The Covid-19 lockdown restrictions showed many homeowners in the UK that they need more space at home. Whether that’s a garage to house a gym, a home office, or more space for growing children, many have been faced with the decision of extending or moving home. But in 2022, is it better to extend your house or move?
Some stats from homeowners
TSB Bank did some research and found that 2 in 5 homeowners would rather build an extension than move house. And although almost 80% of homeowners thought that extension planning laws would make disputes with neighbours more like, over 40% would still choose this over moving. The reasons given by homeowners for wanting to extend rather than move included:
Having an attachment to their current home.
The cost of moving being too expensive.
The location of their home being better than elsewhere.
Is it better to extend your house or move?
In most cases, extending your home will be more cost-effective than moving. Although it’s more of an investment up front, you’ll add value to your current home with an extension, meaning you’ll get a better return when it comes to selling. In 2022, we are seeing house prices increase at the fastest rate in the past 17 years. Buying a new home now would be expensive, whereas extending can give you that much-needed space without the stress of moving.
Cost of extending a house
The cost of extending your house will depend on the size, location, and materials involved. But there are some rough costs that will give you an idea of what to expect:
Build cost: £1350 and £2250 per m²
Planning Permission: around £200
Property Survey Fees: between £700-£1,800
Architect Fees: around 7% of the build cost
Building Regulation Checks: around 10% of the build cost
How much does it cost to move house?
It surprises many people to learn that the average cost of moving home in the UK is £10,000. This might seem high, but it takes into account:
Deposit and mortgage fees (15%+ of the purchase price)
Stamp duty (up to 10%, depending on the value of the house)
Conveyancing and valuation fees (around £1500)
Estate agent fees (between 1 and 3% of the value price)
Moving company fees
Ultimately, the decision of whether to extend your home or move is up to you and your family. Although the cost of an extension is a better investment in the long run, it’s still a significant investment. If you’re wondering whether it’s better to extend your home or move to a new house, our team can help. We are a family-run extension company with decades of experience in the business. We can organise a free consultation where we’ll take you through the costs of a new extension and let you know what’s possible for your home. Get in touch with us today to organise a free, no-obligation consultation.