Extend or move?

[music123]

I cant decide whether to extend my current house (if I can get planning permission) and keep my mortgage down, or move house and end up with a high mortgage.Anyone had any experience?

[Ethel]

Think of the costs of moving - stamp duty, legal fees, furniture removals, surveys, searches - it can add up to a small fortune.

Then you will want to change the carpets and curtains, and redecorate, possibly a new bathroom and kitchen too.

If you are happy with the location of your house, get on with your neighbours and generally like the house - stay put and extend.

Interests rates are likely to go up - I don't know for sure but I expect them to go up by at least 2% over the next year or so. Be careful about borrowing too much money.

[raysparx1]

There is no doubt in my mind,if you are happy where you are, Extend the house, far lees hassle and you will increase the value of the house by more than the work costs,and the bonus is you allready know all the neighbours, Ray

[flyciderman]

Just be carefull that you do not over develop your house, for the location.

[sense4all]

Stamp duty is the main reason that we have remained in our current property. Check out the costs for your particular upgrade versus a move. Any decent estate agent in your area will give you a valuation for your property as is, and another taking into account the anticipated improvements, when you deduct the cost of the build you will have your answer. Every road has a ceiling price where any costs will not be recouped ask the agents what that is for your road!
Could you afford repayments on a much higher mortgage if the interest rates rose? Mr Sense is involved in finance and he is anticipating rises soon.