Buy Or Extend – What’s Your Best Choice?

4It comes a time in a person’s life when the house they currently live in is just not big enough for all their needs. You might need some extra space for the children or a home office, or simply feel that it’s time to invest in a bigger home. Two obvious options are presented here – should you buy a new house or extend the one you live in now? The answer is not an easy one and you definitely have to consider all the pros and cons before you make your final decision that would be best for both you and your family.

3Buying a new house

Pros

Buying a new home is always an exciting process and it feels encouraging when you picture your new life there. New houses often have better installations and outlets as well. Fresh paint and sparkly clean floors are always something to look forward to. It also signifies a turn of a new page. By carefully choosing your new home, your desires regarding both interior and exterior can be fully met if you’re patient with your search. You can go for a better neighborhood and a place that’s close to schools, supermarkets and other commercial buildings necessary for your comfort.

Cons

As much as it is fun and exciting, looking for a new house to buy can also be very exhausting and stressful, especially since you have to deal with selling your old house. Selling a home is a lot more difficult than buying one, not to mention all the paperwork that you have to go through. Of course, if you’re looking to buy a bigger house than the one you currently own, you have to be prepared for spending more money on it, both on the purchase of the house and monthly expenses. What’s more, if the house you want to buy is pretty far from your old place, you’ll have to deal with separation from your friends and neighbors, which is especially difficult for children.

1Extending your own house

Pros

There are many advantages of extending your home as well. You definitely won’t have to think about any disturbance in your settled family life in the specific neighborhood. Your daily schedules and activities will remain unchanged during the extension progress. In some cases, extending your home can be done a lot quicker than waiting for a buyer and looking for a perfect new house that’s on sale. Of course, the most obvious advantage of extending your home is the fact that it can be a lot cheaper than actually buying a new property. Moreover, house extensions in Sydney are on high demand since the service can provide you with the best possible realization of your own idea.

Cons

When you decide to extend your current house there’s always a possibility of something going wrong and adding to the cost of your extension plans. You can have the misfortune to hire a shady contractor and have a lot of troubles with obtaining all the permits necessary for construction work in the neighborhood. Unfortunately, this is not all there is to it. While in most cases, the cost of extension is lower than the one of buying a new house, sometimes it can happen that the cost is higher, especially when you include cleaning and landscaping services after the extension work.  Another thing to keep in mind is the fact that you and your family won’t be able to use one part of the house during the construction work.

There is no one perfect answer when it comes to the choice between buying a new house or extending the one that you currently own. With all the pros and cons available for your own research, you should carefully analyze what seems like the best investment for your own position and needs. When it comes to the cost calculations, remember to always check the extra money that you’d be spending after selling and buying a new house and compare it with the price of extension as well as added 20% because some additional costs will always be necessary. Of course, you don’t have to make this kind of a decision on your own. Make sure to include all of your family members in the discussion so that you can work out a plan that suits you the best.

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