To move or improve? This age old real estate dilemma is faced by households all over the world. At the time of purchasing a new property, people are more worried about the cost, location and design of the house rather than the space requirements they may face in the future. Growing children, new arrivals and even a need for an office space can leave you feeling cramped in your house. When sharing a bathroom and bedroom are not an option anymore you have to decide whether you want to move to a new property or extend/expand the existing one.
Sometimes this decision is obvious. For example if you live in a flat you will have to move to a new property if you require more space. But when you live in a house that has a garden or an unused loft or garage, then you must consider the option of extending your property as well. This is the option that is opted by most of the homeowners today. More and more homeowners are improving their properties rather than moving and there are many factors that are motivating them to do so
Moving to a new house is citied as being as painful as an emotional break up. No doubt, the entire process of moving is quite stressful. You have to adjust the financial requirements, take care of the utilities, place your house on the current market and arrange the physical move. Extension on the other hand does not require any of the planning above and can be very smooth if you take care of the financial aspect.
The current state of the house market is quite sticky making it quite difficult for upsizers to move up the housing ladder. In such a case going for extension is the right choice. According to a recent report by a British bank, the number of people moving home has almost decreased to half of what was ten years ago. Difficulty in upsizing and high moving cost are one of the main reasons why people don’t find buying a new house attractive anymore. In most cases, extension is affordable especially when you consider the real estate and stamp duty costs that you have to pay when buying a new house.
Another reason why homeowners are embracing house improvement is that it adds value to their property. Upgrading a two-bedroom to a three bedroom house can significantly increase the worth of your house in the market. On an average it is found that adding a new bedroom can increase the value by almost 12% while a loft conversion can take that value up to 21%.
Homeowners also love the freedom they get to modify their properties according to their own preferences. When you buy a new house you have to settle and adjust even if the place is not according to your liking. Staying put and extending your home means that you get to decide the size, material color and other aspects of your design.
Most homeowners are emotionally and personally attached to their homes. They don’t want to leave be it for the love of the location, neighborhood, schools or the overall feel.
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