A lot is being said about extending your home rather than buying a new build house from a developer.
We’ve had a look at the recent new builds statistics and while they look good, public consensus is that there are still not enough new builds in the United Kingdom to fulfil demand. So you may want to add and extension to your home instead of buying a newly built house this year.
Here are some of the reasons our fans have given us to add an extension instead of buying a new house.
- In 2013 England had the lowest house building rate since 1923 with only 108 190 completions.
- The average house price to salary ratio has almost doubled with average house prices now being 7x the average salary.
- 1/5 of men and women aged 20 – 34 are still living at home in England.
- We need to build at least 220 000 new homes a year to meet new household projections.
- It is cheaper to extend your home than to absorb the costs incurred by buying and moving into a new build. New builds don’t come with all the things you’re used to having on a daily basis like floors, curtain rails, extra showers, towel rails, planted out gardens, conservatories and porches. It costs more than the price on the tin to get a new build the way you want it.
- Developer new builds are often situated in areas that mean you’d have to move the kids from their school or miss out on a bus route to your office. Uprooting isn’t always the best step.
- An extension adds value to your home no matter the size. A basement or loft extension can mean another bedroom en suite which is one of the easiest ways to add value instantly. A conservatory will add more living space and still add value but not as much as a new bedroom in England.
- You’re more likely to get the loan for an extension on your current property than applying for a mortgage on a new house. Lenders have tightened up dramatically but where you already have value they are more likely to grant the loan even with salary and house price ratios the way they are.
- An extension could mean that your family can take more time to save or that your aged parent doesn’t have to go into a care home.
- When you extend or refurbish your home you are in control of the outcomes, the design and interiors which makes that room extra special to your enjoyment of your home.
Got any more good reasons why you should extend your home this year? We’d love to hear them.
