There are many reasons why people decide they need extra space. A growing family or business is often the primary reason people face the decision to extend their current home or move somewhere larger. In reality, there is no true “right and wrong” choice. Of course, if you live in an apartment the choice is not there: Unless you are on the ground floor and the garden is yours, extending your home is not an option. The pros and cons of moving or extending depend on various factors. Primarily, the costs, your emotional attachment to your current home and undoubtedly, what your plans for the future might be.
Costs
Weighing up the costs for moving as well as extending is first for the most. Financing extensions usually involves gaining a further advance on an existing mortgage (remortgaging). Approaching your current lender for an idea as to whether that would be even a possibility (most lenders cap the amount they will lend), as well as how much might be available is also vital. Every lender has specific limits based on their own lending terms and conditions. This will dictate how much they are willing to lend and how much interest is applicable – Check out the deals on offer and make sure you do the maths. Ensure whatever you choose, it will be a financially viable decision as well as affordable in the long run as well as the short-term.
Emotional Attachment
Without question, many people become emotionally attached to their home: The idea of selling and moving somewhere else close to a living nightmare. If you live in an apartment that cannot be extended, there is no option but to move. While harrowing in the first instance, like most things, time will be the healer – Be very careful with regards to the new property you buy. If it is possible to extend then approaching your lender is probably the first step forward. Would you be able to borrow enough money to complete the extension? For example, would this be an expensive option in comparison to moving to a larger house, perhaps in a different area? It might be that while you love your current home, due to technical and financial reasons it simply is not a good financial choice. Andrew Tanner says furniture removals Bristol companies always see some sentimental attraction to personal items when deciding to move
Future Plans
Whether you prefer the option of moving to another property or extending your current one, a big consideration should be your plans for the future. If you decided to extend your business or your family later on, will the extension and renovations create enough room? If not, extending might not be the long term answer, unless you can also extend later on. In this instance, moving now to a house that can accommodate your expansion plans might be the best option.
