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marketbee

Move Or Extend?

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Okay have had my house on the market for the past 10 months had one offer when I first put it on the market and 4 viewings in total, so have been advised to drop property another 5 K.

My house is on a corner side and has a big side garden which is not used for anything really, my question is do I sit it out and try and move or would it be a better idea to extend in these current times?

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4 viewings in 10 months, amazingly with one offer. are you seriously that deluded?

Okay have had my house on the market for the past 10 months had one offer when I first put it on the market and 4 viewings in total, so have been advised to drop property another 5 K.

My house is on a corner side and has a big side garden which is not used for anything really, my question is do I sit it out and try and move or would it be a better idea to extend in these current times?

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What is a 5K drop as a percentage? If a TV was reduced in a shop by that percentage, would it catch your attention...?

Check your asking price is realistic before doing anything.

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Okay have had my house on the market for the past 10 months had one offer when I first put it on the market and 4 viewings in total, so have been advised to drop property another 5 K.

My house is on a corner side and has a big side garden which is not used for anything really, my question is do I sit it out and try and move or would it be a better idea to extend in these current times?

You don't say where you live. Some areas are likely to fall in price much more than others IMHO - anywhere from 15 to 50%. The higher they rise, the harder they fall - except dead centre London.

If you want to get out of it and rent, you will need to be easy on price. If you have a mortgage and could still afford it at 8 or 10% and could see, with an extension staying for many years, then go ahead - do your maths and think of the costs in moving, or renting and waiting and maybe nuisance moving again. Not easy is it?

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I live in newtownabbey, northern ireland, and I have been looking at our house in relation to other properties that have sold and there is a semi in the same area which sold for 15k lower that my asking price, its same size but ours is detached.

I had thought maybe the low amount of viewings was the current market conditions or am I just being completely daft and kidding myself that I will sell my house?

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I live in newtownabbey, northern ireland, and I have been looking at our house in relation to other properties that have sold and there is a semi in the same area which sold for 15k lower that my asking price, its same size but ours is detached.

I had thought maybe the low amount of viewings was the current market conditions or am I just being completely daft and kidding myself that I will sell my house?

Well, you are a seller so you can assume you are deluded, its the natural state for the human race :)

You don't say why you are moving - is it becuase you need more space? If so then an extension would be the obvious option. Don't build an extension to make the house more sellable though - doesn't tend to work in a bear market.

Four viewings in 10months indicates it unlikely to sell, doesn't it? You have to face the reality that we are facing a major crash and the end of rising house prices, if you really want to sell it cut the price to sell - make it stand out. Otherwise you may chase the market down.

Edited by Peter Hun

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Well, you are a seller so you can assume you are deluded, its the natural state for the human race :)

You don't say why you are moving - is it becuase you need more space? If so then an extension would be the obvious option. Don't build an extension to make the house more sellable though - doesn't tend to work in a bear market.

Four viewings in 10months indicates it unlikely to sell, doesn't it? You have to face the reality that we are facing a major crash and the end of rising house prices, if you really want to sell it cut the price to sell - make it stand out. Otherwise you may chase the market down.

Yes need more space, I had liked the idea of a newer house as in around 5year old however hubby says you can make an old house feel newer inside with plastered walls etc, I have thought about moving for a long time so its getting my head around staying and extending.

We couldnt afford to move to a house in the area with the size of house we would end up with extending,

Thanks for all your speedy replies its helpful, Ive had such a headache about what to do

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We couldnt afford to move to a house in the area with the size of house we would end up with extending,

That would only be true if you believe those houses will sell for their asking price. Consider how difficult you are finding it to sell, likely they are experiencing the same problem.

There are many reasons to think there will be another large drop in the NI market over the next few years, with gov't cut backs, increasing fuel, water charges, unemployment etc people will have less money to spend on houses.

If you could sell then rent for a year or so you might be very surprised at what you can afford now, probably at least twice the size of house you have now.

Edited by Ride_on

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We went through the same dilemma for years, sell or extend? We were in semi and ultimately wanted to move to a detached so in the end we decided to sell. Similar to you, our house was on the market for a year with only 2 viewers until we got more realistic and dropped the price - only then did the viewers start coming. People are put off even looking at a house until they think they can afford it. We started at 275k in March 2008 and ended up selling for 175k in Oct 2009. At the time I was terrified that we were selling our house too cheaply as the type of house we could buy was still out of our reach. We took the plunge and decided to rent while we waited for them to fall further. I can honestly say I'm glad we did it. Our old house would probably only fetch about 150k now (or less). In addition, the type of house we want is gradually getting closer to our price range. There is no way the housing market is going up and as said above, the conditions are going to get worse which can only mean further house price falls. Hope this helps.

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We went through the same dilemma for years, sell or extend? We were in semi and ultimately wanted to move to a detached so in the end we decided to sell. Similar to you, our house was on the market for a year with only 2 viewers until we got more realistic and dropped the price - only then did the viewers start coming. People are put off even looking at a house until they think they can afford it. We started at 275k in March 2008 and ended up selling for 175k in Oct 2009. At the time I was terrified that we were selling our house too cheaply as the type of house we could buy was still out of our reach. We took the plunge and decided to rent while we waited for them to fall further. I can honestly say I'm glad we did it. Our old house would probably only fetch about 150k now (or less). In addition, the type of house we want is gradually getting closer to our price range. There is no way the housing market is going up and as said above, the conditions are going to get worse which can only mean further house price falls. Hope this helps.

At the moment to get the size of house we would like in the area and detached we would be adding on another 80k onto our mortgage, we are in a detached at the moment and the 2storey extension we have been quoted would be another 40K

My head is so sore thinking about what to do, I have just dropped it 5K and 15K in total from I first put it on the market, but I know its going to do much, not sure what to do now, just so fed up with the whole thing

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At the moment to get the size of house we would like in the area and detached we would be adding on another 80k onto our mortgage, we are in a detached at the moment and the 2storey extension we have been quoted would be another 40K

My head is so sore thinking about what to do, I have just dropped it 5K and 15K in total from I first put it on the market, but I know its going to do much, not sure what to do now, just so fed up with the whole thing

Sounds like you're a bit stressed. Try and calm down. Are you happy in your home and area? Moving also brings about the possiblility that you could end up with annoying neighbours. So if you're happy where you are (despite house size) then maybe an extension is the way forward. Might be best if you get all the pros and cons of each option down on paper.

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In a way it is all relative. If your house goes down in price then the one you are going to move to will drop. As you are moving up, in theory the cost to change, as they say in the motor industry, should be less. Whilst this should spell good news it can also cause problems as the falling price of your own approaches the current debt and erodes the equality you intend to borrow/gear with.

Basically, you have to look at what it will cost you to either trade up to the house you want or to extend your own to the house you want. I assume ether option leaves you with the same amount of contentment.

You say it will take an extra 80K to acquire the house you want. And that's before you take another £15k off your own house. We don't know if that will be enough of if you will also be able to knock a similar amount off the house you are going for. But all said and done you are perhaps looking at two transactions and an injection of perhaps £100k to move.

You say you can make the amendments to your house for £40k. If either option takes you to the same level of contentment then I would suggest the £40k option as it is half the cost.

Just on some of the comments above. You say that your house (a detached) is priced at £15k more than a similar but Semi-detached house sold for. Was that more than 10 mths ago? A detached may be worth 10% more than a semi however this sometimes can push the price over the level people can borrow. Therefore you sometimes don't get the 'extra value' of a detached house. You put the house on 10 mths ago and in reality prices havnt moved alot in that period so I wonder was it on at the right price in the first place. The best guide is the price that other houses 'sell at' and, whilst it is only one example, you seem to have done that.

Whilst you may be prepared to drop £15k there is no guarantee that the seller of your next house is going to. If that's the level of their debt they may well sit at that and never sell.

I think if I was you I would extend.

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Sounds like you're a bit stressed. Try and calm down. Are you happy in your home and area? Moving also brings about the possiblility that you could end up with annoying neighbours. So if you're happy where you are (despite house size) then maybe an extension is the way forward. Might be best if you get all the pros and cons of each option down on paper.

Yes I am stressed so I have taken your advise and put together a list of pros and cons as below

Pros of extension -

stay in good desired area, close to family and friends

stay close to school

good neighbours

get a bigger house

no hassel of moving ie solicitor fees, worry of sale falling through

Can design house the way I want it

Cons of extension

Living in mess for a while

Worrying that the overall project doesnt go over budget

Worrying what the exterior of house will look like at the end (matching up old red brick) guess thats one for the architect to work out with me

Pros of moving

Getting a newer house

Bigger house

Cons of moving

Move to a different area away from friends

Further to commut to school and work

Further away from schools

Stress and cost of moving

Have to stop stressing as I really cant get rid of this headache, this is a lovely forum with good advice from all

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Yes I am stressed so I have taken your advise and put together a list of pros and cons as below

Pros of extension -

stay in good desired area, close to family and friends (2)

stay close to school (1)

good neighbours (2)

get a bigger house (2)

no hassel of moving ie solicitor fees, worry of sale falling through (1)

Can design house the way I want it (1)

Cons of extension

Living in mess for a while (1)

Worrying that the overall project doesnt go over budget (2)

Worrying what the exterior of house will look like at the end (matching up old red brick) guess thats one for the architect to work out with me (1)

Pros of moving

Getting a newer house (2)

Bigger house (2)

Cons of moving

Move to a different area away from friends (2)

Further to commut to school and work (1)

Further away from schools (1)

Stress and cost of moving (1)

Have to stop stressing as I really cant get rid of this headache, this is a lovely forum with good advice from all

Now you need to take the time to weigh up each pro and con and see what's really important.

Is a few months of mess in the house or maybe a six month period of renting whilst the house is being extended really that big a deal in the grand scheme of things? I'd be looking to keep my borrowing down at this moment in time and I'd always prefer to stay closer to friends and family but that is my own personal preference. You need to take the time and weigh each pro and con.

Personally I'd try and take a bit of time and score each item in the list and gather the overall score for each option (pros - cons). For example, I have numbered each pro and con a score of 1 or 2 depending on importance to me. 1 = less important and 2 = more important. I would take away the cons total from the pros total.

Extension:

Pro 9

Con 4

Score: 5

New House:

Pro 4

Con 5

Score: -1

This is a bit elementary but I hope you get the idea. From the scoring above I would favour the extension based on the things that are important to me. Trying to break things down can help put the important things into perspective. I hope this helps, even a little, to calm you down somewhat.

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Now you need to take the time to weigh up each pro and con and see what's really important.

Is a few months of mess in the house or maybe a six month period of renting whilst the house is being extended really that big a deal in the grand scheme of things? I'd be looking to keep my borrowing down at this moment in time and I'd always prefer to stay closer to friends and family but that is my own personal preference. You need to take the time and weigh each pro and con.

Personally I'd try and take a bit of time and score each item in the list and gather the overall score for each option (pros - cons). For example, I have numbered each pro and con a score of 1 or 2 depending on importance to me. 1 = less important and 2 = more important. I would take away the cons total from the pros total.

Extension:

Pro 9

Con 4

Score: 5

New House:

Pro 4

Con 5

Score: -1

This is a bit elementary but I hope you get the idea. From the scoring above I would favour the extension based on the things that are important to me. Trying to break things down can help put the important things into perspective. I hope this helps, even a little, to calm you down somewhat.

Thank you so much squirl, I think Im putting extra pressure on myself as if I were to go for an extension I need to be on it quick to get planning permission applied for and get the work started quickly, I have heard that planning permission in northern ireland has started a streamlining scheme and that if no one objects planning can be through in 28 days, so i hear.

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Thank you so much squirl, I think Im putting extra pressure on myself as if I were to go for an extension I need to be on it quick to get planning permission applied for and get the work started quickly, I have heard that planning permission in northern ireland has started a streamlining scheme and that if no one objects planning can be through in 28 days, so i hear.

think you will find building control will take a lot longer to come through than planning

your architect should be able to advise what the score is in your area

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Thank you so much squirl, I think Im putting extra pressure on myself as if I were to go for an extension I need to be on it quick to get planning permission applied for and get the work started quickly, I have heard that planning permission in northern ireland has started a streamlining scheme and that if no one objects planning can be through in 28 days, so i hear.

You're welcome and good luck!

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  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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