I’ve included the year in the title of this post for a reason. Overtime, the reasons to either move or extend will depend not only on your personal requirements and finances, but also a judgement in relation to the housing market and cost of construction. Let’s explore these factors in more detail.
Extension above designed by Katie, architect in Oxfordshire. See her full profile and shortlist her for your home project here.
Obviously there may be various push and pull factors in terms of location such as amenities, family, friends, schools. Making a list of pros and cons can be very helpful to weave these very important personal factors into the financial considerations outlined below.
The current cost of construction
Construction costs have risen sharply in the past couple of years. As a result, many homeowners wonder whether now is a good time to do a construction project. Having spoken to a few architects, the general assertion is that construction costs are unlikely to go down (and if they do, it won’t be significant).
From a recent survey of architects in the UK, we found that house extension costs are currently around £2,000 per square metre (and between £2,300-2,800 in London/South-East) excluding VAT and professional fees.
The housing market in 2023
The last few months have brought about a lot of economic uncertainty. The Bank of England base rate has risen sharply, pushing up mortgage rates. This is shaken confidence in the housing market and so naturally, people are unsure if now is the best time to buy or sell. Speak to local estate agents about what’s happening in your local area to get a better understanding.
The cost of moving
Moving house is incredibly expensive and you should calculate the cost of the move. The big items include:
- estate agent fees.
- solicitor’s fees.
- stamp duty.
- removal services.
Stamp duty, in particular, can be a significant expense, and it’s worth comparing the cost of moving with the cost of staying put and investing in an extension instead.
Both moving and extending your home can cause some disruption to your daily life. However, with the right professionals by your side, the process can be smoother. If you choose to extend your home, it may be necessary to move out temporarily. However, in some cases, such as with a rear extension or loft conversion, you may be able to remain living in your home while the work is carried out.
Your ideal home
Finding the perfect home can be challenging, and it’s common to want to renovate or redecorate a new property to make it feel like your own. It’s essential to factor in the cost and time involved in this process before deciding whether to move or extend your current home.
When planning an extension, it’s crucial to consider whether it will provide enough space for your long-term needs. You may want to consider the potential for further development, such as converting a garage or adding a conservatory, to ensure your home meets your needs in the future.
Best of both worlds?
If you’re looking to move to a new area and create your dream home while keeping costs down, buying a house to renovate may be a good option. By purchasing a lower-priced property and reserving some of your budget for renovations, you can save money on stamp duty and create a home that meets your specific requirements.
Ultimately, the decision to move or extend your home should be based on what is best for you and your family. Take the time to carefully consider your options, and consult with professionals such as estate agents and architects to help you make an informed decision.
Finding an architect for your home extension or renovation
We have hundreds of architects and interior designers all over the UK who we’ll quickly match to your requirements and see who’s interested. After you post your project you can choose up to three interested design professionals for an initial consultation. And it’s all completely free!
- Quickly see who’s interested in your job.
- Create a shortlist.
- Invite up to three for a no-obligation consultation.
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