There comes a time in every homeowner’s life, when they are faced with the choice of either extending the property or moving to a larger house, and if you fall into this category, we will examine both options in more detail.
Building an Extension
- The Pros – Providing you have the space, adding to the home is one way of solving the extra living space problem, which could be using the same materials and adding a floor or two, or it could be in the form of a modular structure, a stand-alone building. If you like the area where you live and have the space to extend, this would seem the logical thing to do. There’s a lot of expenses involved in buying and selling real estate and extending does make financial sense, as you are also increasing the value of the asset.
- The Cons – Building work means removing old materials and it might be wise to contact one of the asbestos removal companies in Perth to test for the presence of asbestos. It is important that the property is in good overall condition before you plan any additional work, plus you need to check with the local authority that your proposed extension is not violating any laws.
Relocating
- The Pros – Buying a bigger property instantly solves that space issue and living in a new area means making new friends, plus you have already done your homework and all the amenities you need are close by. If this is your second property, it is likely to be the one you will retire in and with regular improvement projects planned, the value will appreciate over time.
- The Cons – Selling the home and buying a larger property is expensive when compared to extending the existing home and you should list all expenses, including removal costs and buying new fixtures and fittings. You might have many nice neighbours and do not relish the thought of having to get to know people and there isn’t much you can do if you get unlucky and end up living next door to a drummer or violinist.
If you weigh up everything and create a for and against list, you should be in a position to make the best decision and if you do love where you live, perhaps adding to the property is the best solution. Talk to a local builder to find out the limitations regarding adding to the structure, then you can make an informed decision.