Feeling the squeeze in your current home is something everybody gets at some point. Expanding families mean that you are faced with a dilemma, expand your home or leave completely? Moving home is a massive cost, we all know that, and no doubt it has crossed your mind that to build an extension is a much easier and cost-effective approach to making room. But what are the implications of expanding your home? Is it worth it at all?
For many people, living in the suburbs means the quaint image of 2.4 kids and 2 cars. The modern family does not fit that archetype anymore. The reason people look to expand their homes is not just for their families, but a lot of people tend to work from home, and a home office becomes an essential component for any family. So depending on your overall goal, you need to ask yourself if it is worth extending at all. In some places, such as apartments, the decision has been made for you, and there is no chance at all in extending anywhere. The location you are in, does it even allow for an extension? You might be living in a terraced house in London, so your only option is to build backwards, but in doing so will you compromise your garden by making it smaller? This may impact on the overall value of the property because you may want to sell it one day. You need to think about your long-term plans before extending your home.
The cost is a factor in so many ways. While people think it is cheaper to extend your home rather than move to another one, you need to think about the costs of the building work, the planning permission, the equipment, and whether you are even in a profitable area. The cost of what you invest into the extension might not be what you get back. This is all dependent on the area. If you live in a farmhouse, it will be a desired property. You can spend time and money investing in the equipment like excavators to dig up the garden. The equipment can be an expensive part of the process, especially if you plan to do the work yourself. So you need to understand the value of the area first.
Estate agents are able to demonstrate why it is easier to move than it is to build an extension, and in many cases, they are right. This is why you need to weigh up the costs of moving in comparison to the extension you want to make. The cost of an extension per square meter just for the building works is around £1,000 to £1,600 ($1,200 upwards depending on the exchange rate). So for 300 square foot, it will cost around £50,000 to £60,000, and if this means the value of the home, after the building works, is now £350,000, it may be cost-neutral. At the end of the day, you need to know what your long-term commitments are with any home.