Each option has its advantages and disadvantages. If you decide to purchase another home, in a new location, it can be very disruptive to your family as they may need to re-build their familiar network of friends and favourite places to go. You might be fortunate enough to be able to move very close by but stamp duty costs, relocation costs, and legal fees still need to be considered.
Building a new home gives you the freedom to build your ideal home. However, it can also be disruptive of your family's normal routine. While the builders construct your new home, you may need to find a temporary place to live. It can be difficult to find somewhere to live and in the area you want during construction and you need to include the rent you will be paying in your building costs.
Home extension allows you to maintain your current lifestyle without the disruption of finding alternative accommodation or changing location. It is a good idea to have your existing house evaluated before you decide to go ahead. While there have been warnings about over-investing, some properties are actually under-invested in. It is more likely your current house has the capacity to absorb the costs of the extension and is able to recoup the extra investment in the next five to seven years.
While owner builder home extensions may offer all the above perks with expected reduced costs it can be a surprisingly difficult and stressful option and one that can cost you dearly in terms of time wasted and family conflict. Finding a quality builder can lessen the impact on your family life, and make the whole process far less burdensome. |
