Extend your home or move? What would you do?
Two in five homeowners would rather build an extension than move house after changes in planning law, according to TSB.
The bank found that 41% would prefer to build an extension than move house after thousands of homeowners were given the green light to extend their properties without planning permission in May 2019. It means that homeowners are now able to improve and add value to their existing home through rear extensions.
Following the rule change, new research from TSB reveals that one in five (19%) homeowners are now more likely to build a rear extension in the next three years. Some of the top reasons for building an extension instead of buying a new house include being attached to their current house (50%), the cost of moving being too expensive (49%), and preferring the locality to anywhere else (25%).
But there are potential problems with extending your home.
The research also found that 80% of people thought the change in regulations will make disputes within neighbourhoods more likely, with four in five (79%) saying they thought that neighbours would have their view spoilt by new extensions.
How do they pay for it?
TSB also asked how homeowners would pay for their extensions.
Over a third (35%) said that they would consider remortgaging their home in order to afford the extension, which was a popular with over half (54%) of 18-34-year olds.
Nick Smith, TSB’s head of mortgages, said: “It’s no surprise that homeowners cite the cost of moving as one of the biggest barriers to affording a new home or moving up the property ladder. Building an extension is a great way to add extra space without having to undertake the additional costs such as stamp duty and legal fees.
“Planning ahead is vital so make sure that you get the best rate possible for your individual circumstances and consider how much it will cost you in the long-term.”