You may be one of the many households up and down the country finding that your home has become a bit of a squeeze. Maybe growing children are filling the house with their friends, toys and noise or, as is happening more and more often these days with the difficulties of home ownership and high rental costs, your adult children have come back home to live, sometimes with their own families. Or perhaps you run a business from home and have decided it’s time to move off the kitchen table and have some office space! There are loads of reasons why we find ourselves needing more space, which then poses the question …. to move or improve the situation by extending?
At first, moving might seem an attractive option especially if the property is ready to move into with no work needed (although there is that saying that “we like to put our own stamp on things”) which might mean changing a few things around, redecorating etc. However when you factor in the unavoidable major costs of selling and buying, it could add up to a fairly hefty sum as demonstrated below*.
• Mortgage fees (booking, arrangement and valuation)
• Stamp duty – a government tax paid on homes costing £125,001 or more.
• Deposit – on average you need at least 5% of the purchase price.
• Surveyor’s fee – ranging from around £250 for a basic home survey to a full structural survey from £600 or more.
• Legal fees – typically £850 – £1,500 including VAT at 20%
• Estate agent’s fee – paid by the seller and usually 1% to 3% of the sale price plus 20% VAT.
* Indicative figures www.moneyadviceservice.org.uk
So, for example, if you sold your house for £250,000 and bought a house for £325,000, these are the typical costs you might expect to pay:
Stamp duty (new home) £6,250
Full survey (new home) £600
Legal fees (buy and sell) £1500
Agent’s fees (sale of your existing property) £7,500
So that adds up to a whopping £15,850! On top of that you may have mortgage arrangement fees and removal costs, so possibly little change out of £20K just to move home!
Another issue to consider is the widely reported shortage of housing in the country which means you could have a long wait for the right property to come onto the market. Not ideal if you’re in desperate need of additional living space!
So what’s the alternative?
Given the high costs involved in moving home and the lack of suitable property on the market, it’s no wonder that more and people these days are staying put and making changes to their property to better suit their needs, particularly if the property has the capacity to grow in size. All that money that would have disappeared in professional fees and payment to the government can now be put to better use by investing it directly into your home and at the same time, gaining the extra space that you want.
Until recent years the most popular way to extend was through traditional brick and mortar construction and in some cases, this is still the best solution for large-scale and complex extensions. However, significant advances in conservatory materials and design have provided an ideal alternative to achieve extra space which is quicker and easier to build and therefore very cost effective.
A conservatory perhaps still conjures up an image of a room made of glass which is too hot in Summer and too cold in Winter. Not so anymore! The advent of energy- efficient glazing and solid roof options, have created the opportunity to add space to your home which very much looks and feels like a proper extension rather than an ‘add-on’.
A further advantage is that a conservatory very rarely requires planning permission (and even if it does, we can take care of that for you). Our conservatories come in all sorts of shapes, sizes and colours so you can choose a design that complements and blends into the existing look and character of your home.
If you are after something more contemporary, then the Livinroom is perfect. With its versatile roofing system, it lends itself to any number of uses. In fact, many of our customers are opting for this as an extension to their kitchen but it is equally great for a family room, a home office or a room simply to relax in.
One of the biggest reasons why the Livinroom is so popular, is that it is truly multifunctional. If it’s maximum light that you want then it can be constructed with windows all around, however if you want a greater sense of solidity, then the option of having brick piers or super-insulated Loggia columns, will give it that ‘real room/living room’ look and feel. What this all adds up to is lots of choice in how you style and furnish your room and to create even more ‘wow’ the perimeter ceiling is perfect for downlighters!
Take a look at our conservatories and Livinroom and imagine how much benefit that extra space would bring ….. and the longer term financial benefits that improving your home can bring. No need to move …. just improve!