Are you feeling the squeeze in your home and looking at your options?
As families grow and expand, lifestyles evolve and circumstances change, it’s not uncommon for us to outgrow our homes. And so, as a homeowner, we start looking at what options are available to us… Buy a larger home, build a home to suit our requirements or consider home extensions to expand our existing home.
There are definitely pros and cons to every option, and each option will have appeal to different people for different reasons. But we think home extensions are a pretty good option and worth considering for the following reasons.
1. Home Extensions Can Be a More Affordable Option
Budget generally plays a big role when considering whether to relocate or extend. Being able to get exactly what you want with the funds you have available is the ultimate goal but often a bit of give and take is required.
Selling your existing home and buying or building a more suitable home may seem like the most straightforward option, but when you factor in all the extra costs involved in selling and moving, it may not necessarily be the most cost-effective way to go.
First up there are all the costs associated with selling your current home… Agent fees, marketing fees and legal fees to name a few. Then you have to add on the costs of buying, including stamp duty, inspection fees and more legal fees. Don’t forget the cost of moving including removalists, disconnection and reconnection fees along with incidental costs.
With a home extension, you eliminate all those costs. All you need to focus on is the extension costs and depending on the type and size of the extension, these costs can be managed to fit within your budget. This makes home extensions a much more affordable and manageable option for many homeowners.
2. You Can Design the Extension to Suit Your Lifestyle and Needs
Being able to adapt the home to suit both your lifestyle and the needs of your growing family is one of the biggest advantages to a home extension. After all, there were most likely a few compelling reasons that made you buy the home in the first place.
For example, It may have a good size block, good orientation, be close to amenities or have unique features in the home that you fell in love with. It’s these features that may be difficult to come across again if you decide to sell and rebuy elsewhere.
A home renovation and extension allows you to retain all the features you love about your home while improving the areas that you don’t. Think of the possibilities with your own home. You can add more windows to increase the natural light in your home. Or take down walls to open up spaces. You could even expand your external living space or add more energy-efficient features such as solar panels and a power wall, saving you money on your home’s running costs.
If you’ve got the space, then there is no reason why you can’t transform your current home into the home of your dreams.
3. You Can Stay Within Your Neighbourhood and Community
If you’ve lived in your current home for a while now, and have come to know and love the community you live in, then you’ll appreciate what a huge advantage it is to stay in the same location while still having the opportunity to live within a home that is perfect for your family.
It’s not hard to grow attached to our community and routine, especially if you’ve lived there for a while. And it’s not just knowing the area and having the convenience of knowing where all the amenities are. It’s also the relationships that are formed over time. You may have great neighbours that you don’t want to lose, or you support the local sporting clubs and your family has become an ingrained part of the community.
The attachments we make with our community take time to grow and develop. It definitely shouldn’t be overlooked as a strong reason to stay put and renovate.
If it’s going to break your heart to move your family out of your current neighbourhood, then a home extension provides the perfect solution.
4. Home Extensions Have the Potential to Minimise Impact on Your Lifestyle
When weighing up your options, you do need to consider the impact the changes are going to have on your lifestyle. While we’ve covered the financial impact of selling, moving and renovating, the lifestyle impact also needs to be considered.
We believe the impact of selling and moving is often underestimated. This is particularly true if you are moving to a new area where you have to settle the kids into new schools, find new care providers, such as doctors and dentists, work out where all the amenities are in the area and create the new routines around school, work and other lifestyle activities.
While renovations and extensions often get a bad rap for being disruptive, (who hasn’t heard about a reno horror story?) not all renovations are nightmares. The disruption and impact of a home extension and renovation work can easily be minimised and managed by engaging the right builder to carry out the work. It may even be possible to stay within your home while the work is taking place, again, depending on the size and type of the extension.
Consider it short term pain for long term gain. Once the construction is complete on your existing home, you can settle back into your familiar routines and lifestyle without further disruption.
5. Home Extensions Can Add Value to Your Property
Another big reason why home extensions are worth considering is they have the potential to add significant value to your home. Hands up who wants to both save money by eliminating relocation costs and increase the value of your home at the same time?
Home extensions can do this! If you are thinking resale value over the long term, then adding an extra wing, a few more bedrooms, another bathroom or even an entire second storey can make a huge difference to the sale price when you eventually decide to sell.
But if you’re really only wanting a more comfortable, functional home for your family, then there is also serious value to be gained here too.
Well designed and constructed home extensions can offer a great return on investment both now and in the future.
Are Home Extensions the Best Option for You?
While we may be a little biased, we strongly believe that home extensions are worth serious consideration for any homeowner who feels their current space is too small or simply not working to meet their living requirements.
Being able to achieve the home of your dreams while still being able to stay in the same location within a community you know and love is one of the biggest reasons we’d choose a home extension over any other option.
If you’re still on the fence and not sure if a home extension is a good option for you and your family, why not book a free call with expert renovation builder Adam? Adam can talk you through your options and give you advice and feedback on the options for your personal situation.
Or download our free guide to help kick start your journey into renovations and home extensions.