Do you need more living space? Could extending your existing property be a realistic option? So here’s the question – move or extend? Financing changes to your home such as a remortgage or equity release can make either choice a reality.
There are several questions you need to ask yourself to understand whether a home extension is a viable option for your circumstances. These include:
How attached are you to your current home?
You may have put down roots and be really happy where you are. If so, the benefits of an extension might outweigh those of selling up.
Will it add value to your property?
It’s important to look at how much an extension will cost vs how much value it will add to your home. For example, a downstairs extension will result in a smaller garden, with the added value of extra indoor
space potentially cancelled out by the reduction in garden size.
How long do you plan to stay?
It can be several years before you reap the full financial benefits of an extension. If you are planning to
stay in your home in the medium to long-term, it is likely that your extension will become more
financially lucrative as prices rise over time. However, it may not be worth it if you’re planning to sell up
anyway in the next couple of years.
So move or extend? think about financing changes to your home – how will you fund the project? We can help you consider your financial options your property?