With the rising price of property and additional costs such as stamp duty, a growing number of homeowners are opting to extend their property and make improvements instead of moving.
This was the finding of research carried out by a YouGov survey. According to the study, 63% of homeowners believe greater value can be achieved by extending and making improvements to their home instead of selling and buying a new property.
44% of the survey’s participants said they would rather invest in maintaining their existing property. Just 17% of homeowners said they would be willing to buy a new home.
The report found that property owners are becoming more cautious about the costs involved in buying a new home, as estate agency and conveyance fees rise.
The benefits of extending your home
For many households, there comes a time when a home becomes too small. A growing family is the obvious reason to properties becoming a bit of a squeeze.
As your brood grows and your children become older and you pine for a bigger home, you’ve essentially two options – move into a bigger house or extend your current home.
Extending can make a lot of sense, providing you’ve got the room to extend and the funds in place to pay for it!
In London and other large urban areas, where space is an issue, more and more people are opting to convert basements and attics into liveable spaces to generate greater room.
With solicitors’ fees to pay, stamp duty and rising estate agent fees, extending a property rather than moving can be a more viable financial move.
Keith Gorny, director of the London estate agents Marsh & Parson, told The Guardian that the cost of buying a new house would far outweigh the cost of extending.
“The reality is that if you are able to extend, it is often sensible to do so from a financial point of view.”
The cost of an extension naturally depends significantly on where you live, what type of extension you are building, how complex the structure will be and how much finishing and furnishing will be required. If, for example, issues such as drainage will be affected by the building work, the project is likely to be costlier.
In order to maximise help the extension work run smoothly and to maximise the space, it is important to have a quality design drawn up, preferably by qualified and experienced designers and architects, who are highly skilled in making visions become a reality.
If you yearn for a bigger home but don’t want the hassle, stress or expense of moving, extending may be the perfect solution.
Arti Construction’s team of designers, architects and tradesmen, can work with you throughout the whole of the extension project – turning your dreams of a bigger home into reality.