The large majority of us follow the well-trodden path of life, we start out small in terms of our home, get the career, meet a girl or a boy, get our first place and then as the salary rises and kids come along we are in need of more space. This is of course not how everyone lives their life but it is certainly the most common way. For those then who do find themselves in need of more space around the home, the question arises whether we should move house entirely or improve the house which we are in. Let’s have a look at how you can take this decision.
Money, Money, Money
The first consideration to make is how much can you afford to spend in order to get your new place or that extension. Extensions are not cheap and you will need to cost in the price of the contractor who will undertake the work as well as materials, Stonemakers, designers and any other form of worker which will be helping you with the build. If you are looking at moving home then this will be largely dependent on what the real estate market is doing in the current climate. If there is value in your home and you can find a well priced property then this may be the answer for you.
Both moving and improving will come with a hefty amount of upheaval although moving home will arguably cause you more. Moving home does not just entail the removal of your furniture and possessions but may mean a new job, new school for the kids and a new social circle. Improving your home will cause some temporary upheaval but afterwards you will have your extra space without the need to move your lives entirely.
The key to this decision comes down to how long you intend to spend in your new home or your newly improved home. If you are looking at spending a great deal of time in the home that you wish to improve then you will need to ensure that the work which you are going to have done will provide you with enough space for the future. If however you are not planning to be there that long then perhaps finding a place which you want to spend a long time inside will be the better option. Nobody can predict the future and this will of course be a tough decision to take, nonetheless it is import that you try to make the best prediction possible.
Take your time with this decision as it will have a profound impact on your life and your finances. There is nothing wrong with planning a house extension and then at the last minute deciding that you would rather buy somewhere new. Nobody can tell you what decision to make, consult with your family and choose what you think is best for you.