“When a man is tired of London, he is tired of life” Samuel Johnson
Many of us are far from tired of London: we love this exciting city with its diverse culture, history, creativity, and entrepreneurial spirit. But housing is an issue for many. Not just for those people struggling to rent or get their foot on the property ladder, but also people who have outgrown their London homes.
There is a trend in our area of the capital – West London – for homeowners to sell up and move to the suburbs or Home Counties, swapping all the benefits of city life for a house with an extra bedroom or living space.
While for some people this is a lifestyle choice, others may feel like they don’t have any alternative. There simply aren’t enough properties on the market in areas like Ealing, Chiswick and Acton, at the right price for people to get the space they need.
However, instead of upping sticks there is an alternative. With some creative thinking, a home extension could allow you to stay in the city you love and long term is likely to be a more affordable option than moving.
Let’s look at the costs of moving house to get that extra space.
3 bedroom houses in Ealing, whether terraced or semi-detached, are currently selling for around £800,000. For about the same money in Guildford, Surrey you could buy a detached property with 4 bedrooms.
Generally speaking, depending on the area, you are likely to be able to sell your London property and buy somewhere bigger for the same money or a bit less.
However, there are considerable costs involved in selling and buying property. Stamp Duty for a £800,000 residential sale is £30,000 – you’ve then got solicitor fees, estate agent commission, land registry, as well as moving costs.
However the cost of moving out of London to a larger property in the Home Counties doesn’t end there. If you, your partner, or both of you have jobs in London and plan to keep those jobs, you’ll have to factor in commuting costs. A seasonal ticket from Guildford to London Waterloo is £3,496.00, times two if you both commute.
Just think what you could spend that money on instead of sitting (or standing) on a commuter train!
How about a new sofa for your new kitchen / living room extension? Or state-of-the-art kitchen appliances such as instant boiling water taps, or smart technology – integrated speakers, colour changing lights, appliances controlled with an app etc.
Aside from the monetary value, there’s the consideration of the invaluable family time lost commuting back and forth daily and how that impacts quality of life for the whole family. How much time will you lose waiting for another delayed train or stuck in a traffic jam?
Bedrooms don’t have to be in a loft either. A double storey extension or a basement conversion could provide the extra room and save you the stress and upheaval a house move entails.
Most of all, if there are opportunities within your existing home to create the space you need, you also get to stay in this wonderful capital and continue to enjoy a lifestyle that many of us value very highly.
To explore whether your home has potential to add another room or more, get in touch with our team. We would be delighted to have a chat about your plans and try to help you stay in London! Call 0208 819 3883 or email email@example.com