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To Move or Not to Move: Selling Versus Extending Your Property

The decision to move home is a bold one. After all, with such a vast choice of property on the market, it can seem like now is the perfect time to sell and move. But, there are some careful considerations that you must make before you decide to embark on a big move. After all, this is a huge financial decision and should be treated as such. For many homeowners, they are unsure as to whether the move is good for them. Many homeowners, who are parents too, often are uncertain as to whether a move is right for the children. After all, if you have a base and you are settled in your local community, a move up on the property ladder may seem more like a dream than a reality.

So, with this in mind, is it time for you to move or not to move? You don’t have to compromise having a smaller property and an ever-growing family.

The ultimate dilemma is upon us: is it time to move or extend your current property?

Moving Up the Property Ladder: It’s Time to Sell

If you cannot extend your current property it may be time to sell. Newer properties leave no space for the consumer to extend. This can be problematic all round. Some more modern homes already come equipped with conservatories as standard. If this is the dilemma that you face, it’s time to sell. You will need a 10% deposit for your next mortgage. You will also need to ensure that you have a working budget to allow you to move. Work out an income and expenditure of your current finances. Take this to your mortgage provider and see what they can loan you within your budget. Do not blow the budget on a new property. Keep it affordable and maximise your housing potential.

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Extending Your Home: Staying Put

If your kids are settled in school and you have an incredible network of people around you, it may seem illogical to move house. After all, why settle for a bigger house but less of a community spirit? Many people don’t want to disrupt their child’s learning. They want to ensure that their children are feeling the benefits of their local community. If this sounds familiar, it may be time to consider extending your property if your family is outgrowing your current home.

According to Harvey Donaldson and Gibson chartered surveyors, a cheap way to add more space to your home is to convert loft or basement spaces. This is a simple solution and can cost under £4,000 to complete. This is a savvy approach to take.

Extending your home, depending on where you reside, can ensure that you make a sizeable profit. Of course, this is in the event that you do come to sell in the future. In fact, extending can be a cheaper alternative all round. If you are on  a budget, extending could give you the space that you crave without the added financial implications of doing so.

For some, a simple extension such a conservatory can give growing families extra living space. You don’t have to go all out and add a plethora of rooms and annexes to your current home. There are stylish and affordable solutions to your space problems.

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