What to do when you need more space: Build an extension or buy a bigger home?

When it comes to buying a home, size DOES matter. And that doesn’t necessarily mean that bigger is better, but rather a home should be perfectly suited to accommodate the needs of you and your family.

The pitter-patter of tiny feet is something that many couples usually plan for when they buy a new home. But the bottom line is that people’s situations often change. This leaves you with a dilemma when there is a need to acquire more space.

Do you build an extension or look to move to a bigger home?

Here are the pros and cons of building an extension or buying a bigger home:

Build an extension

First and foremost, you need to determine whether or not you can build an extension that will fulfil your needs in the space you have available. Some people try and shoehorn additional rooms into (or outside) of properties when they don’t really have the space, and the end result often disappoints them.

Furthermore, extensions often require planning permission before you can proceed. However, even after your local council has approved your project in principle, everything will depend on the final plans.

With your extensions plans approved, it’s time to decide if you’re going to tackle it on your own (with some friends in the trade) or contract a professional building company to do the work for you. While both options will incur significant costs, the latter will probably represent a bigger investment – but it will also afford greater peace of mind.

Other costs may include surveyors and architects, as well as all the money you’ll spend finishing everything off e.g. flooring, paint, furnishings, etc.

Move to a bigger home

Moving house is no mean feat and definitely isn’t a decision that should be taken lightly. Not only have you got to find a suitable home and go through the physical process of moving, but you’ve also got to manage the emotional factor, which is especially relevant if you have school-aged children.

Nevertheless, a new home does symbolise a fresh start and that’s something many families need every now and again. Plus, you can find the perfect home that meets all of your needs.

Obviously, moving home requires that you sell your own house first, which is something that may or may not be easy depending on where you live and the quality of your home.

What if your current home isn’t worth as much as it was a year ago? Will you still plough ahead regardless? It’s something that’s easy to say, but much harder to actually do.