When you first bought your home, it had just enough room for you, your spouse and perhaps a couple of children. However, one thing has lead to another and you have ended up having three little ones (although some days it feels like three dozen).
Also, you have been considering moving your ailing mother in with you so that she doesn’t have to live in a home. You are quickly running out of space for everyone and the house is starting to feel a bit cramped.
Should you build a house extension, or sell the home and move to a larger property?
There are a number of advantages to each option, so here are a few things to consider when deciding whether to expand the house you have or move to a new one.
Is Extending The House Possible?
Of course, before making your decision you need to figure out whether there is enough extra land around your home to facilitate a home extension. You will also need to obtain the right building permits for the job. You might find that there are limits on building your extension.
Will It Improve The Value Of The Home?
Most of the time, adding a house extension will add value to your property. However, if you try to cram in an extension where it doesn’t fit you could actually decrease the value of the home. A house with no room for a garden or parking or a disproportionate home could be a lot more difficult to sell in the future.
What Are The Property Prices Like Right Now?
When making your decision, check in on what the property prices are like at the moment. After doing a bit of research you might figure out that you can afford a home with more square footage for less than it would cost to build your home extension. Don’t forget to factor in closing costs and other expenses, however.
When making the decision to extend or move, assess the particular needs of your family so that you can determine what would be the better option for obtaining the extra space you need. If you have any questions about buying or selling property, give your trusted real estate professional a call.