Move or extend?
Where do you start when considering an extension? Should you move or not? The decision can be a tough one when your home is not providing what you need. Here’s our plan to help…
Your home at the moment may not be providing what you need, but should you move or should you extend? Here's our step by step guide to help you decide.
Step 1
Consider exactly what isn’t working for you and if this can be changed. i.e. you can extend but you can’t change the location of your home. A lay out change may mean you can add a toilet downstairs or an extension or a loft conversion can add additional living space or a bedroom.
By increasing the square footage of your property, you can add the room that you need without having to sell.
What alterations do you need to make to get the desired end result? Look at the property as it stands now and assess what you need and how the property will flow for you and your family. Take into account how you live in the property. Do you need a spacious hallway for coats, boots, and pushchairs? Perhaps you like to cook, and everyone in your family sits down for a family meal each night. This would mean that you need a space for a proper dining table, big enough to seat every family member.
Step 2
Once you know what you think you would like to achieve, talk to the professionals - an architect and/or structural engineer would be helpful. They will be able to talk through your ideas and look at if it is possible. What walls can be taken down or not? They can draw up proposals for you to review.
Step 3
Consider whether your ideas for the property will require a full planning permission application or fall under the permitted development rules. Your architect should guide you with this. There will be time and cost considerations if full planning permission is required.
Step 4
Think about the cost. There will be fees associated with architects and designers – make sure you get quotes and you understand what they are doing for you. If you need to submit planning permission there are also fees to pay to the Local Authority. Double-check with your local authority beforehand so there are no surprises.
Now is the time to get some quotes for the work to be carried out. Once you have a design to work off, you can look for quotes from builders to do the work. They should be experienced enough to provide a rough guide based upon basic architects' plans. Make sure you know what is included and what isn’t.
Step 5
Get a property valuation for your home. At this point get a trusted local estate agent round to determine the value of your property as its stands now and what it could be worth once the work is complete.
Step 6
Get mortgage advice. This will help you determine what financially works for you. Could you release equity to pay for the building works, if not, how could you fund the works? Based on the property valuation and your current circumstances what will you be able to borrow for a new mortgage. This will enable you to get a budget for an onward purchase.
Step 7
Research! Once you know what your property is worth and what a lender is willing to lend, you can look at what properties are currently up for sale and what your money will get you. Do these homes provide what your existing home is missing? If so, its time to move!
Hopefully the above process will have helped with your decision. You could jump straight from step 1 to step 5 as soon as you have an idea of what you’d like to do get an agent round to see what you home is worth.
We are here and ready to help with any of you property related queries. If you've recently extended your home or plan to, get in touch. We’d love to see the work you've done, and I'm sure you're interested in how much you have increased the overall value of your home!