Jun
15

Are you growing out of your home? Unsure if you should sell or extend?

Children growing up?  Family additions?  Are you considering the options for gaining more space?

When you purchased your current home, the possibility of extending may have been a criteria on your desired wish list. Some purchasers consider potential to extend, in order to avoid another move in three to five years time, when the family has increased in numbers and another bedroom or reception room is required. Now that the time has arrived, the question is, do you extend or do you move house?

 

So should you move somewhere bigger, or extend your house to make it large enough for you and your activities?

 

In some situations the decision is, of course, made for you. If you live in a flat with no garden, there is little chance of making it bigger. But if you have a house with outside space or a loft with enough headroom, is extending your home becomes a possibility?

Whether it makes more sense to move or to extend depends on a number of different factors – the costs involved, your future plans, how emotionally attached you are to your house, the area you live in and the type of house you have.

Your location, and the level of demand for your type of home, could make a big difference to the financial implications of extending versus moving. In high-value areas it can be worthwhile digging under the house to add a basement, but in other areas it might not be worth it.

The decision has to be based on the kind of home you have, for example a four-bedroom family house with no garden or parking, or a house with large living space downstairs and tiny bedrooms upstairs, could be problematic if you need to sell in the future. Even if you plan to live there for a long time, you will want to avoid spending a lot of money on expensive building work that makes it harder to sell.

Extending can be a costly exercise

The cost of an extension depends on where you live, what kind of structure you decide to build, how complicated unavoidable matters such as drainage are and, of course, how big it is going to be.

On top of this, you can expect to spend anywhere from around 10% of the construction cost on fees for architects, structural engineers, building regulations checks and planning permission, should you need it. There might be extra costs involved if you need to manage without a kitchen or stay elsewhere while the work is done.

The government’s Planning Portal lays out the rules and explains what is permitted without planning permission, along with details on how to apply if necessary. The fee for an extension to an existing dwelling usually costs £172.

The calculator on the Planning Portal website will help you work out potential costs.

Reasons to discuss with a local Estate Agency Expert in North Leeds

 They will advise you on whether your current or proposed property purchase has potential for expansion or improvement and if this will add value or cause difficulties in selling in the long term

They can give you advise if your property will be worth the extension and the price on the property once you have extended

They can advise you as to what else is around at your price bracket for buying a bigger property in North LeedsFinally of course they will give you a price for your current home for putting it for sale

Finally of course they will give you a price for your current home for putting it for sale

Is the answer yes to any of the above questions?  Are you thinking of moving but unsure where to start?

 

Jeremy Harris, local property sales & letting agent has been selling homes in North Leeds for the last 12 years

If you would like some more advice call Jeremy Harris on 2899669/ 079808 37336 he will be only too happy to come and give you a free no obligation market appraisal so you can make an informed decision on the best option for you


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