Many of us dream about not just refreshing our homes but extending them, too. Whether we want to add more room for our kids to spread out, elderly family members to move in, for the addition of a home office, games room, or media zone, or other reasons, a home extension can be handy.
However, with financial uncertainty a significant factor right now and the rising cost of living, you might be thinking that you need to keep delaying your extension year after year. There are, though, some reasons to go ahead that could encourage you to begin the work sooner rather than later.
It Can Be Better than Moving House
Many people toss up between adding an extension and moving house. While you might think buying a new place is better, there are many benefits to staying put and building extra space for you and your loved ones. For example, you might already adore your neighbors and the street you live in or generally love your area. If so, finding another property that compares can be very difficult. An extension allows you to stay where you are and enjoy the surroundings and people you have nearby.
When you move house, it’s stressful, not only finding a new property but packing up, moving, and trying to settle into the new place. You can avoid this side of things when you add to your existing home instead of leaving it. Plus, it’s often more financially sensible to add an extension than move because you don’t have real estate agent fees to cover moving costs and other related expenses.
You Can Save Money in Other Ways
You might save money in other ways, too. For example, you may want to add another wing or a granny flat, etc., to the property and have elderly family members move in. If so, you can share costs with them and thus save money long term.
Similarly, you could rent out the extension to a long-term tenant or via short-term listing sites such as Airbnb and pay off the costs of the build over time.
An Extension Can Help You Personalize the Property
You might want to build an extra part of your current property to make it feel your own. Rather than moving somewhere new that you have to get used to all over again, why not add an extension and enjoy the personalization factor that comes from this? Have fun picking out paint colors, flooring, and light fixtures, and enjoy shopping for new flush-mount ceiling fans, area rugs, door knobs, furnishings, and so on that are precisely what you like.
You can create a new area of your home exactly how you want it, from the architectural style and layout to the colors, décor, and more. Changing the fundamental structure of a property can make it feel yours in a way that other simpler changes cannot.
Loans Are Often Easier for Extensions than New Mortgages
Something that many people don’t think about when evaluating whether to add an extension or move to a new property is that it’s often quicker and easier to get a loan for renovation or building work than to buy a new place. Plus, you can take your time shopping around for the best terms for a refinanced loan or another mortgage setup since you can add the extension whenever you’re ready.
If you want to move house, though, you’re more influenced by whether or not you find a place you love and need to pay for ASAP. In addition, if you need to sell your current place to buy a new one, there’s also the factor of lining up the sale to coincide with the new purchase and all the paperwork and loan issues that can go with that.
These are some key reasons to create the home extension you’ve been dreaming of. In addition, keep in mind that by adding more space, you can reduce stress on your family since everyone can spread out more, and you can have a dedicated home office or dedicated bedrooms for each family member, etc.
Plus, staying put can help you and your entire family enjoy more of a feeling of stability, as you don’t need to leave your home for another more suitable property and change your kids’ schools or your own workplace due to distance. Lastly, a home extension does cost money, of course, but it should also considerably increase the value of your property. When done well, it can help you to sell your place later at a higher price than you outlaid on the additions.
Considering an extension can be daunting at first, but as you’ve seen from the above points, there are many reasons to consider going down this pathway. Do your research and think strategically, and you’ll make the best choice for you.