Updated: Jan 19
There are many aspects to consider when thinking about a home extension. For most people it’s a process of weighing up the extensions financial outlay against the value. The value can be broken down into physical, and also emotional - how an extension could really improve your families living space?
So, does a home extension make financial sense? For most people a house is the largest purchase they will make in life, which means careful thought is needed when thinking about investing even more. In terms of a financial return, a home extension is something you should be thinking of as a medium to long-term investment. As house prices rise over time it is very likely that your home extension will give back financial profit, meaning when you comes to selling up you can rank your property in the higher bracket. In the meantime, you and your family will have had years of enjoyment in your extension which ticks the emotional value aspect of investing.
People extend their homes for a number of reasons, here are some of the most common points:
✓ Family members moving in - help with live-in care
✓ Do not want the stress of moving home
✓ Additional space for office, playroom, bedroom, bathroom etc
✓ Add’s value to the property
✓ Do not want to move away from current neighbourhood
Let’s look at a few Pros and Cons to building an extension:
#1 Extensions Increase Property Value
Extensions, as mentioned earlier, usually increases the value of your home by a very good amount. There are many different types of extensions such as side return extensions, loft extensions and so on. Nationwide research on the value of improvements to an average three bedroom house found that an extension creating a double bedroom, en-suite, office can add up to 23% to the value of your property. An extra bathroom could add up to 6% and an additional double bedroom can add 12%.
#2 Less Stress Than Moving Home
Moving home can be an extremely stressful and expensive time. There are usually long waiting periods involved for things to get finalised, as well as payments to solicitors and other parties putting the sale through.
#3 Stay In An Area You Like
Many people feel forced out of their house due to lack of space and a growing family. Extensions mean people can stay in the area they love, and have the extra space needed.
#4 Usually Cheaper Than Buying A New Home
Building an extension is usually a fraction of what you would end up spending purchasing something else. However the price of an extension can vary greatly of course, they depend on: Size, Shape, Layout Design etc.
Possibly Limited by Planning Permission
Extensions Can be Messy If Working With The Wrong Companies
If a home extension gives you the right amount of space in the right location then we think it is worth it in both aspects, financially and emotionally!
Hopefully this blog gave you more information about building an extension, however if you have more questions and would like to talk to one of our friendly team at balance ARCHITECTURE based in Harrogate, please call on 01423 209043 or email on info@balanceARCHITECTURE.co.uk