Weighing the Pros and Cons: Which Option Is Right for You?
Picture this: you’re happily settled in your cozy Aberdeen home, but as your family grows or your needs change, that once-perfect space starts to feel a little snug. Sound familiar? It’s a common conundrum that homeowners face – do you pack up and find a new place, or should you consider extending your current property?
As a building and renovation company serving the Aberdeen area, we at ABC Home have helped countless clients navigate this very decision. It’s a complex choice that requires carefully weighing the benefits and drawbacks of each option. That’s why we’ve put together this in-depth guide to help you make the right call for your unique situation.
The Case for Moving Home
Moving house can be an exciting prospect, offering a fresh start and the chance to find a property that better suits your evolving needs. But it’s not a decision to be taken lightly. Let’s take a closer look at the key considerations:
The Upfront Costs
One of the most significant factors to weigh is the financial impact. Buying a new home comes with a hefty price tag, from the deposit and stamp duty to legal fees and moving costs. According to our research, you can expect to pay around £45,000 for a 15% deposit on a £300,000 property, plus thousands more in associated expenses. Bridge loans and other financing options can help bridge the gap, but the overall cost of relocating is undoubtedly steep.
Disruption to Your Lifestyle
Packing up your whole life and starting anew in a different location is inherently disruptive. You’ll need to uproot your family, potentially change schools, and say goodbye to familiar surroundings and local connections. This can be particularly challenging for those with young children or elderly relatives. The upheaval of moving can take its toll, both emotionally and practically.
Potential Downsides
While a new home can offer exciting possibilities, there’s also the risk of ending up in a less-than-ideal situation. Maybe the location doesn’t suit your needs as well as you’d hoped, or the property has hidden issues that only become apparent later on. And of course, there’s always the possibility that you simply won’t get the same value for your money as you would have by extending your current home.
The Benefits of Extending Your Property
Now, let’s explore the other side of the coin. Choosing to extend your existing home can be a savvy, cost-effective solution that allows you to customize your living space to your exact requirements. Here are some of the key advantages:
Maximizing Your Investment
According to data from the California State Board of Equalization, extending your home is often a more financially sound decision than moving, as it can add significant value to your property. Depending on the type and quality of the extension, you could see a return of anywhere from 5% to 20% on your investment. And you won’t have to deal with the costly process of buying and selling.
Minimizing Disruption
While a home renovation project can be disruptive in the short term, it’s generally far less disruptive than a full-blown move. Your family can remain in the familiar surroundings of their current home, and you won’t have to worry about changing schools, jobs, or community connections. The construction process may be messy, but at least you’ll be able to weather it in the comfort of your own abode.
Customizing to Your Needs
One of the biggest advantages of extending your property is the ability to tailor the additional space to your exact requirements. Whether you need a larger kitchen, an extra bedroom, or a dedicated home office, you can design the extension to perfectly suit your lifestyle. This level of customization is much harder to achieve when buying a new house.
Preserving Your Roots
For many homeowners, the emotional attachment to their current property is a significant factor. You’ve invested time, money, and memories into making this house a home. Extending allows you to build upon that foundation rather than starting from scratch in a new location. This can be especially important for those with deep roots in the local community.
Weighing the Costs of Extending
Of course, extending your home is not without its own financial considerations. Let’s take a closer look at the potential costs involved:
Planning and Permitting
Before any physical work can begin, you’ll need to navigate the planning permission process. Depending on the scope of your extension, this can cost between £190 and £206, according to Compare My Move. You may also need to obtain a party wall agreement, which can add further expenses.
Architectural Fees
Bringing your vision to life will require professional design services. Hiring an architect or architectural technician to create the plans for your extension can set you back an average of £500 to £1,000, though costs can vary depending on the complexity of the project.
Construction Costs
The bulk of your extension budget will go towards the actual building work. For a single-storey extension, you can expect to pay between £1,500 and £2,000 per square meter, plus an additional 3-10% in fees for things like structural engineering and building regulation approvals. Double-storey extensions come with a heftier price tag of £1,800 to £2,500 per square meter.
Disruption and Temporary Relocation
While extending your home is generally less disruptive than moving, you’ll still need to contend with the realities of living on an active construction site. Depending on the scale of the project, you may need to temporarily relocate during the build, incurring additional costs for accommodation and storage.
Choosing the Right Extension for Your Home
With the financial considerations in mind, let’s explore some of the most popular extension types and how they can impact the value of your property:
Single-Storey Extensions
Adding a single-storey extension, such as a rear or side return, is a relatively cost-effective way to increase your living space. These types of extensions can add between 5% and 10% to the value of your home, making them a solid investment.
Double-Storey Extensions
For even more additional square footage, a double-storey extension can be a game-changer. These larger-scale projects can boost your home’s value by as much as 20%, but they also come with a heftier price tag.
Loft Conversions
Transforming your unused attic space into a bedroom, bathroom, or home office is another popular option. Loft conversions can increase your home’s value by around 12.5% and are generally less disruptive than other extension types.
Conservatories
A conservatory is a more budget-friendly extension option, costing around £5,000 on average. While they may only add 5-7% to your home’s value, conservatories can provide a lovely, light-filled space to enjoy your garden, even in Aberdeen’s famously unpredictable weather.
Kitchen Extensions
Expanding your kitchen can be a significant investment, with costs ranging from £1,260 to £1,680 per square meter. However, a well-designed kitchen extension can add substantial value to your home, making it a worthwhile consideration for many homeowners.
The Final Decision: Moving or Extending?
Ultimately, the choice between moving home or extending your current property will come down to your unique circumstances, priorities, and long-term goals. Both options have their merits, and the right decision for you will depend on factors such as your family’s needs, your financial situation, and your attachment to your existing home.
If you’re craving a fresh start in a new location, moving may be the better option. But if you’re happy with your current neighborhood and want to maximize your investment, extending could be the way to go. And for some homeowners, a combination of the two – moving within the local area to a larger property – may be the perfect compromise.
No matter which path you choose, the team at ABC Home is here to guide you through the process, from planning and permitting to design and construction. We’re passionate about helping our fellow Aberdeen residents create the homes of their dreams, whether that means starting fresh or building upon the foundations you’ve already laid.
So why not take the first step today? Give us a call or visit our website to explore your options and start your journey towards the perfect living space. After all, your home should be a reflection of your unique needs and aspirations – and with a little creativity and know-how, we can help you make that a reality.
