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Extend your Home or Move House ?
Extending your home has many advantages over moving and these are summarized below.
The cost of extending is generally cheaper than moving. There are various reports on the cost of moving but the total will clearly vary depending on the property you are moving to and from.
A survey by property portal Propertyfinder.com showed that the average cost of moving house in the UK has more than tripled over the last ten years, to nearly £9,500 excluding mortgage lenders’ and surveyors’ fees. The average new homeowner can expect to spend between £12,000 and £17,000 in the first year alone. All of this money could be utilised to pay a good proportion of the cost of your extension.
A good way of comparing the cost of extending to moving is to add the cost of the proposed extension works to the existing property value and see if you can buy equivalent space in a house you would consider moving to at that price.
For example, if you live in a 3 bedroom house worth £250,000 and there is a nearby 4 bedroom house for sale at £320,00, then the cost of moving would be £70,000 plus the £12,000 moving cost - i.e. a total of £82,000.
If you compare this to the cost of extending which may be, for example, £50,000, then you are saving £32,000 if you extend your current home, rather than move.
Do your own sums to see what is best for you.
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