When your home gets too small to meet your needs, you have two options. But do you move, or do you extend? And what are the benefits of these choices? An extension allows you to stay put in the home you may love while moving allows you to move to a new area or home and start fresh. This article aims to answer the question: ‘ Should I move or extend my property?’
Move or Extend Your Property…Which One Is More Cost Effective?
Most of us in this world are unfortunately limited by budget. But is moving or extending more cost-effective for you? When you look at renovations, there are a number of ways to cut costs while maintaining high standards, like composite decking. Composite decking is traditionally made of steel, with ribbed or corrugated profiles which allow concrete to sit over the reinforced structure and provide additional flooring, garage structures, porches, and storage facilities. This is just one example of how you can cut costs during a renovation.
Do You Like Where You Live?
Do you actually like the area you live in? Even if renovations are the most cost-effective option, you might want to move out of the property, or area. You can’t deny your emotions, and if you don’t like the local area, then you could adjust your home renovations to flipping the property rather than extending the home to live in. Renovations for the purposes of selling are slightly different from major renovations. You’ll want to cut costs as much as possible when doing up your home, to better invest in a new property in the future.
What Is The Current Economy Like?
In general, it is more cost-effective to extend a property over moving. However, it’s important to consider the current economy before you make a move. Is the cost of living going to make the cost of timber or certain resources more expensive? This could make your home renovations more expensive, and might potentially make moving a more desirable alternative. Research the prices of resources and hiring a contractor, alongside the costs of moving house.
Which One Can You Afford?
An extension might have more immediate costs once you’ve got the project moving. By contrast, you might have to wait a few months before paying your deposit or attorney fees when it’s time to move home, but these costs might be greater if you’re upsizing the property. The best thing you can do is to research all the costs of moving home versus a renovation and make an informed decision on which one you can afford.
The Takeaway on Deciding to Move House or Extend Your Property
Do you want to live in your home for longer? If so, consider renovating your house so you and your family can stay there for some substantial more years. If you do, realistically, not like where you live, then focus on moving out of the area to somewhere more suitable for you. Research the cost of renovation vs. moving, and make an informed decision based on your budget and the current economy to decide which one works best for you.