Extension vs Relocation?

by | Sep 26, 2022 | Home

As plans, change and families grow, the question of relocation versus extension often emerges. When this happens homeowners often find themselves torn between the two. Despite specialising in helping people sell their house fast to relocate, Open Property Group have put together a list of factors to consider when pondering these two options.

How Badly Do You Want to Relocate?

If you have a powerful connection to your present home and community, then relocation might not be a strong contender. Additionally, if your present home is in a high value neighbourhood, it can be difficult to let go especially as some neighbourhoods offer excellent prospects for future property value increases. It might be a wiser financial decision to stay put and improve upon your current property.

Are You Prepared for the Hassles of a Relocation or Extension Project?

Whether you plan to relocate to a new property or extend your existing one, there will be legal, planning and financial requirements that must be met. Purchasing and relocating to a new home, for instance, typically attracts fees such as estate agent fees, stamp duty and other legal fees. You will have to consider the costs that come with moving such as storing and hauling furniture. But extending your existing property also comes with its own legal and financial demands. For starters, property extension plans must be drafted and approved. And your extension will need to be outfitted with fixtures, especially if it is a bathroom or kitchen. If you are considering these two options, it would be a good idea to become familiar with the details of both processes so you can make an informed decision.

Is Relocation Feasible?

In other words, does it make logical sense for you to relocate? Or is an extension a more sensible choice? One of the main issues to consider here is cost. If you are able to afford relocation, then perhaps it remains on the cards. But if your budget rules out relocation, then your next best option may be extending your property. Also, if the type of extension you need isn’t allowed in your neighbourhood, you won’t get approval and in this case, relocation is the better option to get your desired home.

If your situation demands relocation, you may not have a choice. If, for instance, your family has outgrown the needs of your current home and the extension options available to you won’t fill those needs, your most logical choice is relocation.

Ultimately, the decision to extend your current property or relocate, will depend on your own needs and desires as well as your budget.

Read through our useful guide for more information

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