One of the effects of the pandemic is that it’s made us think more about where and how we live. Many of us now wish our properties were larger – we might be looking for home office space, privacy for our teenagers, or an annexe for a vulnerable relative. 

There are two possible solutions to this problem: extend the home we’re living in, or move to a new one. In this blog, we weigh up the options and help home-owners decide on the best approach.

Gain more space by extending your home

The advantages of extending your home are numerous. 

If you love your house and the area you live in, it makes sense to extend and keep all the advantages you’ve already gained.

When you extend, you get to choose where to put the new space and what to use it for. For example, if you have a four-bedroom house but only one reception room, you might want a ground floor extension so the whole family has more space. On the other hand, if your children are sharing a bedroom and need their own space, a loft conversion could give you more bedrooms without encroaching on the ground floor layout. Another benefit is that you can put in the features you need, whether it’s an extra shower, an additional entrance to the property or something else. 

An extension often adds value to a property. If you bought a two-bedroom house and extended it, you should expect to sell for more than the original purchase price plus the cost of the extension. To make sure it adds value, use a reputable builder, extend by a usable amount and always, always get the right planning permission first. It’s not usually advisable to build an extension just to make your house appeal to buyers, but remember that houses with planning permission often sell quickly and for a good price. 

As you can see, there are many advantages to extending. But before you phone up your builder and plough ahead with your extension, consider the advantages of moving house altogether. 

Gain more space by moving house

You can also get more space by moving house altogether. The advantages are nearly all financial but well worth considering. 

Before you commit to an extension, it’s a good idea to do research and a bit of maths. For example, if your extension were going to cost £30,000, you should ask yourself if you could buy the bigger house you need for the value of your current home plus £30,000. If you could, moving house might be a better option than extending. 

In addition to the upfront costs, house-selling is usually more reliable than building projects. Building work can go over time and over budget, but houses are bought for an agreed price, and your conveyancer will usually put pressure on the other party if they’re dragging their heels. So when you’re buying rather than extending, you can budget more accurately, and be confident that you have some protection if anything goes wrong. 

Paying for the building work or the move should also be a consideration. If you move to a bigger house, you can take out a new mortgage to cover the higher property value. However, if you need to extend and don’t have savings to cover it, you might have to take out a personal loan. Mortgages usually have lower interest rates than personal loans – another financial benefit to moving house instead of extending. 

Sell your property in Guildford

There are advantages to both selling and extending – the important thing is to weigh up your options and make the right choice for your circumstances. If you do decide to sell, Cobbles can help. We have extensive knowledge of the Guildford housing market and love helping sellers get the best price for their properties. To find out more, get in touch today on 01483 457 000.