Extending or Moving House: Weighing the Pros and Cons
When you find yourself in need of more space or looking for a change, deciding between extending your current home or moving to a new one can be a challenging decision. We actually found ourselves in this position over the past few months. With baby number 2 on the way, we need a bit more space. After speaking to our broker, our current lender, an architect, multiple builders and attending multiple viewings we decided to stay in the home we love so much and extend. We have to provide 6 months savings before proceeding with the mortgage top up application so we hope to go ahead with that in August and begin the (stressful!) process.
Both options come with their own set of advantages and disadvantages. In this blog, we will explore the pros and cons of extending your home versus moving to a new one to help you make an informed choice.
Pros of Extending
Cost-Effective
In many cases, even due to the rising cost of materials, extending your current home can be more cost-effective than buying a new property. By adding extra rooms or converting existing spaces, you can create the additional space you need without the expenses associated with purchasing a new property, such as stamp duty, legal fees, and moving costs.
Familiarity and Emotional Attachment
If you've built a strong emotional attachment to your current home and neighborhood, extending allows you to stay rooted in a familiar environment. You don't have to uproot your family, change schools or disrupt established relationships.
Customization and Personalisation
Extending your home provides an opportunity to create a space tailored to your specific needs and preferences. You have greater control over the design and layout, allowing you to personalise your living space and make it truly your own.
Avoiding the Property Market
The process of buying and selling a property can be time-consuming and stressful. By extending, you bypass the need to navigate the property market, deal with viewings, and potentially face bidding wars.
Cons of Extending
Space Limitations
Depending on the size of your property and the available land, there may be physical limitations on how much you can extend. Planning permissions may also restrict the type and scale of extensions allowed.
Disruption and Inconvenience
Extending your home involves construction work, which can cause disruption, dust, noise, and temporary inconvenience for you and your family. Living in a building site can be stressful, especially if you have young children or specific lifestyle needs. Alternatively, finding temporary accommodation can be a challenge.
Loss of Garden Space
When you extend your house, you often need to utilise part of your existing yard or outdoor area for the construction. This can result in a reduction in the available outdoor space, limiting your options for outdoor activities, gardening, or simply enjoying open-air environments. If you have children or pets who rely on outdoor play areas, the loss of space can be particularly impactful. Furthermore, the reduced outdoor space can affect the overall aesthetics and functionality of your property, potentially decreasing its appeal and resale value. It's important to carefully consider the trade-off between the additional indoor living space and the potential loss of outdoor area before deciding to extend your home.
Pros of Moving
Opportunity for a Fresh Start
Moving to a new house provides a fresh start and the opportunity to explore new neighborhoods, amenities, and communities. It allows you to embrace a different lifestyle or upgrade to a property that better suits your current needs and preferences.
Immediate Satisfaction
Moving to a new house means you can immediately enjoy the additional space, updated features, and layout designed to your liking. You don't have to wait for construction or deal with the inconveniences associated with extending.
Flexibility and Adaptability
Moving allows you to explore different property types, such as downsizing for empty nesters or upsizing for growing families. You can find a home that better aligns with your current and future requirements, whether it's a larger garden, more bedrooms, or a better location.
Cons of Moving
Financial Considerations
Moving involves costs such as stamp duty, legal fees, moving expenses, and estate agent fees. These expenses can be substantial, especially in a competitive property market.
Emotional Adjustment
Moving to a new house means leaving behind familiar surroundings, neighbors, and routines. It may take time to adjust to a new neighborhood and build new connections.
Market Uncertainty
The property market can be unpredictable, and there's no guarantee that you'll find the ideal property within your desired timeframe. You may face competition from other buyers, limited availability, or difficulty in selling your current property in a timely manner.
Conclusion
Deciding whether to extend your current home or move to a new one requires careful consideration of the pros and cons associated with each option. Extending allows you to stay in a familiar environment, customise your living space, and potentially save on costs. On the other hand, moving offers a fresh start, immediate satisfaction, and the flexibility to find a property that better meets your needs. Ultimately, the decision will depend on your specific circumstances, financial situation, lifestyle preferences, and long-term goals.
Before making a decision, take the time to assess your space requirements, budget, and the feasibility of extending within your property limitations. Research the property market, explore potential neighborhoods, and consider the costs involved in both options. Consulting with professionals such as architects, builders, estate agents, and lenders can provide valuable insights and guidance.
Remember, every situation is unique, and what works for one person may not work for another. Carefully weigh the pros and cons, prioritise your needs, and envision the future you desire. Whether you choose to extend or move, with careful planning and consideration, you can create a home that perfectly suits your lifestyle and fulfills your dreams.
Over the past five years, a select group of experts within this community has consistently captured my interest. They have garnered multiple recommendations from various members for their exceptional professionalism and unwavering support toward first-time buyers. The First Time Buyers Ireland community relies on four esteemed partners, who have gained their trust through their reliable services:
1. Parker Law - A trusted solicitor known for their expertise in legal matters pertaining to property transactions.
2. Get House Survey - A reputable surveyor recommended for their thorough and reliable home survey services.
3. Lion.ie - A trusted mortgage protection broker known for their expertise in providing suitable protection plans for first-time homebuyers.
4. Cian Carolan - A reliable mortgage broker renowned for their proficiency in assisting first-time buyers in finding suitable mortgage options.
These partners have proven their commitment to serving the community and have earned their status as trusted professionals within the First Time Buyers Ireland community.