Extending Your Home vs. Moving: Which One To Choose
There comes a time when the same four corners of your home aren’t cutting it anymore. Whether you’ve outgrown it already or you’re bored with what you see, you’re bound to come face-to-face with a tough decision. Will you move out or get your home extended? Considering this is your home is the main focus of this decision-making, it’s only natural for it to wrack your brain, thinking about which choice suits you best. After all, just because you’re no longer the fresh-faced homeowner you once were doesn’t mean things get any easier for you down the road. It’s easy to decide on a whim; if you’re sick of looking at your home, why not move out? But the question remains: is that wise?
Moving out and getting your home extended both have their advantages and downsides. However, Keyrenter Arkansas Team says some homeowners might be too blinded by how ‘great’ the benefits are for them to acknowledge the disadvantages anymore. Therefore, to help make up your mind, here are some components you must bear in mind:
1. Costs
Expenses play a large part in anyone’s decision-making, especially concerning living conditions. Naturally, both home extension and moving out cost a hefty amount of money. Therefore, it’s only a matter of which one costs less than the other. Moving into a new home means starting over again. Even if what you’re moving into is already pre-built or manufactured, you’re supposed to deal with your previous home before you get to relax in your new one. Considering how unstable the economy is, finding a potential buyer would be challenging. Thus, to make your traversal in the real estate world much easier, you’d be hiring estate agencies and solicitors, which means paying them their fees.
On the other hand, building a new home entirely is most likely double the costs. Hiring contractors, purchasing high-quality construction materials, and finding a lot to build a new home—it’s one thing after another. Hence, you can imagine just how costly everything is to start from scratch. Meanwhile, extending your home likely costs a fraction of your expenses when building a new home. Granted, the price depends on what part of the house you’ll be extending. But considering you already have a house to work with, all you need to do is obtain the right permits and approval for construction, look for a trusted house extension builder in Melbourne or any reputable contractor agency in your area, purchase the right building materials, and you’re good to go.
2. How Much Work It Is
Now that you have an overview of your expenses, what you must consider next is the effort you’re willing to pour into it. Because whether you’re moving out or extending your home, both choices demand a lot of time and work. Take these attributes into account. See if either one is worth the trouble. For those planning to build a new home, do you have to do it right away, or can you push it back until you’re ‘ready’ financially and mentally? Can you handle the amount of stress it’ll take? Is your current home so worn down that this is the only plan in your mind? Are you sure that this is the right choice? And for those interested in extending their place, can your house handle the new addition? Is it still structurally sound to endure construction work? Are there any parts of the house that might be compromised when there’s too much activity? Are you sure your current home won’t break down in the process?
3. Future Plans
Your home makes for an excellent investment plan. Since it’s a property, it already has a place in real estate when you make a decision. However, its property value relies heavily on how you’ll leave it. If your previous home shows signs of age that pushed you to move out, don’t have high expectations. Therefore, extending your home is your best option if you plan to turn it into an investment. However, only some extensions can raise your property value, namely conservatories, ensuite bathrooms, or home offices. Converting some parts of your house into a loft is also a good move, considering you’re providing more space and freedom for the next buyer.
4. Schedule
Both projects will take a lot of your time, whether managing the construction site or organizing your possessions. Naturally, you’d prefer the one with the least effort needed, and extending your home has that, considering only a portion of the house is being built. However, if you have time on your hands, you’ll be able to perform the necessary tasks for finding (or building) a new home, such as home inspection or construction plans.
5. Personal Attachments
Some homeowners consider sentimental value above financial value. After all, memories are worth their weight in gold. However, moving out is your best option for those who want to face ahead and let go of their past. But those who are too attached to their current home can create new ones by extending and improving it.
Which One Should You Choose
Home extension and moving out both have benefits suitable to any homeowner’s preferences. Although, they each have downsides that shouldn’t be ignored. Otherwise, they might affect your choices in the long run. Therefore, it’s safe to say that there’s no ‘better’ choice. Choosing one over the other should be easier if you know what you want.