Cost comparison of moving and enlarging in London
By Kem Maraz
Comparison of the cost of moving to a bigger property or enlarging existing property in London
When it comes to increasing your living space, you may be torn between moving to a bigger property or enlarging your existing property in London. Both options have their pros and cons, but one of the most important factors to consider is cost. In this blog post, we will compare the cost of moving to a bigger property versus enlarging your existing property in London.
Moving to a bigger property
Moving to a bigger property may seem like the easiest option, but it can be a costly one. The cost of moving includes not only the price of the new property but also various fees and expenses, such as:
- Stamp duty: Stamp duty is a tax you have to pay when you buy a property in London, and the amount you pay depends on the price of the property. For example, if you buy a property worth £500,000, you will have to pay £15,000 in stamp duty.
- Estate agent fees: If you use an estate agent to sell your current property and buy a new one, you will have to pay a fee of around 1-3% of the property price.
- Legal fees: You will need a solicitor to handle the legal aspects of buying and selling a property, and they will charge a fee for their services.
- Removal costs: Moving your belongings from your current property to your new one can be expensive, especially if you have a lot of items or are moving a long distance.
All of these costs can add up quickly, making moving to a bigger property an expensive option.
Enlarging your existing property
Enlarging your existing property can be a more cost-effective option than moving to a bigger property. The cost of enlarging your property depends on several factors, such as:
- Planning permission: Depending on the size and scope of the enlargement, you may need planning permission from your local council, which can be costly.
- Construction costs: The cost of enlarging your property will depend on the size and complexity of the project. You will need to hire builders, architects, and other professionals to carry out the work.
- Disruption: Enlarging your property can be disruptive, as you will need to live in the property while the work is being carried out. You may need to make alternative living arrangements, which can add to the overall cost.
- Value added: It’s important to consider the potential value added to your property by enlarging it. A well-planned and executed enlargement can significantly increase the value of your property, making it a worthwhile investment in the long run.
Overall, enlarging your existing property can be a more cost-effective option than moving to a bigger property, especially if you are happy with the location of your current property and have a good amount of outdoor space. However, it’s important to carefully consider the costs involved and potential disruption before deciding which option is best for you
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