Sometimes, the choice has been made for you. If you live in an apartment without a garden, then there isn’t much of an opportunity of making it larger. But if you have a house with a garden or an attic with sufficient headroom, extending your home becomes a real prospect.
Even if
it makes more sense to extend or move, the choice hangs on a number of
different dynamics; your future plans, money (both saved and access to finance),
in what way you are emotionally attached to your home, the particular area you
live in and finally, the type/style of house you prefer.
The location of your property, the
quality of construction, what type of rooms you want to add, your plot,
neighbouring building lines, planning regulations and the overall demand for
your type of home, will make a vast difference to the financial repercussions
of extending versus moving.
A medium-sized
270 sq.ft single storey extension (say around 17ft x 16ft) will add on average
£44,625 to the value of a property in Stamford.
In terms
of what it would cost to build an extension, you can expect to pay on average
between £140 to £200 per sq.ft, depending whether the extension is a single or
double storey extension and other factors including finish and type of
extension (note, I have seen it cost a
lot more than these figures, so you must speak with a builder). Therefore,
taking a mid-line figure, that same 270 sq.ft extension on your home would cost
on average £55,080.
However,
moving means there are substantial costs incurred; estate agency fees, removal costs,
survey charges, legal fees and stamp duty on the property you are buying. Neither option is the obvious choice and comparing
the costs of extending your home to that of moving is not a stress-free undertaking.
If you don't know whether to move or extend, and would like to chat it through with me, please call me on 01780 484 554
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