There are many reasons why you may need more space in your home. Perhaps you are setting up a business from home, your family is expanding or you simply need extra space for guests. Deciding on whether you move home or extend your property is a big financial decision for homeowners and there are a number of things to take into consideration.
The cost of moving has soared dramatically over the past few years with stamp duty across England accounting for 46% of buyers’ cost. (Reallymoving Website). A study carried out by Money Supermarket states that nearly twice as many Brits believe it is better to extend their current property rather than moving to a new house.
With planning rules relaxing the option of extending has become much more desirable and the increase in usable space within a property can greatly increase the property value. According to the website Compare my Move, on average Brits believe that any type of extension will add 20% to the value of the house. In Urban areas such as London, residents believe the addition of an extension will add 35% to the value of their home.
You may not even need council consent as Permitted Development Rights (PDRs) set out the guidelines in which you are able to extend your existing property without full planning permission. In 2013, temporary rules allowed homeowners to construct a single storey extension of up to six metres on semi-detached or terrace properties. This was increased to eight metres for detached properties! As so many people chose to extend the rule became permanent.
The price of an extension varies dramatically depending on location, construction, quality, size and direction. For example, extending downwards into a basement may set you back more than a simple side extension. Basement extensions have increased over the past few years, the benefit of extending the entire length of your property and a full height room has definitely worked in its favour.
As the choice to extend has become the more popular option, it is important that homeowners ensure that they have the correct insurance policy in place as a standard household policy would no longer be suitable. Within Aston Lark, we have our own specialist Renovation Plan Scheme designed to cover the existing structure, contract works, public liabilities and unfixed materials. In order to obtain a quote please click here or contact the office on 01621 784840.
References:
https://www.moneysupermarket.com/home-insurance/extend-or-move/
https://www.dailymail.co.uk/property/article-7166929/Planning-rules-relaxed-easier-enlarge-home.html
https://www.comparemymove.com/house-removals/is-it-better-to-move-house-or-extend