Running out of room at home? Do you extend or move?

The perception of cost often determines the answer. But do you really want to move or are you happy where you are and just looking for some more space?

If you simply want some more space and facilities this comparison may be interesting to you.

Assume you want two additional bedrooms and a bathroom.

If you sell and purchase in a similar suburb the price differential for the additional facilities will be in the region of $100,000 to 120,000. To this you add changeover costs which in the example above, by assuming a differential of $110,000, will amount to approximately $47,250. The total cost to move is $157,250.

If you extend, based on current building costs, an investment of $150,000 will allow you to add a 75 sq metre first floor extension or a 110 sq metre extension on the ground floor.

Move or extend? It is up to you but you should consider both options.

To find out more about extending or renovating talk to Chris O’Neill of ONL Constructions, the local experts in the field. For a free no obligation initial meeting call Chris on 0411 88 88 22 or 9457 8783.