorough home declutter for years. However, a move forces it. Most home movers cannot afford to transport years of trinkets and storage items. Therefore, moving home has the unexpected benefit of forcing movers to re-evaluate their possessions.
3. There’s Unlimited Scope
Renovating or extending a home has obvious limitations. These might be caused by garden size or the availability of planning permission. Granted, most families will have a budget and may have work limitations, but the scope of moving is otherwise generally vast. Moving allows you to choose a home that is substantially smaller, larger or a completely different style from the one you have currently.
4. It Makes Financial Sense
The housing market is currently moving at a rapid pace and is very lucrative. Even those who have done little to no renovation work will notice their home has grown in value. The profits might even be enough to allow you to purchase the home of your dreams. This is especially apparent for those who have owned their home for a substantial amount of time.The Disadvantages Of Moving Home
1. Moving Home Can be Stressful
Various surveys have shown that most adults in the UK rank moving home as one of their most stressful life events. The logistics of viewings, packing and relocating the family often fills individuals with anxiety and dread. At Loney Miller we aim to make your move as smooth as possible, helping you with every aspect of your move from marketing your home to offer to completion.
2. It’s an Upheaval For Children and Pets
Children can often feel the most nervous surrounding a home move. Once they are settled into a school, it can be tricky to take them out of their friendship circles and routine. However, thoroughly researching the local schools and amenities will ensure a smooth transition into the new area.
3. Moving Away from Friends
Additionally, if some distance is involved, it can be incredibly difficult for adults to move away from their tight social circles. Especially for those who currently live in the same area where they grew up, the upheaval of leaving friends and family can become overwhelming. On the positive side, you’ll get the opportunity to return for visits and your friends can visit you and experience a new area too!
Get Expert Property Advice
At Loney Miller, we are your local property experts in Southfields. If you’re thinking about selling your home and want to know what buyers look for in a kid’s bedroom, our friendly team are happy to help.
Give us a call on 0208 945 7555 or send us an email at firstname.lastname@example.org to start the conversation.