Move or Improve

msmyth18

Hello All,

We have a decision to make and I would like some opinions. We have had some plans drawn up for a kitchen extension which would enhance the house and allow us to bring the garden into the home, as this is easily the best asset.

We have been encouraged by family members to look at what else is available on the market as it may be more cost effective to move.... we have found something.

Our House

3 Bed Semi with integrated garage
Through lounge/diner
Recently renovated (central heating, rewire, replastering, bathroom, kitchen)

Located in a cul de sac, in an area notorious for people buying to get the kids into the local schools.

Approx 80m2 internally,
in a really nice area worth about £210-220k. It has about 80m2 of space. Huge garden about 360m2, and large driveway cira 4 cars.

Other House

5 Bed Detached
Attached garage
3 reception rooms
Downstairs wc

4 Double Bedrooms, 1 Single
2 Bathrooms

Approx 160m2 Internally and massive 560m2 garden.

It is up for offers over £230k, it is priced keenly because it is in need of modernisation but that certainly attracts us because we bought our house in a state. It is serviceable in that we could move straight in and do the work whilst living there.

It is on a road where with a medium flow of traffic.

I think at the back of my mind is our current house we will always have to move eventually as we outgrow it. My gut feeling is I would rather do that sooner so we can concentrate on paying down the mortgage and making the house into the home we really want.

Does anyone have an opinion on the move or improve debate?

Twood

I could honestly have written this myself a few months ago. We had plans, planning, builders quotes etc for a kitchen extension but when I looked how much our house would be worth with it done, I was breaking even. Also the extension did not solve all our problems. Instead we are now in the process of purchasing a bigger "forever" home that needs a lot of modernisation and tlc.

I'd suggest looking whether you would recoup your costs and if u need to move eventually, personally I'd do it sooner rather than later.

msmyth18

Twood wrote: »

I could honestly have written this myself a few months ago. We had plans, planning, builders quotes etc for a kitchen extension but when I looked how much our house would be worth with it done, I was breaking even. Also the extension did not solve all our problems. Instead we are now in the process of purchasing a bigger "forever" home that needs a lot of modernisation and tlc.

I'd suggest looking whether you would recoup your costs and if u need to move eventually, personally I'd do it sooner rather than later.

Thank you for your reply! We believe we would break even so scarily similar situation.

onlyroz

Have you factored in solicitor costs, removal costs, stamp duty, estate agent fees etc etc? And then the whole stress of moving.

We made the decision to extend our house rather than move - we figured it would cost at least £15k in fees to move, which would pay for half of the extension.

ReadingTim

What's the ceiling price of the road/area you're currently in? There's no point in massively extending the current place (at great expense) if it makes it disproportionally bigger and more expensive than other properties in the area - be the worst house on the best street, rather than the best house on the worst street!

Doozergirl

On paper, it looks like a no brainer in favour of the move. Twice as much house, detached etc. It just depends on how much the work costs you. Extensions are more expensive per metre than renovation so I still think you're better moving if your family continues to outgrow the current house.

I would only extend for a clear profit or if I loved my house so much I was happy to never move again.

dimbo61

The Stamp duty of £250K comes to mind but that will effect both properties.
Now for me I would need to look at the plans for the extension and the new Bigger house!
I live in a four bed detached house over 3 floors with 3 bathrooms ( 2 en-suite) and downstairs toilet.
The bigger house will have a large lounge? Large kitchen, bigger master bedroom with en-suite? and bigger garden. With twice the space all the rooms will be bigger.
A good extension might add downstairs bathroom with shower and bigger kitchen with maybe a study/extra room.
What you spend will only add the same amount onto the value of the property.
There is a lot to be said about Neighbours you know and like, quiet location. etc
Your call