A current dilemma for home-owners – Should we extend our home or sell it and move on?

Considering an extension for more space at home and putting off moving to new home for now looks like the smart choice at the moment, with the static house prices and Brexit confusion

Here on this blog we have, it is true to say of late, very much focused on how Brexit confusion has caused uncertainty with regards to house prices. This has, in turn, meant that home-owners noticing their home lacks the extra space they need now are considering a home extension or refurbishment instead of moving on to a new home.

dilemma

Spotted on the respected ‘On the market’ site by our Editor recently were some timely words highlighting this current very real ‘dilemma’ for many. “What do you do – move to a bigger property or extend your present property until it is big enough for your needs. It is a dilemma which confronts most home-owners at some time and their decision, to some extent, often depends on the state of the housing market.

For sure, at a time when property prices continue to rise, it can make sense to move house and progress up the housing ladder that way. When the market is a bit sticky – as it is at the moment in some parts of the country – extending a property can be a smart option.”

contemplating

We at Mint can vouch for the fact that right now it is clear that many home-owners seem to be contemplating a home extension, if feasible,  right now and leave the move to new home until later on. Apart from anything else it is fair to say, that with an extension, they have all the money – stamp duty, and the other moving costs, to put towards their home extension or refurbishment ‘build’ budget.

added value

But, of course, the sharp minded home-owner, while checking the local area house price situation, will probably be aware of the added value he can net from his current property by improving it. Recently, here on this blog, we highlighted some of the added value amounts that can be realised by extending, refitting and refurbishing.

Cheltenham ‘project’

This quite modestly priced well conceived and planned ‘guest suite’ by Mint in Cheltenham, recently offers valuable extra space now and very definite added value in the future.

Tip-top work to do to add value, we find at Mint, is the either add an extra bedroom or an extension, revamp or  update of the kitchen. Here on this blog we mentioned just recently a project of ours here in Cheltenham which involved  the adding of a Guest suite in the loft by a neat conversion which included also an en-suite  bathroom installation. Improvements to the roof too and the adding of extra insulation for sure offered much good added value and also savings on energy bills too!

extension options

‘On the Market’ highlighted how much value is added by the various options of home extension and improvement from loft conversions to conservatories, and from additional bedrooms to extra loos. Their expertise indicated – “Nationwide figures suggest that a loft conversion could increase the value of a property by 21 per cent, while adding an extra bedroom through an extension might add 11 per cent. Also, Savills a leading hugely reputable and long established Estate Agent estimated apparently that a conservatory might add 10 per cent in value.

fundamental

Bathroom upgrades can make a difference, but we at Mint understand that any home buyer now expects a second bathroom and, for sure, it is these days really much  ‘a fundamental’ to realising a competitive price on any property- never mind landing added value.  Its fair we think to say that most extensions pay their way and many can yield a profit, though of course results vary from area to area.

guidance and advice

It is fair to say that certain more minor building works on a property can do no more than show marginal gains, but we at Mint can always offer guidance and advice in our local areas of Cheltenham and the Cotswolds when it comes to discussing the potential added value you can realise with a home extension, refurbishment or improvement works.

value potential

We at Mint always make clear the cost of the building works, in order to be sure it is realistic and suitable to the particular property being considered for improvement. It is no good adding say £8-10,000 to your property if the project, due to its type, style and the choices you make, may involve a bill somewhat over the potential extra value which can realistically be realised. So, use your imagination, do your sums – and you can ensure you realise the result you wish for.

liveability’

For sure, with some clients, they love their home and have no plans to move. Well then, it’s a case of an extension, modest addition or refurbishment improving the ‘liveability’ and enjoyment of the home for that family – and how rewarding and good is that!

seriously

Extending can also buy yourself some extra time in the property you love, too. One thing is certain, adds ‘On The Market’ – “the option of extending rather than moving to a bigger property is one which home-owners need to take seriously, particularly at a time of static house prices”.

heart-warming

Ideal comfort and enjoyment at home can mean more perhaps than future added value

All that being said, we think we can say that having YOUR ideal comfort and enjoyment in a home can surely be more significant in many respects than any slightly intangible future added price value could ever be. It’s fine to chase that added value in the housing market, but it is perhaps finer to have the space, style and ‘liveability’  that warms your heart day by day in your ‘forever home’ a place where you are truly content and intend to stay ‘and enjoy’ for years ahead.

Whatever extension or improvement you need for your home, Mint offers a full development and finishing service to help give you home more space and add value too. We are here to help with any questions or concerns you may have with the ‘ins and outs’ of planning issues . We have all the expert contacts on hand to help you.

Please request your quotation to extend, improve or refurbish your home . Contact Mint Builders on 01242 279739 or email info@mintbuilders.co.uk