If you’re getting a little stale in your current accommodation, but don’t want to go through the hassle of moving home, have you considered adding an extension to your home? By adding an extension you can create a new space in your home, which can be utilized for any number of things and you can add all of the mod-cons you wish. In fact, many homeowners understand that building an extension is a fantastic way to increase the overall value of their home.
Can Adding an Extension Actually Save You Money?
Many of us dream about either purchasing a new home or even building our dream home, but most people, unfortunately, don’t figure in many of the additional costs. This is typically why building an extension can help to change the way you view your current home and indeed save you a vast amount of money on various forgotten costs, including:
– You will incur Real Estate Agent’s fees and costs for both selling your current home and purchasing your new home. These costs include the price of advertising and you will also need to pay a commission on the sale price of your current home.
– You will, no doubt, be looking at financing the move, even if you require the exact same amount of mortgage loan as you currently have, you will still incur costs for moving this mortgage from one property to another.
– One of the most substantial costs of purchasing a new home is stamp duty. This is a tax levied by the government and will typically need to be paid on all properties purchased (over a certain value).
– You will probably have a fair amount of furniture, fittings and personal belongings that you will want to take to your new home. This will usually require the services of a specialist removal company and this of course will cost money.
– Don’t forget that you will generally also incur costs for cancelling or moving your utilities or regular paid services; such as Internet, telephone, gas, electric, home alarm monitoring company, etc.
Home Extensions
Granted, building a home extension will also incur certain expenses, but in truth, this is nowhere near as much as you can expect to pay to move home altogether. There are a number of considerations for you to make before you decide whether a home extension is the best option for you and these typically include:
– Do you want to stay in the area? Do you have good neighbours? Are the best schools in your area?
– Are you eventually looking to sell at some point in the future? And, if so, will it make sense to add value to your property now?
– Do you have a set budget to pay for your home extension or will you need to borrow money?
– Is there anything major about to occur in your life in the near future, such as a wedding, the arrival of a baby, or hospital costs?
– Will you be able to still live in your home whilst the extension is being built?
Once you can provide suitable answers to all these questions, only then will you be ready to start planning your home extension.
