Is it better to extend or buy a bigger house?

Determining whether it’s better to extend your current home or buy a bigger house in 2024, would depend on various factors, including your financial situation, housing market conditions, long-term plans, and personal preferences.

Here are some considerations for ‘Is it better to extend or buy a bigger house?’:

Extending your home

Cost: Extending your current home might be more cost-effective than buying a bigger house, especially if you’re happy with your current location and don’t want to incur the costs associated with moving.

Customisation: Extending your home allows you to customise the space according to your specific needs and preferences, which may be more difficult to achieve when buying an existing house.

Minimal disruption: Depending on the scope of the extension, you may experience minimal disruption compared to moving to a new house, which involves packing, selling, and moving logistics.

Potential property value increase: A well-executed extension could potentially increase the value of your property, providing a good return on investment if you decide to sell in the future.

Buying a bigger house

Space: Buying a bigger house provides immediate access to more space, which may be necessary if your current home feels cramped or if your family is growing.

Location: If you desire a different neighbourhood or amenities that your current location lacks, buying a new house could fulfil those preferences.

Resale potential: Depending on market conditions and the desirability of the area, a larger house may hold its value better or even increase more over time compared to the cost of extending your current home.

Avoiding construction hassles: Extending a home involves construction, which can be disruptive and time-consuming. Buying a bigger house eliminates the need for construction-related inconveniences.

Ultimately, the decision between extending your current home or buying a bigger house depends on your individual circumstances, priorities, and financial considerations. It’s advisable to consult with an estate agent, financial advisors, and possibly architects or builders to evaluate the costs, benefits, and feasibility of each option in light of your specific situation.

If you’re based around Cheltenham, Gloucester, or surrounding areas, we at PSK would love the opportunity to help you with your building project. Get in contact today.