Phil Spencer asks: "When is the Best Time to Sell?"
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Property expert Phil Spencer has shared a plethora of tips and tricks throughout his career. Sharing advice on his recent Move iQ podcast, the expert, who is known for presenting shows like Location, Location, Location, weighed up the pros and cons of moving home versus renovating a current property.
Phil said: “There are all kinds of reasons why you might need more space, maybe the family is growing or you need a home office.
“So, let’s start with the questions you need to ask yourself.
“First, why do you need more space? It’s very much worth thinking longer term here.
“Will an extension actually add value? Can you afford it and can you afford to move?”
The property expert explained the pros of adding extra square footage to an existing property.
Phil said most of the time it “’boosts your home’s value”.
He added: “For example, a loft conversion can add around 20 percent, while a standard single story extension might add five to eight percent to the value of your home.
“Extending can certainly make life easier.
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“For instance, by adding a home office so you can get that laptop out of the kitchen and off that dining table.
“The importance of future proofing should never be underestimated, moving house is stressful so if adding an extra bedroom or bigger kitchen means that your family can live there for longer, then that is absolutely worth considering.”
However, there are also downsides to extending an existing property.
Phil said: “Well there’s the cost of course, a single story extension starts at about £25,000 but could cost £100,000 more than that.
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“For loft conversions, you’re probably looking at about £60,000 or more, depending on plumbing and bathrooms.
“You’ll need to pay architect fees and for planning permission and building regulation checks, so there is a lot to go through.
“You’ll need to live with the mess and disruption or pay for temporary rented accommodation.
“Finally, will it cause problems with the neighbours? That’s also worth considering.”
For some people, a new start may be what they want and moving to a new house altogether can help offer that.
If space is what a homeowner is after, moving to a new home may be more “realistic”, according to the property expert.
Phil continued: “If you live in a listed building then your options may be limited anyway on the extension side of things.
“I guess the real question is…Do you love your location enough to put up with the hassle of extending or could a move bring new career opportunities or better education options or even move you close to friends or family?
“What kind of property could you realistically afford to move to? Or might it be better to extend or renovate to maximise the value and then move?
“Moving is often said to be one of the most stressful things we do in our lives so you need to carefully consider if it is the right time for upheaval.”
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