NEW HOME OR EXTENSION?
Renovating can be a more timely and cost effective option than building a new home, so how do you decide?
Consider the cost:
The more structural changes you need to make to your property the bigger the cost. If you can modify your home, leaving the roof structure and existing layout relatively untouched you will be able to extend on a tighter budget.
Location:
We have all heard the old adage; Buy the worst home in the best street. If your property is in a great location, but is suffering from a little wear and tear, an Extension and Renovation could see you add big value to your home. On the flip side, if you are surrounded by homes of similar standard and quality to yours, in an average area you are at risk of over capitilising and spending big bucks to receive little to no profit.
Emotion
Do you love your home? Do you love the location? Do you want to pass the home down to future generations? If you are already living in your dream home and just need a little bit more space or a modernised look then renovation is the way to go. Even if you have no attachment to the home, a renovation project can be the right option if you plan to extend and sell for a tidy profit, providing you have:
Patience
Living in a home during an extension and renovation can be a trying time. Particularly if you are having kitchens and bathrooms replaced. Your home will be turned upside down, you will have tradespeople in and out, and noisey machinery throughout. You do also need patience when it comes to a new build, there can be hold ups along the way particularly in the winter months. The plus side of building is that you won’t be living in the home throughout the construction, however, you will be paying two mortgages or a mortgage and rent at the same time.
Deciding to go ahead with a New Build or an Extension is a big decision, so make sure you do your research. We are always happy to take the time to discuss your options and help you come to the right decision for you.
After some Extension inspiration? Check out the before and after of this Marmion Extension we did, and click the link for more info.
BEFORE AFTER