As UK house prices and stamp duties continue to increase the costs of moving, a growing number of people have begun improving their homes in favour of making a move.
A recent report, carried out by Halifax Insurance, found that there has been a huge increase in planning applications up and down the country since 2012, with a significant 60% rise in London in particular. Most popular amongst these are requests for single-storey home extensions, as well as loft conversions and basements.
Extending does take time and effort, but in many cases, the benefits outweigh the negatives. The Market Design & Build, a design and build company and architect in London, which specialises in house extensions and conversions, explains why you should look to extend your home as opposed to moving.
Having an extension or conversion built on your property can increase the value of your home by up to 20%, with larger builds being the most valuable. Building a new room that effectively compliments the overall design of your home and increases its square footage will help raise its market value, which is highly beneficial if and when you do eventually decide to sell.
Saves time and money
Moving house is a long-winded, stressful and costly process. Not only will you have to sell your existing home, put down a large house deposit on a new one (not to mention the mortgage), and pay to shift all your belongings to your new place, but it is also quite likely that you will want to redecorate and make some costly changes to your new property.
Instead of having to deal with the mass amounts of paperwork, logistics and work that comes with moving into and transforming a new home, all of which requires a significant amount of time and money, it might be more constructive to stay in the home you are familiar with and simply extend an area of it.
Creates more space
If space is your main concern, but you would rather stay where you are than search for a suitable bigger home, then getting planning permission to build an extension on your existing home is the most sensible solution. Perhaps you’ve just had a baby, an older relative requires care, or you have taken up a new hobby or job that requires some extra room space – whatever the reason may be, building another room in your home is the most cost-effective way to create that much-needed extra space.