To extend or move? WWYD?

[cat88]

We love the area we are in but now have a dilemma do we extend our current property or move to a house which is substantially bigger?

Option 1 - Extension of old Edwardian house
We like our street, south facing garden, drive and garage. The house is fine but north/south with the main rooms facing north. The extension would provide an extra room downstairs with ensuite bedroom above - all facing south. All approvals in place. However building costs are substantial and more than the house would be worth with the extension completed.

Option 2 - Move to Georgian listed building
Different street - closer to centre but slightly more traffic. No parking or garage but public/on street parking nearby. House is north/south with main rooms facing south. Huge garden north facing but large enough that would get the sun at the top end most of the day. The property is substantial and bigger than our house plus extension however it is over 4 floors.

The price is the same as if we were extending our current house however, I am concerned about maintenance and general upkeep of a listed Georgian house.

WWYD?

I'd extend, option 1. A couple reasons, really.

1- like you, the concern about maintenance and upkeep of a listed Georgian house.
2- on street parking. I'd much prefer having the drive and garage, just in case of neighbours that are unreasonable about the parking or having to fight for parking.
3- over 4 floors? I'm tired just thinking about it.
4- more traffic at the new house
5- same expense, less "moving" hassle - no changing addresses, no minor changes here and there in the house, no finding new "problems" with the new house that need to be addressed, no changing services.

I'd have to say I'd keep looking if I were you - the lack of parking would be a PITA if you moved to the house you have mentioned so far ! Good luck !!

I'd move. Our extension will be beautiful, but it has cost 20k more than we hoped and budgeted for, and it's been coming up to a year of building/redecorating misery. And it's still not finished. And I'm pregnant now which is making finishing it a bit more tricky. In fact I am never building again. EVER. Moving was much less hassle.

Thanks for the comments....option 2 was supposed to be the minimal fuss option but we have just found out house 2 needs a substantial amount of work to be done on it so either way we face months of building work.

Which is the least risky option?

Option 1 - would extend our house but only got estimates so far and never heard of an extension coming in less than originally estimated so finance is limited.

Option 2 - needs work, we have got estimates but there are still somethings we will not know if they need done until we are in the property so it is quite risky...

or Option 3 - keep looking but there are not many houses we want to move to and it is risky to sell our house, rent, and then hope that we are successful in buying 1 of less than 10 houses around which we like and even then we dont know exactly what they are like inside condition wise etc...urgh...

I had an extension that came in on budget but then again my house isn't Edwardian and I am ooop Norf

So questions about your extension,

Are you reliant on your valuation of the finished job ie are the bank lending you money, would it be an issue if you spent more than the house was worth?

How long are you planning to stay in the house?

How long would your extension take?

Have you had building works before so do you know what is involved?

Could you just have the shell done and decorate/furnish at a later date if funds ran out? How would you feel about that?

About the listed house, I would be worried personally about the upkeep and the lack of control over products etc

About moving, how much would it cost you to move, ie stamp duty, selling costs, renting, removals etc

Could you afford to rent and buy at the same time giving the builders an empty house to work on whilst you lived away from the chaos?

Just some things to help you ponder.

I would keep looking. If you don't want to do work then look for the ideal property.

For the listed building, you need to factor in listed building consent and the fact that repairs are likely to be more expensive as you have to use traditional methods/materials etc.

what does your heart tell you?