What is better – to extend your house or move in 2022?
By Kem Maraz
For many families, there comes a time when home starts to feel a bit cramped and you need more space. Baby on the way? Or maybe, your elderly dad is about to move in with you? Perhaps your toddlers have grown into teenagers who each need their own bedroom. Maybe you want a big kitchen-diner. Or perhaps you have become self-employed and require a home office.
There could be various reasons for you to need a bigger place to accommodate your new living space needs. And we all know that when it comes to the above, there are two ways of resolving that crowdy feeling at home: What do you do? Sell up and move to a bigger property or stay put and extend?
What researches say?
In August 2019, TSB Bank analysed data around extensions and homeowners moving. According to their data, of those who took part, 41% said they would prefer to extend their property rather than move; That’s two in five homeowners.
In May 2019, homeowners across the country were allowed to build extensions on their properties without planning permission. Therefore, homeowners are able to add value through the rear of the property.
50% of those asked said they would rather extend their home than move due to attachments with the property. As a result of this change in law, 19% of homeowners are now more likely to build a rear extension in the next 3 years due to the new laws allowing the right to build larger rear single-storey extensions.
Interestingly, 35% of those wishing to extend stated that they would go as far as remortgaging their house to release equity in order to afford the extension, you’ll need a remortgage solicitor to help you do this. Refurbishing and extending properties have been slowly growing in popularity and this research confirms that it’s still a major consideration for many British homeowners.
For those who would prefer to extend rather than move, the main reasons for their decision were their attachment to their current home (50%), the cost of moving being too expensive (49%) and also the locality being better than elsewhere (25%). Clearly, the cost of moving house is a major issue for homeowners and is a major reason for many Brits choosing to extend.
Will an extension add value to your home?
Extending your house could be an affordable way to add more space to your property. And with the new changes in planning legislation and specifically in the Permitted Development regulations, you may be able to build, say, a large rear extension, providing you’ve got the space. And that’s not all, you can now exercise your Permitted Development Rights and not actually have the need to apply for planning permission, in order to commence your building or renovation project.
A two-bedroom property that has been upgraded into three-bedrooms is worth considerably more. Extending at ground floor level by even a couple of metres to create a bigger kitchen and open plan living space can also add value. But other building works, such as an extra downstairs loo, might only show marginal gains.
Research by Nationwide suggests that on a three bed home, adding a double bedroom with an en-suite can equate to an improved property value of around 23%, just to give you an idea. Generally speaking, the cost of building the extension is not usually outweighed by the profit made from the sale with around a 71% return on investment, which is according to research by Zopla.
Is an extension cost effective option?
The cost per sq. m. for a quality extension at the moment can be anything from £2,000 and £2,500, depending on whether you go for a single-storey or two-storey addition to your property. Of course, you’ve got some other expenditures, too, such as the architect’s fee, as well as the fees for a property survey, planning permission (if you need one), building regulation checks, etc. Many people will remortgage their house, in order to achieve their dream of adding an extension. As you’ll see further down, the cost of relocating from your legally owned property to a new one can be far higher than if you were extending.
Disruption of moving
Unless this is what you’re actually after. But if you’re happy with where you are, then extending will save you from having to change schools for your kids, change jobs or adding daily travel time if you’re moving further from your workplace. Let’s not forget the possibility of parting with family and friends if your new home is going to be some significant distance away.
Planning Design London offers expert advice and support on your loft conversion project. We have years of experience on designing home extensions in Bexley, Bromley, Croydon, Greenwich, Lewisham, Lambeth, Southwark, Dartford, Gravesham, Maidstone, Medway, Sevenoaks, Tunbridge, Malling.
If you are looking for a quality and affordable architectural designer, contact us now! Do not forget to check our reviews on Google!
