Many homeowners have been seeking more space during the lockdowns of the last year, as we all find ourselves confined to our homes. But, you may be facing two options – move to a larger house, or extend your current house.
We have three questions to ask yourself to determine which option is best for you.
1. Will an extension add value to your home?
You first need to determine if an extension is right for your home. A poorly executed or inappropriate design can knock thousands off the value ion your home.
However, some types of extensions will be immediately beneficial to your and your house. An extra bedroom could add 15 per cent to your home’s value, and a loft conversion can add a whopping 21 per cent.
2. Can you afford an extension?
This is more than simply, having the budget ready for your extension, as you need to ask yourself how long you plan to stay in your current home, and if paying for an extension will be worthwhile.
Consider the costs of the extension versus how long you plan to stay at the property to determine whether it is a good idea or will be a waste of time and money.
3. Can you buy a new home on your budget?
If your family is outgrowing your current home, but you do not have the space for an extension or don’t want to go through the building process, then it might be time for you to move. You can establish this by performing a simple cost-benefit analysis.
Establish your budget based on the equivalent value of your current property plus the proposed hypothetical cost of an equivalent extension, which will allow you to enter the market with a clear idea of what you can actually afford, and you may even realise that it might be worth investing in an extension instead.
If you’re looking for home extensions in Milton Keynes, talk to us today.