Should You Extend? Or Move To A Bigger Home?
Ah, the age-old dilemma that many homeowners face – should I extend my existing property or should I simply pack up and move to a new, bigger home? It’s a decision that requires careful consideration, weighing the pros and cons of each option. Well, my friends, as someone who has been in your very shoes, I’m here to share my personal journey and hopefully provide you with some insight to help make this important choice.
Staying Put: The Extension Option
Back in 2013, my wife and I found ourselves in a bit of a quandary. Our 4-bedroom house, which we had purchased brand new in 1990, had served us well over the years. It was comfortable, practical, and we had grown quite fond of our lovely neighbors. But as time went on, we started to feel a little cramped, thanks in part to my sentimental nature and the inherited family furniture that I just couldn’t bear to part with. As I detailed in my research, our home was just under 2,000 square feet, and we began to seriously consider our options.
One path was to sell our existing property and purchase a new, larger home. Now, this certainly had its appeal – a fresh start, more space, and the opportunity to customize a home to our exact liking. However, as I crunched the numbers, it became clear that this route would come at a significant financial cost. Between the fees associated with selling our current home, the stamp duty on a new purchase, and the potential need for renovations, we were looking at a minimum of £51,000 in expenses. Ouch!
The other option was to stay put and embark on a home extension project. Now, this wasn’t exactly a small undertaking, but the potential benefits were quite enticing. By adding a two-story extension and a loft conversion, we could increase our living space from around 2,000 square feet to a more spacious 3,000 square feet. And the best part? The estimated cost of this endeavor was approximately £200,000 – significantly less than the price tag of moving to a new home.
Weighing the Pros and Cons
As my wife and I deliberated, we couldn’t help but feel drawn to the extension option. After all, selling our home and buying a new one would only get us a slightly larger property, whereas the extension project would give us a 50% increase in floor space. Plus, the extension would allow us to revamp and refresh the entire house, ensuring that future maintenance needs would be minimal.
Another factor that weighed heavily in favor of extending was our strong attachment to the neighborhood. ABC Home, the building and renovation company we eventually hired, made the process seamless, and our patient neighbors were incredibly supportive throughout the 4-month project.
Of course, there were some drawbacks to consider. The extension project would undoubtedly be a disruptive undertaking, with the potential for mess, noise, and general upheaval. And let’s not forget the sheer amount of work involved – not only the construction itself, but the subsequent decorating, furnishing, and landscaping that would be required.
Making the Decision
As my wife and I carefully evaluated all the pros and cons, it became clear that the extension project was the right choice for us. The financial savings, the opportunity to create our dream home, and the ability to remain in a beloved neighborhood were simply too compelling to ignore.
| Option | Estimated Costs | Increase in Space | Disruption Level |
|---|---|---|---|
| Sell and Move | £51,000+ | Slight | High |
| Extend | £200,000 | 50% | Medium |
And so, in 2014, we embarked on our very own “Grand Design” project, working closely with the talented team at ABC Home to bring our vision to life. Like the homeowners in the video I watched, we faced our fair share of challenges, but the end result was nothing short of spectacular.
The Finished Product
As I sit here in our newly extended and renovated home, I can’t help but feel a sense of pride and accomplishment. The additional 1,000 square feet of living space has transformed our once-cramped abode into a true sanctuary, with plenty of room for our beloved family heirlooms and the occasional game of indoor frisbee (don’t ask).
Just like the House Flipper game enthusiasts discussed, we were able to knock down walls, reconfigure the layout, and create a space that truly caters to our needs. The new kitchen is a dream come true for my wife, the en-suite bathroom in the master bedroom is a heavenly oasis, and the loft conversion has provided us with a cozy retreat for reading and relaxation.
Of course, the project didn’t come without its fair share of disruption and hard work. As the video demonstrated, home renovations can be a messy and chaotic affair. But with the unwavering support of our neighbors and the expertise of the team at ABC Home, we were able to navigate the challenges and emerge with a home that we are absolutely thrilled to call our own.
A Worthwhile Investment
Looking back, I can say with certainty that our decision to extend rather than move was the right one for us. Yes, the process was arduous at times, but the end result has been nothing short of transformative. Not only have we gained a significant amount of additional living space, but we’ve also been able to personalize our home to suit our unique needs and preferences.
And let’s not forget the financial aspect. While the extension project did come with a hefty price tag, it was still significantly less than what we would have paid to sell our existing home and purchase a new one. Plus, the value of our property has increased by an estimated £200,000, making this investment a wise one for the long-term.
So, if you find yourself in a similar situation, weighing the options of extending versus moving, I encourage you to carefully consider the pros and cons, just as my wife and I did. And if you do decide to take the extension route, be sure to enlist the help of a reputable and experienced building and renovation company like ABC Home. With the right team by your side, your dream home can become a reality, and the journey can even be a source of adventure and excitement along the way.
