Adding space to the home has a lot of benefits. You can create brand new spaces like home gyms, home offices, and guest bedrooms. You can seriously bump up the value of the home. You can prepare for a growing family. But what options will help you best meet whatever your needs might be? Here, we’re going to look at the pros and cons of extending the home, converting a space within, and buying a new home, to help you figure out which best suits your needs.
The biggest benefit of extending a home is that it helps you access the most amount of new space from your own home without having to move. While it can be costly, you can not only build a whole new purpose-driven room on the ground floor, but you can spend a little to make it a two-storey extension as well. However, making an extension usually means that you have to apply for some planning permission. Depending on where you live, it might be determined that it changes the exterior of the home too much to be allowed in the first place. It’s also perhaps one of the longest renovation projects in terms of time.
With a conversion, you can turn an already existing space such as your basement, attic, or garage into a whole new room. With the help of residential architects, you can maximise the transformation of your home to get as much space as possible. It’s also one of the most cost-effective and quickest renovation projects, excluding basements that tend to require a little more work. The only downside is that you’re mostly limited to using as much space as you already have. You can combine a conversion and an extension, but that usually comes with the downsides of potentially needing some planning permissions, as well. As mentioned, a basement might offer more space, but it also requires more work, such as preventing problems with moisture.
If you’re able to sell your existing home for as much as you purchase your new home, then the fees associated with it can make it the least expensive option of all of those above. What’s more, when buying a home, you have the potential to meet new needs that perhaps simple renovations can’t without getting super expensive. However, a lot of people would probably rather try to grow their existing home than move, unless they really hate the old place. What’s more, the process of moving home, including the legal process of selling the old one and buying the new one, means that it can take a lot more time than the other options above. However, if your need isn’t urgent, it might be best suited to your goals.
The truth is that the best option is whichever one suits your needs and circumstances most. For some people, a conversion might make the best use of the space they have, while for others, buying a new home can offer access to a whole new space that meets all of their needs.