Should we move or extend

dharm999

We were in a similar boat and opted to sell and buy elsewhere rather than renovate.  The renovation costs kept escalating and by the time we added them all up, including VAT, architects fees, costs of renting elsewhere whilst the work was being done, along with the stress and upheaval of doing the work, we decided we were better off moving.  We are very happy where we are and it was the right decision for us

MoveorNot

Thank you, that is helpful and I am thinking the same regarding costs. Just conscious of how much of a financial loss it would be given we only purchased this 2 years ago 

Martico

MoveorNot said:

Thank you, that is helpful and I am thinking the same regarding costs. Just conscious of how much of a financial loss it would be given we only purchased this 2 years ago 

I wouldn't focus on that - two years ago has been and gone. Putting that out of your mind, what's the best option for you now?

Albermarle

MoveorNot said:

Thank you, that is helpful and I am thinking the same regarding costs. Just conscious of how much of a financial loss it would be given we only purchased this 2 years ago 

Since Covid, costs of building materials have shot up due to high demand and global supply chain issues in 2021 particularly. Although these pressures have eased, the costs of building materials has remained high.
There has also been a shortage of labour, partly due to Covid and also Brexit, just at a time when demand was high. Even finding a builder at all has been a challenge in recent years, although there are some signs of this getting easier.

So pre Covid it was more likely that building extensions etc, would bring more added value than it would today, as the cost of building them has gone up so much. So kind of makes sense to buy somewhere already extended a few years ago.

It is a bit late now but with hindsight you should have checked out building costs a bit more closely, before buying the property.

Slinky

MoveorNot said:

Thank you, that is helpful and I am thinking the same regarding costs. Just conscious of how much of a financial loss it would be given we only purchased this 2 years ago 

No point throwing good money after bad.  We lived our house while it was being done and it took best part of a year.  I wouldnt do it again. A house down the road being upgraded way more than ours they were hoping to be in in the Spring. Now they are hoping it'll be before Christmas.  Things always take way longer and cost more than you hope. We found a disused well right at the corner of our extension so ended up having to have a massive concrete beam installed over the top of it.

MoveorNot

Thanks all - sound advice