Convert, extend or move -Should we stay or should we go?
13th of June, 2020
It’s fair to say that the pandemic has changed the way we live forever, home working where possible could now be the new norm. Gradually, you may gravitate back towards office working, but with social distancing, this may only be for part of your week. So, having spent the last 12 weeks at home, how do you feel about it? Maybe you’ve been coming to terms with the fact you need more space? Does your kitchen feel cluttered, your living room cramped, or is a home office now top of your wish list? You might be asking yourselves ‘Should we stay or should we go?’
Of course, not all homes can be extended. Some have already been stretched to their limit, leaving you no choice but to cope with what you have, or sell and move. But some homes offer the opportunity to extend upwards or outwards, and a garden large enough to fit a garden office can help you find that extra space you need.
Your discussions about whether to stay or go will centre on costs, feasibility, timescales and return on your investment. Additional factors like how emotionally attached you are to your house, the type of house you live in and area planning restrictions will further add to the complexity of your decision.
To help you make an informed choice about whether you should stay and extend or move on, we’ve put together this handy guide to walk you through the options, together with a rough cost of each.
Extensions
The costs and feasibility of extending your home can vary hugely, depending on the type and size of the extension, whether it’s one story or two, and the construction of the extension. For example a rear extension, usually to extend the kitchen or add a family space, can cost from just £15,000 for a conservatory- style extension, right up to £100,000 and beyond for a more designer-style structure with bi-fold doors, for example.
Converting part of the house that’s already there, like your garage, can be a relatively low cost option, provided the footings are deep enough and the garage has been built to comply with Building Regulations. From just £7,000 for the simplest garage conversion, this can be one of the most cost-effective ways of adding an extra room to your home. Usually what’s known as ‘permissable development’ you won’t need planning permission but your builder will need to let Building Control approve the changes. And, bear in mind you’ll lose all that really handy storage space, so plan ahead where you are going to move things to.
If it’s just a pleasant additional sitting area you need, then an add-on conservatory can be the answer. Often these don’t even require planning permission, and costing from just £15,000, they are one of the most popular choices for people looking to extend their home.
“Converting part of the house that’s already there can be a relatively low cost option.”
Loft conversions
Instead of moving outwards to create more space, let’s consider moving up. You can usually convert your loft without planning permission, so already it’s become more attractive an option than extending. So, unless you want to change the exterior of your home, by adding dormers or such like, creating a room in the loft-space is relatively straightforward. From a planning perspective anyway.
You won’t need to sacrifice your garden. And, the majority of the work will be carried out upstairs in space that isn’t currently used, well away from family life. There will obviously be some disruption and dirt as materials are transported through your home to the new loft room.
Your loft space is usually a cold space, with insulation laid over your ceilings rather than around the roof. A loft conversion will usually involve packing in more insulation as walls, ceilings and floors are reinforced. A welcome by-product of creating this additional space, this will result in a cosier house, and lighter fuel bills.
It’s all sounding pretty good so far, let’s look at some of the technical details. Homes are designed to maximise the floor space available on a plot size, its why bungalows are few and far between, so how much space on your upper floor do you have to squeeze in an extra flight of stairs? You could consider a spiral staircase but they aren’t for everyone and may not be in keeping with the style and design of your home. You’ll need to consult with the building regulations here as width, depth and headspace all need to be considered. Any staircase that doesn’t comply with the regulations will mean that if you do decide to sell in the future, you can’t count the extra space as a usable room.
So, what’s this likely to cost? A loft conversion done properly it can increase the value of a home by up to 20%. Like extensions, it varies, but expect a modest conversion to set you back upwards of £10,000. For an elegant master bedroom, complete with dressing area and an en-suite? £25,000. Adding dormers will increase the ceiling height in areas and give you more usable space, at a cost, and will require planning, expect to pay upwards of £35,000.
Garden Room
If you have space in your garden, a garden room, office or studio could be the least disruptive way to gain that additional space you need. Particularly given recent events, more and more or us will be continuing working from home, and having a garden office, independent from your home, is a great way of keeping that work/life balance in check.
These start from around £8,000 for a simple insulated timber structure, with double glazed windows and patio doors. Useable right away, these can be erected in mere days. If your building is under 2.5 metres high and more than 2 metres away from your house, planning permission is not usually required.
Maybe it’s best to move?
Having a home that you can grow as your family grows sounds appealing. But in gaining that extra space you will need to endure the dust, the debris and potentially disagreements as everyone feels the strain.
Moving
Let’s look at the costs you will incur by moving home. As an example, let’s say you’re selling at £300,000 and buying at £450,000. Here’s what you’ll pay on average to sell your current home, buy your new one and move from the old to the new.
"Let's look at the costs of moving home"
Conveyancing fee (selling) £595
Conveyancing fee (buying) £595
Home Report (including vat) £650
Removals £500
Estate Agency fees (1.5%) (including vat) £4,500
Land Buildings & Transactions Tax (*see link below) £18,350
Total moving costs £25,190
Of course, the moving costs only tell part of the story. Your home should be your safe haven. It’s the place you should be able to look forward to returning to and enjoy quality time with your family. The feeling of wellbeing to be in a house with enough space, the right number of rooms, and features like a garage or a large garden with a sunny patio, that will improve the quality of your life immeasurably.
I’d love to help you make your home moving dreams a reality, so if you have any questions not covered in this blog, please email on fiona@fionawrightproperty.com or call on 0141 266 0126 and let’s get you moving.
It's a huge decision and if you are still undecided, look out for part 2 where we'll consider the '12 ways you know it’s the right time to move on.'
*https://www.revenue.scot/land-buildings-transaction-tax/tax-calculator/lbtt-property-transactions-calculator