The Extending vs Moving House Dilemma

Should I stay or should I go?

A question that has had me breaking into song (usually The Clash or East 17) for the last few years with regards to my own dilemma with whether to extend my home or sell up and move.

I genuinely sympathise with anyone stuck making the decision on whether to stay and improve their current property or just bite the bullet and move. Either option is a massive commitment to make especially if works include extensions which will be extremely disruptive.

First thing to consider is your budget for both works on your current property and buying a new property. Once you have an idea on likely costs for the building work vs what you can afford to buy, you will (hopefully) be closer to making a decision.

Secondly, you need to know what your house is currently worth and an idea of likely value if you were to go ahead with any works. This is where you need a local estate agent to pop round and give you a valuation (of course we would love to help you here at Avocado, it is free so you have absolutely nothing to lose)

Once you have a good idea on the current valuation and projected value after works are complete, you then need to check any restrictions or fees from your mortgage company. If you are within a fixed period, ask your mortgage company if they will agree to you porting your mortgage over to a new property should you move.

If you are still unsure of what to do, my advice is to think of how long you ideally want to stay in your current property. If it is likely to only be your home for the next few years, it is not a good idea to overspend on building a fantastic extension that will take you over the ceiling price of the property and leave you out of pocket. As a bare minimum, I would say you should strive to at least break even in terms of what you paid for the property, what you spend on it and then what it is likely to sell for. 
This means the upheaval of living in a building site will be more worthwhile if you have had at least some use out of it and you haven’t “lost” any money in doing so.

If you would rather sell your home, before you even look at Rightmove etc I always suggest making a list of your must haves otherwise it is so easy to get carried away and loose track of your requirements.

I would love to have a chat with you to discuss any stay/move dilemmas you might be facing!

I am always available on my mobile 07863 979808 or you can book a call back with me via this link.

PS - This is an online house valuation tool I use.  Why not check out your house price on here for free.