You love where you live. The shopping, transport links and the local schools are perfect, but you need more space. And, let’s face it… it’s cheaper to move than to add an extension…right? Well… not necessarily. Once you add up the cost of moving home, the right extension such as a Spacekube from EKCO can be a wiser…and a cheaper investment. showroom Comparing the real cost of moving with adding a Spacekube EKCO’s one-stop service takes care of everything from design to completion to deliver a stress-free experience when it comes to planning your Spacekube. The perfect location Have you already found the perfect location? Do you love where you live? Is it a desirable area, or would you move somewhere else given the chance? If the area you live in ticks all the boxes in terms of good local amenities, public transport links, excellent schools and decent neighbours – in short, it delivers a good quality of life - then why move? If you can find a way to stay put and get the extra space you need with a home extension like Spacekube, then it’s worth exploring. The full cost of moving home Non-financial costs Let’s imagine for a moment that you live in a three-bedroom, detached house in a desirable part of Edinburgh. Your area has everything you need and you love living there, but…you need that extra room. What are your options? Well, you could move elsewhere and buy a home with a fourth bedroom, and not pay much more for it than the value of your current property. However, what would you be giving up? Are the amenities as good? How about the local transport, or the schooling? These are the non-financial costs to consider when moving home before we even look at the financial ones. Financial costs So, what are the financial costs of moving from a three-bedroom detached home to a four-bedroom near your current location. Here is a breakdown of what you might expect to pay. Extra bedroom – According to Zoopla, as of May 2017, the average asking price for a three-bedroom home in Edinburgh is £255,000. The current asking price for a four-bedroom home is £424,500 – an additional £169,500 for one extra room! Naturally there will be a few variations in this example, but let’s take a conservative figure and go with an extra cost of £100.000, depending on the area. The profit you make from the sale of your own property would cushion the cost but you may still have to increase your mortgage and possibly the term-length to cover the additional financial commitment. Conveyancing fees for buying – Around £1,100 for a home valued at £400,000 LBTT (Stamp Duty) - Land and Buildings Transaction Tax has replaced the old Stamp Duty. Homes below £145,000 (the Nil Rate Threshold) aren’t subject to LBTT however, the higher the value of the property you’re buying, the more you’ll have to pay. So, if you’re planning to buy a four-bedroom detached property for £400,000 the LBTT charge will be £13,350. Use this online calculator to find out how much you would pay in LBTT based on the purchase price of a property you have in mind. Moving costs - The average cost of moving home from a three or four -bedroom home is around £1,000. Of course, you can hire a van and do it yourself but many people, having done it once, wouldn’t do it again. Moving home is definitely a job best left to the professionals. Selling costs – let’s not forget the selling costs which can include marketing and advertising your existing home, a homebuyers’ report and conveyancing fees all of which can total around £1,500. There will, of course, be other costs such as an increase in Council Tax but let’s just take the ones listed above. Summary of costs According to our illustration above, the financial cost of moving home from a three-bedroom detached house to a four-bedroom can therefore be upwards of £116,000. Why add a Spacekube instead? EKCO’s one-stop service takes care of everything from design to completion to deliver a stress-free experience when it comes to planning your Spacekube. Investment versus cost According to an article on Zoopla by property guru, Phil Spencer Adding a conservatory, orangery or extension to your home can increase its value by up to 15%. Taking 10% as a conservative estimate, adding a Spacekube to a property worth £300,000 will increase its value by £30,000. So, not only can you save money on moving home…you’ll reap the benefits should you ever decide to downsize. The investment outlay for a Spacekube will vary depending on what you want it to be. Would you like a German-engineered Pronorm kitchen fitted and create a stunning dining kitchen to entertain family and friends? How about a brand-new master bedroom with an en-suite bathroom? The choice is yours. Taking an average Spacekube cost of £50,000 (which includes architect’s fees) you’ve already saved at least £60,000 by not moving home…and added value to your property into the bargain! Find out more about the EKCO Spacekube home extension by calling your nearest Ekco showroom – Edinburgh 0131 343 6007 or Uphall, Livingston on 01506 857 007. Don’t move when you can improve…for less!