Extension or move house??

BigSpender81

Hi

I have a massive dilemma at the moment, I would like a bigger property as I would like another baby and our house doesn’t have the space we need. I’m thinking a single level extension, maybe a garage and extra space on the kitchen/dining room.

A bigger house means bigger mortgage which I could afford but it would be tight especially if I want another baby and eventually we will have to move to be closer to the schools we would like our children to go to but as my daughter is only one at the moment that’s a couple of years off.

So do I bite the bullet and move or add an extension onto our house and stay for a couple more years??

Does a single level extension really add value??

Any help or advise would be so welcome

Thanks Ro

flimsier

Have you had an in-depth discussion with your partner yet? It just seems a little strange that you use "I" so liberally rather than "we" in your posts.
Sorry that I can't help much in the actual substance of the thread.

markdavey

We had the same debate when we had our 2nd child. We simply could not afford to move to a house that would give us a significant increase in space over what we had so we went for an extension (3m x 9m). We converted the existing kitchen into a downstairs toilet and Playroom for the kids (extending into the extension) and moved the kitchen into the single story extension . Cost me around £30k all in (including new kitchen/appliances, flooring and decor etc.). I now have an extremely flexible living space which I would not have got in a new property with buy spending an extra £30k (especially once you take stamp duty etc. into account).

I did the extension to give us another 7-10 years in the property. I wasn't all that worried about payback.

And we love the current location of the property so no regrets here.

Canucklehead

Good afternoon:extending rather than moving makes sense in the current economic climate. The key is finding the right team for your build. You might find this useful.

HTH

Canucklehead

Leif

Andrew-b has made sensible comments. I think you need to look around your area and see what houses go for comparing your current house and current house + proposed extension. That will tell you the value gain, but only roughly as there is so much at play here. And luck! If you have a large garden, a nice extension can add value. But if it takes up garden space, that can be a minus. Or if it is nastily done that is a minus. I saw one house with a decent extension at the back and a nasty loft conversion. The latter removed value IMO. I saw a lovely house with an extended kitchen. It sold for a high price, and probably recouped the cost. A colleague decided that it was cheaper to buy a 2 bed house, and convert the loft, than buy a 3 bed house. But that was true for that area of Brighton. Bear in mind if you move you pay stamp duty. Alternatively, buy a sound but tatty property e.g. probate, then redecorate. It's cost £25K plus for pros to do the kitchen, bathroom, and other stuff, assuming no serious issues.

BigSpender81

Thanks for your comments, going to have a look at other houses in the area and see what prices they are selling for, we have a large garden and drive-way so extending shouldnt be a problem, fingers crossed!

Leif

andrew-b wrote: »

...bargain!!

I wish. Yes, okay okay, I missed out a K... , I meant ~£25K, sigh

kabayiri

We have recently gone down the extension route. I can't say whether it has added value to the property equal to the spend, but it makes the house more appealing to a potential buyer in my view.

Some factors in favour of a single storey extension that I can think of (some may apply depending on your circumstance) :-
- removes a basic limitation on the house, e.g 2nd bathroom (in our case it was a narrow lounge)
- provides more usable space tuned to your needs, rather than a previous owners
- potential for more light (I think velux windows are a great source of light)
- opportunity to improve thermal efficiency or upgrade electrics
- opportunity to change access to things like patio from the house (true in our case)

The downsides of extending are you can easily lose sight of the target budget, particularly if you have a weakness for fancy lighting systems, or posh appliances (mea culpa!).

Even if you move the new house is unlikely to be exactly to your tastes, decor and layout wise. You may still end up spending.

Slinky_Malinky

If you are going to move ready for your child to start primary school then that is only 3 or 4 years off. Taking into account getting plans drawn and passed, plus the time taken to build, will you just end up with a couple of years to actually enjoy the extra space before you move? Might be better to buy a shabby house in the area you want for schools then take your time doing it up bit by bit.