House Extensions: The Pros and Cons of Extending Your Home
When you find that your home has become too crowded and you desperately need more room, there are a few options that homeowners can consider to resolve the issue. Sell and move or consider a house extension to increase the space.
House extensions are a popular choice for many who see it as a more affordable option, but is this the best option? There are definitely pros and cons which you should consider before making a firm decision.
Pro – It Can Be a More Affordable Option
One of the biggest advantages of choosing house extensions over moving home is the costs. Of course, this will depend on exactly how big your extension will be, but generally, extending your home is often a more affordable option than selling and moving.
When you decide to stay put and extend your home, you don’t have the additional selling costs such as Real Estate fees, Stamp Duty, legal fees and moving fees. Not to mention the cost to your time, having to find somewhere else to move and then physically packing and moving all your belongings.
Pro – You Get to Stay in Your Neighbourhood
Being able to stay in your neighbourhood is definitely a pro for many people. Especially if you’ve lived in your neighbourhood for many years, you like your neighbours and have become a part of the community. The emotional attachment you have to your home, as well as your home’s location, can be the biggest deciding factor when considering whether to extend or move.
So, if you love where you live but no longer fit in your home, then adding a home extension makes perfect sense.
Pro – You May Be Able to Stay In Your Home During Construction
While this is not going to be a pro for everyone, staying in your home during construction could be an advantage for some, particularly a financial advantage. Depending on the house extensions you have planned, you may be able to remain in your home while your extension is being built. This will help save on costs and logistics finding somewhere to stay while construction is being carried out.
Pro – House Extensions Can Add Value to Your Home
When renovating or extending your home, you are potentially increasing the value to your home. Not only will a home extension make your home much more comfortable to live in, but it can also make you a pretty penny if you ultimately decide to sell down the track. This is, of course, if the extension is expertly done, enhances the feel and functionality of the home and you have not overcapitalised.
Weighing up all the pros, home extensions can be a highly worthwhile investment. Now, let’s look at the cons…
Con – You May Have to Settle For Less Than What You Want
When undertaking a renovation or house extension, there are always going to be constraints that you will have to work with. You may not have the room to extend as far as you want, or the existing building design and layout limits your choices in regard to an extension. This means you may have to adjust your plans and expectations in line with these constraints and you may miss out on some features that you had your heart set on.
This is definitely something to consider and is a downside to adding a home extension over building your own home from scratch where you have greater scope to include everything you want and design your home exactly how you want it.
Con – House Extensions Can Be Stressful
Undertaking House extensions or renovating is without a doubt, a lot of work, and will impact your daily life while work is being carried out, particularly if you have elected to stay in the home while construction is taking place. It is stressful and if you are not prepared for the dust, noise and trades coming and going throughout your home, then a home extension may not be the best choice for you.
There are always going to be things you can do to mitigate the stress, such as finding a professional builder that is experienced in minimising the impact to your family during construction, or altering your habits and movements in the short term to make life easier, or moving out completely while the work is being completed. But it would be unrealistic to expect your home extension project to be completely stress-free.
Con – Increase value does not Guarantee a Good Sale Price
As mentioned above, adding a house extension can add value to your existing home, but this doesn’t necessarily guarantee a good sale price if you do eventually plan to sell. If your extension looks like a cheap tack on, or you the costs of your extension outweighs the market value for homes similar to yours in your area, then your home may not sell for a higher price. However, if your house extension is well done and enhances the look and liveability of the home, then it will mean your house has an advantage over the other houses on the market and will be more desirable.
With this in mind, it’s critical that you find a highly qualified and professional builder who is experienced in house extensions and is able to provide a seamless finish to the home, as if it was always there, rather than being an obvious addition.
House Extensions – Is it the Best Option for You?
As outlined, there are definitely pros and cons to house extensions, and how much of a pro or con these are, well only you can decide that. Extending your home can possibly be more of a financially viable option to moving, but if you don’t want your lives disrupted with construction work while living in your home and you would have to compromise on what you truly want in your home, then selling and moving or building from scratch may be a better choice for you. It’s important to take all these factors into consideration and speak openly with everyone who will be impacted before making the choice to add a house extension or not.
Sealine Homes are experts in house extensions and are able to provide you with advice on how an extension would work for your home and how you can minimise the disruption to your lives during the process. Give us a call today and let’s talk through your options.