When you’ve outgrown your home or need more space, the age-old question arises: should you extend your current home or move to a new one? Both options come with their own set of costs and benefits, and the decision can have a lasting impact on your finances and lifestyle. For residents in Eltham, where charming homes and tree-lined streets blend with an enviable lifestyle, deciding between extending or moving can be particularly nuanced. Here’s a detailed look at the pros and cons of each option to help you make an informed choice.
Home Extensions: The Benefits
1. Keep Your Location One of the biggest advantages of home extensions is the ability to stay in the same location. Eltham is known for its proximity to nature reserves, parks, and excellent schools, making it a highly desirable place to live. If you love the area and don’t want to leave the neighbourhood, extending your home could be a great way to gain extra space without the stress of moving.
2. Customise Your Space A home extension allows you to tailor your living space to your exact needs. Whether you’re adding a new bedroom, a home office, a larger kitchen, or undertaking kitchen renovations, you have full control over the design and layout. Kitchen renovations, in particular, can significantly improve the functionality and style of your home, making it a valuable part of any extension. This is especially beneficial if you have a clear vision of what you want and don’t want to compromise on your dream home.
3. Increase Property Value A well-executed home extension can increase the value of your property, especially in sought-after areas. If done thoughtfully, it could make your home more appealing to future buyers. Consider extensions that maximise functionality and flow, ensuring that the new space enhances the overall layout and appeal.
4. Avoid Moving Costs Moving can be expensive, with costs including hiring a removalist, settling in a new home, and potentially selling your current property. By extending, you can avoid these additional expenses, and you won’t have to go through the often stressful process of packing up your life and adjusting to a new environment.
Home Extensions: The Drawbacks
1. Significant Upfront Costs While a home extension can offer long-term value, the upfront costs can be substantial. Expenses for materials, labour, permits, and design work can quickly add up. It’s essential to budget carefully and consider if you can afford the investment without overextending financially.
2. Disruption During Construction The process of extending your home can be disruptive. Construction may take several months, depending on the scale of the project. During this time, your daily life may be affected by noise, dust, and limited access to certain areas of your home.
3. Zoning and Permitting Issues In some areas, especially in heritage zones or regions with strict local council regulations, getting approval for an extension may be challenging. In Eltham, which features a blend of older and newer homes, you’ll need to ensure that your plans align with local zoning laws and building codes.
Moving to a New Home: The Benefits
1. A Fresh Start Moving to a new home gives you the opportunity to start afresh in a location that better suits your needs. Whether you want to be closer to the city, prefer a larger block of land, or seek a different type of property altogether, moving allows you to find a home that meets your lifestyle requirements without the limitations of your current space.
2. More Space or Better Features Sometimes, extending your current home just won’t offer the level of space or features you’re looking for. Moving to a larger home or one with modern amenities can be a more straightforward way to upgrade your living situation. Whether you’re after a bigger backyard or more bedrooms, moving may offer a broader range of options.
3. Avoiding Construction Headaches Unlike extending your current home, moving means you won’t need to deal with the mess, noise, or stress of a home renovation. You can also avoid the risks of overcapitalising—spending more on an extension than you could recover through the added value.
Moving to a New Home: The Drawbacks
1. The Cost of Buying and Selling Selling your current home and buying a new one involves a range of expenses. You’ll need to cover agent fees, stamp duty, removalist services, and possibly the cost of repairs to make your home more marketable. If property prices are high, you may find yourself paying significantly more for a new home than anticipated, especially in suburbs like Eltham where demand is high.
2. Leaving Behind Your Neighbours and Community While Eltham is known for its close-knit community and scenic beauty, moving means saying goodbye to the neighbours and environment you’ve grown accustomed to. If you love the area and have established a strong sense of belonging, leaving can be an emotional decision.
3. The Hassle of Moving Packing up, coordinating the move, and adjusting to a new home can be time-consuming and stressful. Moving often requires months of planning, and you may find yourself inconvenienced during the transition period.
Making the Decision: What’s Right for You?
Deciding between extending your home or moving ultimately depends on your personal needs, financial situation, and long-term goals. If you love living in Eltham and want to stay within your local community, extending your home could offer the space and functionality you need. However, if you’re looking for a completely new start or a significant change in lifestyle, moving to a new home might be the best option.
In either case, it’s important to carefully weigh the costs, benefits, and potential disruptions to ensure that whichever option you choose, it aligns with your current and future needs.
Whether you decide to extend or move, engaging with professionals such as builders, architects, and real estate agents will provide you with expert guidance. If you’re based in Eltham, local service providers familiar with the area’s unique requirements can make all the difference in ensuring a smooth and successful project.
For more detailed advice or expert assistance, consider reaching out to professionals who specialise in home renovations or property transactions in Eltham.
