To sell or renovate? This is the question at the forefront of many homeowners’ minds – particularly after the upheavals of the past year. With many people needing more room for home offices, an expanding family, remote learning, garden-space or perhaps to be closer to friends and family, the debates over selling or renovating can be tricky to solve.
If done right, extending your property can transform your home’s appearance and functionality, as well as add to its value. Despite this, renovations require a great deal of investment, both in terms of time, finances and emotional energy – meaning that many homeowners opt to relocate. Moving can come with its own costs and stresses however, so which option is right for you? We’ve looked at some of the main factors to consider when deciding whether to sell and move or renovate and stay.
Both moving and extending come with associated costs – so the first thing that any homeowner should do is work out a budget, before thinking about what’s realistic to achieve with this amount. With any large project, whether renovating or relocating, careful planning is key. When comparing costs and returns on investment, ask for estimates on building work and research the kind of properties you could purchase for this amount (plus the current valuation of your home), to give a good idea of what else you could get for your money.
Extensions can be the perfect solution and add a significant amount of value, particularly if you are thinking of staying put long-term. One of the biggest advantages of home extensions is that you don’t have to go through the process of selling your current home and purchasing another. Nonetheless, there are substantial costs involved with renovations. The cost per square metre for any quality extension can range from £1,000 to £2,500+ depending on the complexity of the build and quality of finish selected. Other expenses include architect’s fees, planning permission, surveys and building regulation checks.
Once you’ve weighed up the costs and added value of either moving or renovating, there are other factors to consider. Location is one of the most important. Your home might be in a perfect situation already; near to loved ones, a bustling community, public transport or schools. On the other hand, if you feel uncomfortable in the area you’re living in, no amount of renovations will solve this.
The market demand for your property will usually guarantee an extension will add value to your home – but not always. Make sure you’ve researched ceiling prices in your area and thought about what potential buyers will be looking for. If you’re considering selling your home soon, you don’t want to spend more on your extension than the house can be sold at. For example, it’s often financially feasible to add a basement in a London property due to high demand for land and property prices. However, this might not be as financially lucrative in rural regions of the UK, where a simpler single-story extension to kitchen or living areas may be more appealing.
A major positive for those thinking of extending, is that UK Permitted Development Rights allow for a certain amount of work without lengthy planning applications. Excluding those in a conservation area or with a listed property, this can include building to the highest point on your existing roof, small side extensions or installing glazed windows on upper elevations. It is always advisable to check with your local planning department, as well as remembering Building Regulations approval. Even under permitted development you’ll need to inform neighbours, which can lead to objections, stress and planning authorities. With all this in mind (in addition to what your current plot and budget allow) – moving can seem an increasingly attractive option.
There are undeniably stresses involved in both moving and extending. For many homeowners, extending can be less stressful than moving, but issues include upfront costs, coping with the disruption of a building site, as well as dealing with tradespeople, architects, designers and the planning process. Moving home does also come with its own expenses and stresses, including potential chains, movers and solicitors’ fees as well as structural surveys. Despite this, if you are looking to stay close-by, moving to a larger property within your current local area will be easier on your family in the long-run and mitigate some of these stresses. A professional, knowledgeable agency will ensure that this process runs smoothly and efficiently – both in terms of selling your existing property and taking your next step on the property ladder.
Whether you decide to relocate now or extend and sell further down the line, bearing in mind these key considerations will help you select the best option for you, your home and your family.
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