Selling or extending - am I missing something?

sweaty_betty

Hi there - we live in a 3 bed property and have planning permission for a 2 storey extension which should give us a lot more space (growing family). We're having loads of delay in getting started, finding a builder for a start and a friend of mine has suggested that we move instead of extending.

I don't really want to move as:
1- I like the area, it's convenient for lots of things and the neighbours are (on the whole) nice
2- Looking at alternative houses with an additional bedroom in the area, none would give us the space we want downstairs, and would mean we'd have to extend the mortgage by up to £100K :eek:
3- Houses on my road don't sell quickly. I'm not sure why TBH. So I'm not sure it would be quicker to sell than extend.

But saying all this, I'm worried that I'm missing something . Is there anything else to consider when making a decision like this?

Any advice would be appreciated...

moreofthegoodstuff

You have got this far with the planning permission so go for it! Find a good builder and concentrate on getting the house exactly how you want it. If you like the area and don't really want to move then do all of the work and sell the house when you are good and ready and for a better price.

mummyroysof3

We have had a similar situation and have decided to move. Good luck with making a decision though cos it's not easy is it

<sebb>

Depending on costs, I'd rather extend. This is because you will have complete control on the quality of the extension and the layout. You can have it just how you like it. However, a two story extension will be disruptive so it's not a clear cut decision.

Make sure you keep all the relevant planning permissions and comply with building regs, otherwise it will come back to bite you when you do sell.

moreofthegoodstuff

The extension won't be much fun but neither is packing up a whole house/being in a long stressful chain and then starting again in a new and potentially more expensive house.

phoebe1989seb

I can testify that doing the extension won't be much fun - we're doing up a period project house and last year had a large vaulted ceilinged extension built. The weather last Summer didn't help, and we were without hot water and (oil) heating for five and a half months, but the end result is fabulous!

Despite making it sound grim, in your position, I would defintely prefer to do the extension - sounds like you're happy, location-wise and if your house could be slow to move - and you still won't get the layout you're after - the extension will at least be tailor-made to your requirements. Finding the right builders can be difficult - we struggled at first, but eventually found a (reasonably) good team. If you've already got over the hurdle of getting planning permission and can solve the builder issue, I say go for it

dimbo61

My vote is too extend your existing home if you have the right plans and room to build.
Get a good builder and check everything is agreed before you start.
Learn as much as possible about what is needed

Furts

Hi sweaty betty
I was in the same position in late 2010. Depressed house prices, few houses selling and an enormous increase in purchase price to get a significantly larger house in my location.

My decision was largely made for me. Extension it was. By doing some work, project managing others and being "commercial" in terms of finance meant various extensions, together doubling the size of the house, came in at staggering value.

The winning factor was the recession - build costs were lower than ten years ago and labour was at rates of perhaps fifteen years ago. Some materials were so cheap I could not believe the price being asked for them. But the approach is stressful and hard work - not for the feint hearted!

I maintain extensions are rarely cost effective. In my case I broke even, may be showed a "profit" of up to £50000. But a similar size house near me would be at least £150000 - £200000 more. I did not spend this much!

JQ.

Moving house is expensive -

Stamp Duty
Legal fees
Estate Agent fees
Mortgage fees
Surveyors fees
Removal firm costs

We recently extended and the total cost was less than half the cost should we have had to move to a similar sized house as the completed scheme.

I'm not sure what other people did with regards to project management, but we got the builder to do all the extension work first, only then did they knock through to our existing house right at the end of the build. As such the impact on our lives was minimal. We certainly weren't living in a building site.

sweaty_betty

Thanks all, some food for thought.
I'm not looking to increase the value of the house specifically, just to have more space. I think it's unlikely that we'll make our money back but hopefully we'll be here for a while so it will make it worth the cost for us. My only concern is that the garden will be smaller with the extension and its not huge to begin with but hopefully not to much.

dimbo61

I had a large side and rear single storey extension done last summer.
Added a good sized downstairs bathroom with a large shower, huge new kitchen and extra room on the back which can be a study, extra bedroom, children,s TV room etc.
Cost £50K and added £50K onto the value of the property.
Now have large kitchen with breakfast bar and lounge area all together as well as spare room