Extension a More Viable Option Rather Than Moving House?

By: David Lynes

Every year many homeowners in the UK consider moving home simply because they do not have enough space in their existing property. However, finding the right area, a range of local amenities, good neighbours, and pleasant surroundings can be hard these days, and those lucky enough to enjoy these benefits may only be thinking of moving due to the size of their existing property. However, there is an alternative for those that want a larger property but do not necessarily want to move.

Home extensions have become a popular home improvement over recent years, and this is a solution that enables you to increase the size of your property without having to move home, and also adding value to your home. By opting for an extension rather than a move you can save yourself the cost and hassle of having to uproot and find another property, and you can enjoy staying in the area that you know and like. An extension allows you to enjoy more space with minimal hassle, and is a great way of increasing your living space without having to actually sell up and move on.

When it comes to extending your home there are a number of options open to you. You may want to opt for a new extension, expanding on the existing property and creating extra rooms in your home. Another solution is to work on existing space to make it more habitable. This may include clearing out that old loft that is filled with junk and getting a loft conversion, which could enable you to turn the loft into a bedroom or study.

Financing your home extension or loft conversion is also more viable these days, as most homeowners are now enjoying higher levels of equity in their homes as a result of rising house prices over recent years. You can borrow money in the form of a home improvement loan on a secured basis, and based on the equity levels in your home you could borrow enough to fully fund your extension or conversion and enjoy spreading the repayments over a longer term to keep repayments as low as possible. In addition to improving the space and adding to the comfort and appearance of your home, this will also add to the value of your home, enabling you to recoup some or all of the cost of the work if and when you do decide to sell.

Moving home can be costly when you take into account stamp duty, solicitor fees, valuation fees, mortgage fees, and even the newly introduced Home Information Packs. A conversion or extension saves you not only the hassle and disruption of moving, but also the many costs that are associated with moving home.

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