To Move or Extend – That is the Question!
Over the last few years one of the most common questions we get asked is “is it cheaper to extend our property or move?”
Growing families that need more space are faced with this dilemma and we have helped many of them with their decisions. The first thing to look at is the actual cost of moving. In Harrow and the surrounding boroughs the average price of a house is £600,000 so once you have found your house the incidental costs of moving i.e. those costs you incur that cannot be recouped, are in the region of £32,000
These are made up of:
- £20,000 Stamp Duty
- £ 9,000 Estate Agent Fees
- £ 2,186 Solicitor fees to buy and sell
- £ 500 Removal costs (more if you move out of the area)
- £450 Home buyers Report
- £60 EPC
These costs do not include any decorating to get your new home to your taste.
If your reason for needing more space is an extra bedroom, study or children’s playroom, then for most properties the answer is a loft conversion (more cost effective than a ground floor extension). In our experience most lofts can have a bedroom and en-suite added to them. With the current Permitted Development Rights, most loft conversions will not require Planning Permission, but we do recommend applying for a Certificate of Lawful Development.
The average cost of a loft conversion is between £40,000 and £48,000 excluding vat.
So if you take the incidental moving costs from the cost of a loft conversion, the loft conversion will only be between £8,000 and £16,000 to gain your extra required space. A loft conversion will also add value to your property, and will have an advantage over similar properties without a conversion when it comes to selling.
There is also little disruption to your family life during the building work as the majority of the work is carried out in the roof space, and only when the breakthrough for the stairs is made, which is one of the last things to be done, will we need access to your current living space. The average time for a build is between 4 – 6 weeks.
So if this is a dilemma you are currently having then please call us to discuss the best way forward to create more space.