Is Expanding Your Home Cheaper Than Moving?
Like many homeowners, you may be currently facing the question of whether it’s better to expand the home you currently live in or move to a bigger house. Perhaps you’ve got a baby on the way, a new partner moving in, or you need to find room for a home office. Whatever the reason, if you find yourself in need of more space, it’s a choice you’ll have to make.
Sometimes the answer is obvious, for example, if you live in a flat with little space to expand into. However, at other times the best solution is far from clear. There are many factors to consider, such as the location of your current home, how emotionally attached you are to it, the current state of the property market, and your future plans. Here’s a quick overview of each option to help you decide.
Renovating
There are countless options when it comes to expanding your home. You could convert your garage, transform your basement, open up your current living space, add on a conservatory or other extension, or get a loft conversion through a company like Touchstone Lofts.
Renovating is generally the cheaper option in comparison to moving. It can also be a great way of adding value to the property for when you are ready to sell. Plus, by taking this option, you don’t have the potential difficulties that come from moving to a new area, such as finding new jobs and schools. Another benefit is that it enables you to customize your home to your heart’s content – you can choose the exact layout, color scheme, furnishings and features that you want.
On the flip side, you will have to put up with the mess and disturbance that comes with a renovation. If you’re having a large amount of work done, this could mean needing to find somewhere else to live until it’s complete. Even for smaller jobs, you may find certain parts of the house out of action for months. There’s also the risk of unforeseen costs arising mid-way through the work.
Relocating
When it comes to moving home, it gives you the chance to start again in a brand-new location. This might be a more appealing choice for you if you don’t particularly like your current property or neighborhood. Plus, if you intend to move to a cheaper location, you might find relocating is actually more cost-effective than renovating – especially if your new home doesn’t require any work. On the other hand, moving is itself a stressful and expensive experience. Depending on the state of the property market when you sell, it might also be a lengthy process.
When it comes to figuring out which choice will be cheaper for you, it’s going to take some research. Get some quotes for the rough cost of the type of expansion you have in mind, as well as working out how much moving to a new house would set you back. Don’t forget to factor in the added value your renovations would bring to your property, too. Just ensure that whichever you choose, you budget correctly for it.