The choice to extend your home or sell up and build from scratch is a decision influenced by many factors.
Considerations like cost, convenience and even investment potential all come into play, as does your personal preference, lifestyle and plans for the future.
Whether you are intending on building or staying put, we are here to assist. To help you on your journey, we’ve put together some pros and cons for either side, which may help you make this decision.
Stay And Extend
Stay where you love Simply speaking, the main reason you might choose to extend rather than move is clear enough: you love where you live. Your family may have outgrown that particular house design but the location, convenience and perhaps emotional attachments to the home makes staying an attractive proposal.
Save on fees In some cases, the costs of ‘staying’ and factoring in an extension may be less than the costs involved in moving to build, which encompasses costs like agent fees, conveyance fees, taxes and removalist costs. If you plan to demolish the existing property and build on that land, there are new costs associated with that, eg. where will you live while this is all taking place?
No rent to pay Potentially, you could still live in your home whilst work is being completed, negating the need to pay rent elsewhere, often this is not possible, and sometimes living on a building site is not an enjoyable place to live. Consideration must be given to living costs if extending an existing dwelling.
Services already in place Essential service connections like gas, water and telephone lines are already in place, saving you money for this if you otherwise built.
Investment opportunities Maybe your site is in a prime position with ocean views others would only dream of or perhaps the value of your suburb has skyrocketed in price, making it a sought after neighbourhood. Alternatively, perhaps yours is a Heritage-listed property and an extension thereby would increase the value of your home. Either way, the investment opportunity could be greater to stay rather than leave…
Fixed cost budgets The overall costs for a new home can be factored into a fixed price whereas renovating touches on the unknown, especially with an older home. Renovation costs may ‘blow out’.
A new slate Some people are drawn to the ‘blank canvas’ appeal of creating their home design, essentially from scratch, to suit their needs rather than trying to update a smaller – and perhaps older – home to accommodate them.
Less upkeep Like anything, new homes have less maintenance than older ones and this can save not only cost but also time and worry over maintenance.
A smooth process Extending – and its close cousin renovating – will obviously involve some level of disruption to your everyday life. Whether you choose to engage the services of a building design firm like ours or DIY, extending and renovating takes commitment.
Less hassle If the existing house is in bad shape, structurally speaking, then the cost of renovations could quite possibly be more expensive than the cost of selling up to start a new build afresh elsewhere.
Engaging our professional building design services for a new home or an extension to an existing dwelling is an exciting opportunity for us to guide you in creating that space you have always desired.
Please get in touch to discuss how we may assist you with either building or updating your home.