I've been mulling over this for ages and everyday I have a different answer. It's driving DH mad so I thought I'd post my question here.
We have a small 3 bedroom house. It's nice, has a nice deck, big backyard, in a great location. But it's too small for even one more child. All our stuff is in the spare room as our living room is tiny.
Should we extend our house to put an extra room on and maybe make the kitchen and living area bigger. Or would you just sell and buy a bigger house?
I don't know how much extensions will be but I reckon around $50k. To move we would be looking at a house AT LEAST $50k more than what ours is worth plus there's stamp duty, conveyancing fees etc so moving would cost more BUT maybe it would be a better investment long term and might have a more modern kitchen etc.
Does anyone have experience with this dilemma? I'm just after things to think about/consider. I honestly can't make my mind up!
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20-02-2012 18:01 #1
Move or extend? WWYD?
20-02-2012 18:08 #2Senior Member
- Join Date
- Mar 2008
Extending is often a very expensive option, but if you love your location it may still be worth it.
I only have experience with renovating, but I LOVED doing that. It was so much fun to see the house transform to how we wanted it.
I'm not much help really
If you love where you live though, and can afford it - why not extend?
20-02-2012 18:19 #3Senior Member
- Join Date
- Feb 2012
Now is a good time to buy but not necessarily a good time to sell.
Look at what your house might be worth if you do the extention / update kitchens & bathrooms compared to buying a house which wont be perfect that you will probably have to update in some way anyway.
If you like the location then i would look at extending.
If you cant live in the house you will have to look at alternate accomation whilst it is getting done.
Get a number of quotes of builders - now is a good time in the down turn in the building industry you should get 3 competitive quotes.
Double check what inclusions are included and what isn't included.
Have everything written down in the contract down do anything verbally.
20-02-2012 18:31 #4
We are in the middle of renovating, and it's very stressful. We wouldn't have been able to afford to buy a house that we wanted without doing any work. We had a lot of money leftover from selling our previous house, so had a lot of equity. I don't regret extending, but I would do a few things differently if I had my time over.
If you decide to renovate, PM me, I have a lot of advice.
20-02-2012 19:14 #5
Unless your home is a weatherboard with flat roof or you want an extension that has a flat roof and is tacked on the back of your house, the costs involved may surprise you.
A close friend of mine is a builder and he has told me before to allow at least $25k per room to extend, more for bathrooms and kitchens..
It may be worth speaking to a builder before you seriously weigh up your options.. I often think I'd like to buy a small cheaper house and Reno it but in the end it wouldn't financially be worth the trouble and extra costs of selling our house and paying a builder, especially with house prices at the moment :-(
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20-02-2012 19:55 #6
We are in a similar situation. We have 4 bedrooms but not enough living space. I am not 100% happy with the location (too far from the city) but if we bought where we want to live, we'd be spending $200-300k extra!!
The things I have been considering in making the same decision include:
- would you be over capitalizing by doing the reno you want in the area you live in?
- what are the real costs? Get a quote for the reno, look at houses for sale that meet your requirements and then decide which option is better financially. I think I'm under estimating how much a reno would really cost.
- whether you love the area and will into the future - does it have good schools, good facilities etc that will service your family as it grows?
- where are your friends and family? It's always nice to have your 'village' close by.
That's all I can think of for now. Good luck with the decision!!
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