Guys in a bit of a dilema. We are currently (Me, Mrs & 2 Kids) living in a two bedroom terrance house and we are rapidly running out of space. We are toying with the idea of possible building an double extension on the back of our house to increase the amount of room we have, but after talking to a local builder we are looking at about 33K and about 7 months + of building work which has to come though our house as we live in a terranced house. Or we could basically just move to a 3 + bedroom house and save all the messing around all together. Just the thought of having an extention worth of building materials and builders in my house for 7 months + is not that appealing but it is the cheaper option. Has anybody done this or been through it? Should i just move and pay the extra?
Move or Extend?
- Thread starter amaru
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How much extra are you talking about.
What you have got to take into consideration is the effect the extension will have on the overall valuation of the house. Its pointless spending 33K to find it doesnt add much value. Plus could you comfortably afford to move into a bigger house?
What you have got to take into consideration is the effect the extension will have on the overall valuation of the house. Its pointless spending 33K to find it doesnt add much value. Plus could you comfortably afford to move into a bigger house?
What is you current house worth, if you sold your house and added 33K what could you get?
What would the extension add to the value of your current house?
If it was me I would sell up and move to a larger house, unless the extension is done very well you can end up with a bit of an odd house, my sister extended her house and it now has loads of bedrooms but very little "living" space.
What would the extension add to the value of your current house?
If it was me I would sell up and move to a larger house, unless the extension is done very well you can end up with a bit of an odd house, my sister extended her house and it now has loads of bedrooms but very little "living" space.
Also take into consideration that the housing market is very fluid at the moment - see how things progress in the next couple of months before making a decision.
One option you could look at is buying a 2 bed semi and then putting an extension on that - possibly cheaper in the long run and a lot more convenient.
One option you could look at is buying a 2 bed semi and then putting an extension on that - possibly cheaper in the long run and a lot more convenient.
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yeah we done this well when say we i mean my mum and dad. we had 2 bedroom and we had double ext added onto the side and single to extend backwards . last bout 7 months but you barely notice it to be honest seemed fairly quick.
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our house was valued before at 200K its now worth 350K but thats also due to inflation as we had extension done bout 6-7 yr ago
That's a very dangerous calculation TBH can you afford the extra payments?
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Extend - the cost of moving is crazy. Besides, there's a HPC on don't you know 
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Your house is worth what someone is prepared to pay for it and not a penny more. Do not be foolish with your equity, if the market does take a sustained fall then your 'profit' will disappear faster than a rat up a drain pipe.
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Agreed, extending is usually the much cheaper option.
The equity I have in my house is my "cushion" against falling prices
You don't need a cushion my friend. If you are not intending to move then your home could be worth £1, but as long as you can afford to pay the mortgage who gives a ****?
People (not directing this at you) get far too hung up over equity. There's no way to realise it without either selling up and downsizing, selling up and renting or arranging an equity release and paying far more on your mortgage.
Agreed, extending is usually the much cheaper option.
The equity I have in my house is my "cushion" against falling prices
Cheers for the advice it is appreciated. Monthly repayments won't be an issue now as the mrs has just start back in work after a timeout with the kids so we shall both be back on 2 salaries coming in again. TBH i was more swayed to moving rather than extending but the mrs like the area. Cheers again for the advice.