GUEST POST - Extend or Move?
So we understand that your house might be somewhat dated, maybe looking a little drab. You may be desperate for a change of layout, decor or a bit more space, and whilst moving house may seem the best solution to all this, what if you love the area you live in?
Extension myth number 1 – it’s more expensive than moving house. Well, not necessarily. Stamp duty – which is 1%-4% of the overall purchase price depending on how much it is – and other moving costs such as estate agent fees mean you may be better off using that money to give your current place a fresh new look. This is especially true for those of you living in Britain’s beauty spots – the picturesque coastlines, sought-after cities and popular summer-holiday destinations. We know it’s hard to find a decent place for anything under £300,000 in these areas, and when you count up that pesky stamp duty, you’d be looking at handing more money over to the tax man.
For that amount of money, you could quite easily build a single-storey extension and give that kitchen of yours a new look, or convert that dark and dingy loft space in to an extra bedroom with an en-suite; these are probably the things that would convince you to buy that house you were viewing anyway. But if you’ve always wanted those black marbled kitchen surfaces and hidden spice rack cupboards, or if waterfall showers and posh tubs are your thing, renovation may be your best bet. Not only can you pick and choose, and put together the look you’re after, but you can cut out all the time spent looking at houses to buy.
Nevertheless, it all depends on where you live and what you’re after. Your best bet is to list out all of the relevant costs for both; mortgage redemption and setup fees, removal insurance and estate agent fees are typical for house moves, whilst building regulation approval, planning charge and trades fees are typical for extensions and re-builds. Do your research just to be sure, but if you love the area you live in and don’t fancy throwing money on stamp duty, then take a second look at those homeware ads you’ve been eyeing and extend. Those black marbled surfaces aren’t too out of reach.