A moment comes, for many people, when living space starts to feel a little tight at home. Sometimes as the kids get older, they invite more friends over, bring more toys, and make more noise, and as a result, the house starts to seem cramped. Or maybe you have a thriving business, and you'd rather not have butter all over your documents by working at the kitchen table.
Should you look for a larger place to live, or do you think you could make do with an addition to your current home?
Of course, there will be times when the choice is made for you. There is little room for expansion when you have no garden and are living in an apartment. On the other hand, if your home has a backyard or a loft with sufficient ceiling height, adding on to it is a feasible option.
There are many variables to consider when deciding whether it is better to relocate or to build an addition, including the expenses, your goals, your level of emotional attachment to your home, your location, and the sort of home you now own.
Perhaps you've been dreaming of a more open kitchen and dining area, or your family has expanded and you need an extra bedroom. You may need to relocate if you now reside in an urban area and long for access to green space, as in the instance of someone who has purchased a first-floor apartment but wishes to have a garden. But if you can build an addition onto your house, or if you have a basement, attic, or garage that could be converted, then it's not quite as simple. There are a few important things to think about if you're trying to decide whether it would be better to sell your property and relocate or to stay put and enhance it.
Realize the Full Potential of Your Home by Adding on
A shortage of sufficient housing stock, skyrocketing home prices, and onerous stamp duties have all contributed to a rise in the number of home additions being built to accommodate expanding families. With property values remaining relatively stable, homeowners are opting to add on to their existing structures rather than relocate. According to BBC data, the number of relocations has dropped by half over the previous decade. Whereas previous generations of homeowners often relocated four times after purchasing their first home, today's first-time buyers typically relocate not any more than twice.
Extending and remodelling your home is appealing if you have fallen in love with the neighbourhood, have friendly neighbours, or have already enrolled your children in a good nearby school. Let's say you want to add square footage to your home and you have a basement, attic, or side return that could be converted into living space. Renovating won't only give you more square footage in this scenario. It also increases the value of your home, since adding a third bedroom to a two-bedroom home can fetch as much as a 30 percent premium over the asking price. A quick quote might help you figure out how much money you'll need to add an extension to a house in your area. Want to give your home a facelift? Get off your rummaging! If you need a dual-occupancy builder in Melbourne, Home Builders is here to help.
Boost Your Home's Resale Price.
It's important to perform the arithmetic and determine which additions will provide the most return. Up to 20% might be added to the value of your home with a loft transformation that includes a new bedroom and bathroom. A second bathroom is no longer a luxury, therefore adding one will only add 5 percent to the value of your home. Savills, a real estate agency, reports that adding a conservatory that is in keeping with the rest of the home's design can boost its value by as much as 10 percent.
Guarantee the Future of Your Addition
Make sure the addition serves a purpose and will interest potential buyers before you build it. There will be less demand in the future for a three- or four-bedroom home that lacks a finished basement. It's also not wise to go overboard when doing renovations; for example, if your home is on a street full of small two-bedroom residences, adding more bedrooms may not be worth the investment. Planning permit requirements and likelihood of approval are other considerations. To make improvements to a structure that is listed or located within a conservation area will prove more difficult to do. Finally, it is important to remember that renovation projects can take a long time and cause a lot of inconvenience. Converting a garage may have little to no effect on family life, but adding on to a floor or loft will likely be a major inconvenience for a few months. When a kitchen or bathroom is being renovated, the inconvenience can last for days.
Expanding: The Benefits and Drawbacks
You might be able to add square footage to your home without breaking the bank by constructing an extension. It's possible that, if you have the room, you may construct a sizable back extension, thanks to the revisions made to planning laws and, more specifically, the Permitted Development restrictions over the past year. Furthermore, you can immediately begin your construction or remodelling project by making use of your Pre - emption Rights without first obtaining planning clearance. Yet, construction projects often go off the rails, and the final product ends up being less than ideal. Let's take a look at the advantages and disadvantages of constructing an addition to your home.
Benefits of Getting an Extension
The costs associated with selling your current home, making a down payment on a new one, paying Stamp Duty in some cases, and finally setting aside money for the full removal procedure are typically lower than the costs associated with building an addition. Factor in the possibility that the new property you're purchasing will be more expensive than the one you're selling.
Currently, the average cost per square metre for a high-quality home extension ranges from £1,500 to £2,500. This, of course, depends on whether the extension is one or two stories tall. You'll also have to pay for things like a soil survey, planning approval building regulation inspections, etc., in addition to the architect's charge (which may approach £4,000). Many homeowners refinance their homes in order to fund the construction of a much-desired addition. Moving from a property you own legally to a new location can be very expensive, as you will see below.
Legal space for construction
Unless your home is in a designated Conservation Area, you do not need to obtain special permission to construct a porch on your front yard or a kitchen conversion in the back
A rise in the home's market worth
This is especially true if you reside in a densely populated area, where even a modest home with a well-designed addition can quickly draw interested purchasers. In addition, there is always a subset of real estate investors who are looking to maximise their return on investment by renting out their recently acquired property, either permanently or temporarily.
Expanding square footage without relocating
It's obvious that this is the case. Who wouldn't like a little bit of extra space without having to go through the hassle of selling, buying, and moving?
It is not necessary for you to make major adjustments at this time.
Unless you're really after this. If you don't plan on leaving your current location and like where you live, working, and raising your family, then extending your lease will spare you the hassle of finding a new school for your children, finding a new job, and possibly increasing your commute time. If your home isn going to be quite a ways away, you may have to say goodbye to loved ones. Get the best selection of dual occupancy constructor services from Home Builders to help you design the home of your dreams.
Concerns About Adding On
There are always two sides to every story, and deciding to build an addition onto your house is no different. Consider the following difficulties that might arise.
To illustrate, let's say you're in a situation where you have fewer permitted development rights. If you want to make changes to your home and gain more space for your family, you'll need to submit a planning application for approval. The permission process can take up to 13 weeks, and the hassle of engaging with paperwork and several planning and building control bodies can make you second-guess whether or not you should have extended in the first place.
Exaggerated expectations of how much you can increase the value of your home
Yes, "location, location, location" or an unforeseen bottoming out in the housing market, as we see right now, might force you to spend a tonne of money on enlarging your property, remortgaging your house, and so on, without increasing the value of your home at all.
Disputes with uncooperative neighbours
To qualify for the allowed development scheme, you must notify your neighbours of your intended extension. People can raise complaints, but ultimately it will be up to the local planning authority. But, keep in mind that delays caused by your neighbours, whether intentional or accidental, are possible.
Of course, this does not mean that the safety and adherence to building codes will be neglected during the renovation and expansion. In the end, though, you may be left with a home improvement that falls short of your expectations.
Spending months living next to a construction site
Well, you can try to mentally ready yourself for this, but nothing can compare to really experiencing it. Picture this: you're trying to manage a household full of people while construction is taking place in your home. There will be noise, dust, and unfamiliar faces everywhere.
Even though you have been provided an estimate for the labour and materials, these may arise spontaneously during construction. But that's not all. Because of the constant noise from the construction, you and your family may be considering temporarily relocating, perhaps to an Airbnb apartment, until the noise subsides.
The Benefits And Drawbacks Of Moving House
Of course, moving into a larger home is another option for expanding your living quarters. It could be less expensive than constructing an addition, depending on your intended location and other factors. A large number of Britons are trying to sell their homes and relocate after the government shut down, with the goals of raising their standard of living, gaining more space at home, and getting away from the rush and bustle of city life.
The Pros Of Relocating
In some ways, the international health crisis we've all been experiencing for the past several months dictates the benefits of upgrading to a larger home. Although the property market's future is uncertain, there may be a period of opportunity for some buying and selling to make a deal go through smoothly. You may, for instance, relocate out of the busy metropolis and into lovely Canterbury, from which it is not too far to get to work, and where larger homes are much more reasonably priced. In the cathedral city, a three-bedroom semi-detached house can be had for less than £300,000, whereas a comparable home in London will set you back over £630,000.
Economically more sound
The answer to this question is highly contextual and depends on the specifics of your home. Remortgaging your home to pay for an expansion is a good way to drain your savings or lock you into excruciatingly high monthly payments. Moving to a less expensive area, on the other hand, may save you money or even turn a profit. And first-time buyerscan often take advantage of special programmes designed to help them get into a home.
Putting off construction projects eliminates stress
We seriously doubt that turning your home into a construction zone for a few months is your ideal plan for adding square footage. You may avoid the hassle of dealing with contractors and renovators if you play ur cards well, conduct adequate research, and make an informed decision when selecting a new home and neighbourhood.
Beneficial to Quality of Life
As the number of homeowners looking to better their wellbeing grows, a number of areas across the country have become relocation hotspots. As a result of the lockdown, many people are relocating to pleasant suburbs or towns around London in search of cheaper real estate and a quieter, safer atmosphere for their families. As working from home has become the norm for most of us, relocating to a more rural area in search of a more tranquil environment and a more equitable work-life balance makes sense.
The Disadvantages Of Moving
The primary disadvantages of moving are mostly associated with the time and money involved. We can't generalise in this case because, once again, this is really individual. You may need money for a down payment, a survey, conveyancing, estate agent, and moving costs, to name a few of the potential moving-related expenditures. If you're selling your current home before buying a new one, the time it takes to schedule viewings, sign a contract, make a purchase, and complete a move could be considerable. Which means your best bet is careful preparation, a reputable real estate agent, and high expectations. Some drawbacks to taking such a significant life action are provided below.
Leaving behind loved ones in the community and beyond
Even if you're moving across counties to begin anew with your family, this holds true. If you're thinking of making the big move from London to the coastal counties of Cornwall or Devon, you'll be joining a growing trend.
Taking into account the packing and shifting process
Moving is an already stressful time, and having to pack up all of your belongings further amps it up. The best way to ensure a smooth transfer is to plan ahead, get guidance from experts on packing your appliances, furniture, and other possessions, then hire a trustworthy removals company to transport everything.
The danger of failing to adjust and coming to long for your previous way of life.
It is true that you can't predict how successfully you and your loved ones would adjust to a new life in an unfamiliar place. Visualize the challenges your family has as they adjust to a new environment, such as a new school for your children, new neighbours, and the absence of a favourite restaurant or convenience store after years of living in the same place. We recommend looking at this transition as an opportunity for growth and positivity.
Should You Extend Or Move?
Could you tell me how much it would cost to have an addition built?
Making this choice is typically an individual one that is influenced by a variety of factors. While relocating to a new home may be more convenient for some people, others wouldn't ever uproot their lives. Reasons to think about building an addition to your house are:
There's no need to change location
Relocating is a time-consuming ordeal that entails several tasks, such as selling your present home, finding a new one, securing financing, arranging for the transfer of your children's schools and utilities, planning the move itself, etc.
It's a potentially nerve-wracking ordeal all around. If you opt for the expansion, you won't have to do any expensive or time-consuming renovations to your property. Additions and renovations to existing homes are eligible for funding.
Your home is your castle; decorate it as you see fit.
Your new house will require you to accept its current layout as is. If you opt for an extension, on the other hand, you can easily develop a layout that suits your tastes and needs.
Options include room size, number of bathrooms, décor, construction, and more. It is not necessary that you select the option that comes closest to satisfying your tastes.
The price is lower
When considering the costs of moving, including brokerage commisions and stamp duty, it is often more cost-effective to simply extend rather than relocate. If you have built up equity in your house, refinancing your mortgage could be a viable option for funding the addition. It's crucial to make the appropriate choice while selecting a duplex structure. Browse through House Builders for the finest in custom home building.
Your new addition could be made specifically for your needs and budget. It's possible that if you extend and remodel at the same time, you'll get more for your money.
Most people who own their own homes have strong sentimental ties to them and would rather not uproot their lives unless absolutely necessary. You may easily make your current house more convenient for your lifestyle with an addition rather than moving. You shouldn't force yourself to get out of here.
It is clear that there are a number of benefits to getting an extension. If you aren't too tied down to your current residence or community, relocation can be beneficial.
With home values remaining relatively constant, homeowners must seriously consider the possibility of increasing their current residence rather than purchasing a new, larger one.
It's possible you'll be pleased with the outcome if you hire a competent architect, put in some creative effort, and perform some basic calculations. You may have also secured additional time in the home you adore.
Most importantly, this essay discusses the factors to think about when considering whether it is better to move or to construct an addition to one's current home. Consider your current financial situation, your long-term plans, your level of emotional investment, the home's location, and the type of home you own. Adding on is easier if you have a backyard or a loft with high ceilings, but it is more difficult if you have a basement, attic, or garage that may be transformed. There is a growing trend towards constructing second stories onto existing homes to accommodate growing families as a result of a lack of available housing, rising home costs, and prohibitive stamp taxes. Over the past decade, the number of moves has reduced by half, and most first-time purchasers move no more than twice.
Expanding your living space, boosting your home's resale value, and ensuring the longevity of your extension are all possible with well-planned renovations. Calculating which improvements will yield the highest rate of return is crucial. Remember that renovation projects can take a long time and cause a lot of discomfort, and be sure the addition serves a purpose and will interest potential purchasers before building it. Also, think about the planning permission requirements and the chance of acceptance. Costs connected with selling your current home, making a down payment on a new one, paying Stamp Duty, and eventually setting aside money for the complete removal operation are often lower than those associated with building an addition, making an extension a budget-friendly option. Whether the addition is one or two stories tall, the average cost per square metre is between £1,500 and £2,500.
Many homeowners get a second mortgage in order to finance the building of a much-wanted extension, but it may be highly costly to relocate from a legal property to a new location. Every decision has two sides, and the choice to add on to your home is no exception. There are a number of factors to think about, including whether or not there is enough legal space for development, how much the home's value will increase, and whether or not the newly acquired property may be rented out. Construction firms that specialise in building homes for more than one family sometimes provide services as dual occupancy constructors. The pros and cons of relocating to a new home are the most crucial points discussed in this work.
Some examples are having unrealistic expectations about how much your home's value can improve, having trouble getting along with your neighbours, having to wait months because of incompetent architects, and living close to a building site. As the building progresses, the family may incur unexpected costs and think about staying in an Airbnb unit until the noise reduces. When increasing living quarters, many people choose to move into a larger house because of the global health issue. It may be more financially sensible and less expensive than building an expansion. Moving to a cheaper region can be profitable financially, and there are first-time buyer assistance programmes available to those who qualify.
It improves quality of life and can lessen stress by eliminating the need to coordinate with builders and remodelers. Many regions around the United States have become popular destinations for people wishing to move in search of a higher quality of life, as a growing number of homeowners make that choice. Moving has many potential drawbacks, including the need for significant investment of time and resources, separation from friends and family, and the possibility of being homesick for one's old routine. If you want your move to go off without a hitch, make sure you give yourself plenty of time to prepare, consult with professionals for advice on packing your appliances, furniture, and other belongings, and work with a reliable removals firm. Whether or not you need to relocate, whether or not you can alter the floor plan to your liking, and whether or not moving costs less than building an addition all play a role in determining how much money you'll spend.
Rather than moving, it may be more cost-effective to just build out. When considering a duplex construction for your addition, it is crucial to keep in mind that refinancing your mortgage may be a possibility for funding the project. If you extend and remodel at the same time, you can save money and enjoy the added space, personal connection, and time in your house immediately.
- Consider the costs, your ambitions, your level of emotional tie to your home, your location, and the type of home you currently own when considering whether to relocate or build an extension.
- As the value of their homes has not fluctuated too much, many people are choosing to build extensions instead of moving.
- Build an addition only if you're convinced it will add value to your home and appeal to future purchasers.
- Consider the pros and cons of adding on to your home.
- Today, a professional-grade house addition will set you back anywhere from £1,500 and £2,500 per square metre.
- Submit a planning application for approval if you wish to expand your home to make extra room for your family.
- Expanding your living space can also be accomplished by relocating to a larger dwelling.
- Remortgaging your property to fund a renovation is a surefire method to deplete your funds or lock you into unmanageably high monthly payments.
- Relocating to a cheaper region, on the other hand, could reduce your expenses or even increase your earnings.
- The time and money required to relocate are the two main drawbacks.
- Consider adding on to your home for these reasons:
- There is no requirement to relocate.
- Selling your current house, searching for a new one, securing finance, planning for the transfer of your children's schools and utilities, organising the move itself, etc. are all time-consuming procedures that must be completed while relocating.
- Refinancing your mortgage could be a possibility if you have enough equity in your home to do so.
- The cost and scope of your new extension could be tailored to your own requirements.
- Building onto your current home may be a simpler and less expensive option than moving if you want to make it more suitable to your current lifestyle.
- There are clearly several positives to obtaining an extension.
FAQs About Building An Extension
Summer is the most popular tie of year to build an extension just because of how practical it is when it comes to having work done. There will be no cold spells in the house from walls or roofing being altered, and that's the most important thing for most people who are on the fence about the build.
If you want to build an extension fairly cheaply then opt for concrete blockwork. It's a system most builders know well, too. If you have the skills and time, a blockwork extension on a DIY basis will be the cheapest way of adding an extension. Timber frame extensions are a popular choice, too.
Whether it's an outhouse or an extension, failure to comply with the rules will mean you're committing a planning breach – which isn't good! In the worst-case scenario, you'll be given an enforcement notice to resolve the issues. This can sometimes result in taking down the whole of the building completely.
You can add a home extension or conservatory up to six metres, or eight metres if your home is detached, without needing to apply for planning permission