Extending your home seems like a pretty amazing idea, right? You get lots of extra space, and all without the stress of moving home. It feels like it ticks all of the right boxes, but does this instantly mean you should go ahead with it? For some homeowners, an extension might not be a brilliant idea. It’s a huge decision to make, so here are some of the main things you ought to think about:
How much extra space do you need?
What’s the purpose of this extension? Are you adding an extra room or two to your home, or are you adding an entire floor? The answer to this question is crucial as it can determine if an extension is worth it or not. If you need to literally double the size of your house, it’s far less stressful to just move to a new home. But, if you want to add an extra bedroom, an extension could be beneficial. However, consider if you can add another room by converting a loft or basement beforehand. If so, you can escape the need for an extension while still getting the extra space!
How much will it cost?
Clearly, the cost of a home extension factors into whether or not it is a good idea. Two things deserve mulling over, the first one being that you can actually afford the extension. It won’t always be paid in full, and you can find interest free home extensions that split up the costs without adding extra fees. Take a look at your budget and work out if it is possible to afford the extension or not.
Furthermore, weigh up if the extension costs more or less than moving to a new home. If it is actually much cheaper to move house, maybe this is a better option? Sure, it’s slightly more effort, but why wouldn’t you do it to save money?!
How long do you plan on living there?
Do you expect to live in your house for the foreseeable future, or is it likely you’ll be moving again soon? Some people have to move around a lot for work, or there could be other things in your life dictating that a possible move could be on the cards. Does it make sense to pay for an extension, only to leave your house a few months later? Sure, the extension adds value to the home, but will it add enough in such a short space of time? Generally, extensions are better for people who intend to live in the home for a very long time, getting the most out of your investment.
The best way to summarise this is by saying that an extension is wise if you want to add a few extra rooms to your home, it’s within your budget, and you plan on living there for a long time. Similarly, it’s possibly unwise if the extension will be very expensive, you’re looking to make far too big of an addition to the property, and you plan on moving soon. Hopefully, this helps you figure out if one is right for you.
Thank you for reading. I hope you have a great journey with your home.