Ok so we don’t have it that bad, but we have been dreaming of having a house with 4 bedrooms and a large downstairs with an open kitchen, dining and living space, along with a wood burning fire, oh and a utility room plus a garage. Writing it out it seems like a fair bit to ask on a small budget, which is why we have been thinking about, is it cheaper to move into a place with all the space we want, or do we extend our existing home to get it?
Well, we had someone round to value our house as it is now, and whether us extending it to the way we want would be beneficial. The answer quite simply is Probably Not. You see we have a semi-detached house which is the niggle that would hold us back if we extended the house further and then in the future tried to sell it. Our house now is at the top of its game in its bracket, but if we were to extend and add a 4th bedroom, garage and the space we wanted (which is a very costly extension) then we would have to compete with other 4 bedroom houses, which are usually detached. That then puts us into the bottom of the next bracket and potentially losing money from the work we would have put in.
If we did sell our house then there are obviously costs that go into that and by using an online calculator on Rightmove it works out approximately £27,200 to sell and buy and a new house on top of an increase in mortgage repayments. This again is a very costly thing to do but if we factored in the costs of moving into our budget and get a house with all the space, then it means we would not have to deal with a lot of building work. Trust me I have been through an extension before as a child and it was not very fun experience.
So where do we go from here?
The thing is we really love our house and I am sure if we did a minor extension of an open kitchen, dining, living space, we would make our money back, but we would still need to move in the future to get the other extra space we want.
With our house being valued it definitely has opened our eyes to the possibility of potentially moving. So while our house is not on the market yet, we have been keeping an eye out on properties that are for sale and even cheekily viewed one. It’s just nice to know that if something did come up we know what we want. In the meantime, we are doing up our house by painting throughout, fixing the lights and adding new furniture. If we sell it or live in it for many years to come we want it being as homely and complete as we can, so all we would need to do is enjoy it.
*Note – our house in the area we are in and what has already been extended means that extending further could potentially see us losing out in the future if for some reason we needed to sell it. This is not the case for everyone as each house has different potentials when it comes to extending.